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Encomia Announces Increased Revenues for 2008 Despite Down Market

Encomia, a leading provider of end-to-end eLending technology, announced significantly increased revenues in 2008.

The 2008 revenues, which are 20 times greater than those experienced in 2007, are directly attributed to increased sales of Encomia’s eLending suite to major banking customers. Encomia’s eLending Solution began 10 years ago with the development of electronic mortgage closing technology, and has since been expanded to support various forms of commercial and consumer lending.

“The adoption of electronic lending is rapidly increasing, not only in the mortgage industry, but across all areas of consumer lending as well,” said Andrew Krieger, COO of Encomia. “Lenders are looking for a way to gain cost efficiencies, speed and convenience for the borrower, and eLending technology is a great way to do it. As a result, we expect continued revenue growth.”

“More and more secondary market investors are giving preference to electronically originated loans because of the transparency they provide,” said Andrew Dubinsky, CEO of Encomia. “This will prompt more banks and financial institutions to implement eLending. The benefits provided by Encomia’s technology have enabled us to increase our revenues even in the current economic conditions.”

About Encomia

Houston-based Encomia enables lenders to more cost-effectively and efficiently originate loans by enabling lenders to process loans electronically, from end-to-end, on a large-scale basis, regardless of document format. The company’s Encomia eLending Solution provides mortgage, consumer, automotive, commercial and other lending institutions with a comprehensive tool kit for full eLending including the creation of XML-based electronic documents, electronic signature capability and secure document archival. Encomia’s solutions are compatible with a number of third-party technologies, are adaptable to institutional standards and can be implemented in a manner that allows for gradual eLending adoption. To learn more about Encomia, its products and services, please contact Bill Eckert, senior vice president of sales at [email protected] or visit the company’s Web site at http://www.encomia.com/.

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