FirstAm Pumps $50M Into Dorado

Framing the investment as an endorsement of open standards in technology, First American has announced a $50 million capital infusion in San Mateo, Calif.-based Dorado and its Enterprise Lending System.The company said this "will help mortgage industry leaders transform mortgage origination from a compartmentalized process with frequent starts and stops into a highly integrated, open, and dynamic process that gives lenders more control over their businesses, enables faster time-to-close, and creates more efficiency in the market overall." ELS allows services from third-party vendors to be integrated directly into a lender's workflow. ELS and other Dorado technology platforms will now be integrated with First American Web Services and First American Fulfillment Services. First American said it plans to fund future Dorado acquisitions "as a means of further expanding this new origination vision." The companies can be found on the Web at http://www.firstam.com and http://www.dorado.com.