Technology for Developing UAE Secondary Mortgage Market
Press Release Archive - February 2006

Visionet Systems Selected to Design Technology for Developing United Arab Emirates Secondary Mortgage Market

Emirates National Securitization Corporation (ENSeC) selects Visionet Systems to help facilitate sale of compliant UAE mortgages to US and European investors

CRANBURY, N.J., Feb. 26th, 2006 – Visionet Systems has been selected by Dubai-based Emirates National Securitization Corporation (ENSeC) to provide IT business consulting. ENSeC was created to establish a secondary mortgage finance system for both residential and commercial mortgages in the UAE. ENSeC’s ultimate objective is to establish itself as the conduit for real estate securitization in the region in a manner similar to Fannie Mae and Freddie Mac in the United States.

Visionet Systems has been charged with the development of a detailed IT strategy and the recommendation of processes to help ENSeC buy loans from originating banks, service the loans and securitize their loan portfolio through institutional investors in the U.S. and Europe.

“The U.S. secondary mortgage market is the driving force behind our successful economy, and ENSeC is bringing this model to the UAE,” said Scott Jeffries, EVP, Mortgage Practice of Visionet Systems. “Because of our more than 10 years of experience in providing consulting, technology and business process outsourcing to U.S. mortgage lenders, we are uniquely able to assist ENSeC in meeting its goal of developing a successful secondary market. Furthermore, our expertise in IT and process enables us to recommend solutions and methodologies to help ensure the securitization of UAE loans in the U.S. and Europe. Visionet Systems is the ideal partner to help ENSeC’s create a transparent secondary mortgage system in Dubai.”

Cranbury, N.J.-based Visionet Systems is a full service mortgage consulting and business process outsourcing company that delivers products in the best-of-breed philosophy. Using a combination of consulting, metrics-based technology solutions and business process outsourcing, Visionet Systems helps lenders identify and remove inefficient processes to improve profitability. Founded in 1995, the company’s customers include mortgage lenders and servicers.

For more information, visit www.visionetsystems.com

Visionet Systems Inc.
www.visionetsystems.com
3 Cedarbrook Drive
Cranbury, NJ 08512
Phone 609.452.0700
Fax 609.655.5232
mortgage@visionetsystems.com

Contact:

Arshad Masood
Visionet Systems Inc.
609-452-0700 Ext. 1119
arshad@visionetsystems.com

Joy Harper
Visionet Systems Public Relations
(678) 799-8118