BeesPath and Flagstar Bank Announce Integration for Paperless Mortgage Delivery from Closing Agents and Correspondents

New process enables near-instant delivery from closing table to lender to investor

Flagstar Bank (NYSE: FBC) today announced the integration of its Digital Document Transfer platform with BeesPath's RecordsDirect(TM) system to create an end-to-end electronic process for capturing and delivering closed loan documents from closing agent to lender to investor.

The two products -- BeesPath's RecordsDirect and Flagstar's Digital Document Transfer -- work together to provide virtually immediate delivery and processing of closed loan documents. More importantly, they include closing agents, allowing them to share the benefits enjoyed by lenders and investors, including

* speedier turnaround times.

* decreased processing costs.

* vastly improved efficiency and responsiveness.

While several companies in the mortgage industry are using image-based document delivery, this new integrated process is the first to extend image delivery services to closing agents.

BeesPath President Todd Hougaard said, "Today, unsigned loan documents are being delivered electronically to closing agents before a loan closes. This integration allows signed documents to be delivered electronically post-closing." With just a few clicks of a mouse, closing agents create electronicpackages containing both document images and loan information. Documents and loan information are then sent via a secure electronic connection to Flagstar. Within minutes, the closed loan packages are viewable through Flagstar's Paperless File Manager application. According to Hougaard, correspondent lenders can use RecordsDirect both to receive packages from closing agents and to create and deliver electronic packages to Flagstar. The entire process from closing to investor can be completed in minutes.

The connection with BeesPath's RecordsDirect is just one of Flagstar's many paperless initiatives. Over the last several years, Flagstar Bank has implemented numerous innovative processes and adopted techniques to eliminate the processing and routing of paper whenever possible. Flagstar is also leveraging the Digital Document Transfer system for standards-based electronic document exchanges with mortgage industry partners. Flagstar's Executive Vice President and Chief Technology Officer Charles Kirkpatrick said, "Flagstar is proud to work with customers and partners who are committed to building a common electronic document exchange platform. Using the Mortgage Industry Standards Maintenance Organization's (MISMO's) fine groundwork in electronic packaging and delivery, we have created a simple exchange platform for all participating companies. We're confident that as more companies, such as BeesPath, support the standard, the entire industry will benefit from greater efficiencies."

According to Kirkpatrick, including closing agents in the electronic delivery process was the next logical step toward an efficient, fully electronic document delivery system. If the industry is to go completely paperless, all parties in the loan origination process must be included, Kirkpatrick said. While RecordsDirect allows closing agents to deliver closed loan documents to any lender accepting electronic loan packages, the integration of the system with Flagstar's Digital Document Transfer means even more cost- and time-savings for Flagstar's business partners.

About Flagstar Bank

Flagstar Bancorp, which has $15.1 billion in total assets, is the largest publicly held savings bank in the Midwest. Flagstar currently operates 138 banking centers with $8.0 billion in total deposits. Flagstar banking centers are located throughout southern Michigan, Indiana, and Georgia. Flagstar also operates 101 loan centers in 24 states. Flagstar Bank is one of the nation's top 20 originators of residential mortgage loans.

About BeesPath Inc.

BeesPath is a leading provider of software and services to the mortgage industry. The company's flagship product, RecordsDirect, enables all mortgage stakeholders to capture, submit, deliver, and archive loan data and documents to accelerate business processes and reduce costs. BeesPath leverages existing processes and systems to help companies in the mortgage industry save time and money by closing the gaps between loan closing and loan servicing.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.