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DocuTech Teams with Mana Company; Offers Secure, No-Down Loan Alternatives

Idaho Falls, Idaho and Seattle, Washington—April 14, 2003—DocuTech Corporation (DocuTech) and Mana Company LLC (Mana) today announced the formation of a strategic partnership that delivers the “Mana Loan.” This new loan alternative requires no down payment, delivers accelerated equity buildup, and increases financial security for both the buyer and the lender with a built-in insurance policy that can be used as a retirement or college fund. DocuTech will provide compliance and closing services for the loan, delivering documents accessible via the web plus 100% compliance guarantee.

Available immediately, the Mana loan combines a mortgage loan with the collateral of a Single Premium Immediate Annuity and a Universal Life Policy. A unique 100% financing mortgage concept, the loan lessens the risk to both the homeowner and the investor, providing a security net for either should payments become difficult.

“Most people with good credit can experience illness, job loss, and other life events that can make mortgage payments difficult if not impossible,” says Evelyn Nichols, President and CEO of Mana Loan Company. “The Mana Loan lends the homeowner more money up front, usually 20% of the sales price. That money is then placed into the annuity/policy, where it quickly builds equity because of the bi-weekly payment schedule and the growth of policy. This increases security for the homeowners and provides a convenient, almost invisible way to build a healthy retirement or college fund.”

The biweekly payment schedule reduces interest faster than a conventional amortization schedule, increasing equity buildup and accelerating the security of the loan itself. The cash buildup of the policy may also make up for some of the shortfalls of selling the house if it doesn’t appreciate enough by the sell date. Finally, the PMI payment, instead of being charged as an additional payment, is rolled into the interest rate, creating additional tax deductions for the owner.

Lenders also experience several advantages with the Mana Loan. First is the added security of payment protection through the annuity/policy. Should the borrower default on payments, lenders have access to this account, recovering the full amount in ten days or less. Second, the no-down-payment feature of the loan increases potential for higher loan volumes. Mana loans target first-time homebuyers who may have good jobs and excellent credit, but have not yet accumulated a down payment. Mana grants those buyers an immediate tax deduction, gets them into their home, and helps them invest in their short and long-term financial security. Seasoned homebuyers, as well, can now upgrade to a larger home much more easily.

Third, the Mana loan with the added collateral is less risky than a conventional loan, so the lender can justify the higher interest rate and enjoy higher yields. And finally, because of the uniqueness of the Mana loan, lenders can acquire lifelong customers as the loan is used for collateral for subsequent home purchases.

“This loan enables borrowers to become savers and invest in their financial security,” says Nichols. “It also builds financially healthy borrowers, which lessens the risk to the investor. Probably the most unique thing about it is that the Mana loan creates lifelong partnerships between borrowers and investors, encouraging homeowners to stay with their initial investor throughout their buying years to keep the policy intact.”

DocuTech has been selected by Mana as the exclusive provider of compliance and closing services. Using both the in-house software and online closing options, Mana enjoys the flexibility offered by DocuTech.

“I’m going to put my documents on the DocuTech website so the mortgage lender can just logon and pick them up,” says Nichols. “I’ve also got complete peace of mind on the compliance side because DocuTech stays current with all compliance issues. Lenders who choose the Mana Loan can rest assured that their data, documents and disclosures are legal and correct.”

“The Mana loan opens the door to a lot of homeowners who may be struggling to accumulate a down payment,” says Ty Jenkins, President and CEO of DocuTech. “It also gives them with a unique, sheltered way to save money, which in these turbulent times, is a nice benefit. Lenders can look forward to increased loan volumes as they offer buyers this one-of-a-kind opportunity.”
 

About DocuTech

DocuTech Corporation is a leading provider of compliance services and documentation technology, serving over 1,000 clients in the mortgage industry. By leveraging advances in digital data and document delivery, DocuTech enables lenders and their partners to exchange, process, review and close loans in record time. Since 1991, DocuTech has empowered its clients to quickly and accurately produce compliant loan packages for wholesale, retail, correspondent and affinity channels. From the point of sale to closing to investor delivery, DocuTech manages and secures all information needed for a loan, guaranteeing accuracy, data integrity, delivery, security and compliance. Interfacing with leading loan origination systems and based on the latest XML technology, compatible with MISMO and SMART DOC technology standards, DocuTech’s software programs can be accessed online or can reside on a customer’s desktop. DocuTech is the only leading provider with technology designed in native XML, enabling seamless communication between partners. For more information on DocuTech, visit the company’s web site at www.DocuTechCorp.com.
 

About Mana Company LLC

Mana Company LLC was created specifically to support the Mana Loan. Dedicated to educating lenders about the benefits of this unique loan alternative, Mana Company is making connections throughout the mortgage industry with a mission to help more homeowners enjoy the long-term financial security of this option. The Mana Loan itself was developed after a three-year study with loan brokers, wholesalers, homebuyers and secondary markets. Results of these studies created a loan that meets the security needs of today’s lenders and the financial planning needs of many home buyers around the nation. For more information on Mana company, please visit the company’s web site at www.manaloan.com.

MANA COMPANY, LLC
P.O. Box 20595
Seattle WA 98102

Evelyn Nichols
1-800-506-7563