Are paper-intensive loan processes creating inefficiencies and increasing your costs? How should you implement paperless mortgage technology?
Xerox Mortgage Services and the on-demand BlitzDocs® Collaboration Suite enable mortgage originators, lenders, investors, and other authorized parties to view and deliver mortgage documents electronically. By combining digitization with electronic collaboration, you can simplify mortgage origination, underwrite more loans, and speed their sale on the secondary market. You'll also create an enhanced customer experience by streamlining the process and reducing the chance for errors.
Online management of the mortgage loan origination process from origination through sale on the secondary market.
Imaging and Document Management
We provide scanning and repository services that provide a digital on-ramp for all your mortgage documentation and record keeping.
Business Applications
Xerox Mortgage Services and the on-demand BlitzDocs® Collaboration Suite help the mortgage industry digitize documents and collaborate electronically to improve efficiency and reduce costs. We focus on several key functions of the mortgage loan origination process.
> read the BlitzDocs Overview
Origination
Digitize paper documents and include electronic documents so that other parties can use the information electronically to communicate, share, and perform their functions.
Submit loans anytime, anywhere
View loan status in real-time, electronically
Eliminate or reduce express (overnight) delivery, copying, and fax costs
Reduce labor costs associated with origination
Shorten turnaround time
Underwriting
Improve underwriting turnaround time with immediate access to loan documents once the originator creates an electronic folder.
Eliminate lost documents and misplaced folders
Streamline conditions management
Reduce labor costs associated with underwriting and loan status management
Eliminate status calls
Process more loans per day
Enable contract underwriting processes more easily
Implement powerful rules-based notifications for faster processing
Provide a complete audit trail of all documents, verification, and other status changes
Closing and Post-Closing
Streamline mortgage loan origination processes by uploading closed documents into the electronic loan folder. Funders can review documentation and exceptions to clear online for faster funding. Investors, quality control firms, and due diligence companies can receive secure links to documents in real time.
Eliminate or reduce off-site archiving and storage, binding, and delivery costs
Ship loans electronically to investors – no paper files or manual stacking
Reduce time and resources preparing for audits
Reduce labor costs associated with file room/vault and deficiency staffing
Support electronic access to files for audits and due diligence reviews
Integrate directly with your existing imaging system
Loan Delivery
Deliver mortgage loans in flow, bulk or mini-bulk to correspondent buyers or investors via an electronic process that works with the system the investor currently uses – whether third-party or BlitzDocs.
Enable better execution with electronic delivery to investors
Decrease or eliminate costs associated with sending and receiving paper files
Fund faster with better turn time and deficiency management
Reduce warehouse cost of funds
Deliver electronic files in the investor's custom format or in the format specified by the Mortgage Industry Standards Maintenance Organization (MISMO®)
Our Mortgage Services team and BlitzDocs®, one of the industry's most widely-used solutions for electronic document collaboration, will help you to continue processing mortgage loans the way you always have – only better. By making it easier for your originators, processors, underwriters and other stakeholders to do business with you – and by working faster and cheaper than the competition – you can differentiate your company and receive more of the mortgage loans you want.
Our highly trained and professional Mortgage Services staff has established a reputation for responsiveness. Our top priority is to ensure that BlitzDocs is quickly configured and deployed to meet your organization's specific needs and tailored to your processes. We offer a range of services, including deployment, training and support that all use best practices based on our experience with millions of mortgage loans processed.
Deployment
We start with extensive consultation with your organization to discuss processes, workflows, and business needs. We help manage, control, and direct personnel, time, and material resources to complete your project effectively and efficiently.
Process mapping/needs analysis
Define infrastructure requirements and configuration necessary
Establish required vendor support, if needed
Provide appropriate documentation
Demonstrate product capabilities and identify items that may require changes for full-scale implementation
System configuration
Configure interfaces and extensions
Set up administration – such as document types, stacking orders, user access security
On-site implementation
Develop a site support transition plan
Develop an implementation user awareness plan
Provide ongoing user training
Integration support
Work with the IT staff to design and develop user interfaces and integration
Customer satisfaction measurement
Measure technical and functional performance to ensure requirements are met
Evaluate on-schedule performance to ensure deployment takes days, not weeks or months
Compare the real and estimated costs to ensure no surprises occurred and minimal up-front investment is required
Training
We offer on-site training to all BlitzDocs customers. The service is easy to learn, including the end-user interface and scanning functions. We also provide general submission and/or post-closing training for the BlitzDocs solution. As part of these services, Mortgage Services team members provide:
Curriculum for the individual in your organization who will train other employees
Training and reference manuals for your company's specific solution
Webcast training on feature enhancements and site upgrades
Support
The BlitzDocs support team is dedicated to providing technical support and services directly to our customers. Our technical team offers two types of support: Standard Technical Support and After Hours Support.
Standard Technical Support: All services and duration of support are outlined in a customer contract.
After Hours Support: We offer extended support for a five or seven-day week. This service allows for support and maintenance during the later stages of implementation and ensures you have a resource to contact whenever problems arise.
Maintenance and upgrades
We know your IT staff has enough to do without additional system maintenance and upgrade tasks. BlitzDocs is delivered as an on-demand service over the web, which provides the latest software for paperless processing without the hassles of system installation, maintenance, and upgrades. Our Mortgage Services team provides upgrade services, assists with system/application integration, and offers backup and recovery services.
Technology
BlitzDocs® Collaboration Suite
BlitzDocs is an on-demand web-based solution providing secure anytime, anywhere access to electronic loan folders via the internet. Data accessed from the BlitzDocs suite is transferred using XML, the most widely accepted format for data transfer on the Internet. BlitzDocs provides a powerful web-services layer for integration with other mortgage or third-party applications.
Security
BlitzDocs Collaboration Suite provides numerous layers of physical, application, network, and communications security layers. The BlitzDocs servers are housed at a secure SAS 70 Type II certified managed data center facilities. All access to BlitzDocs is secured by user authentication and user privileges are strongly defined, allowing users the ability access folders and documents that the lender has given them rights to use. All customer data exchanged between a user and BlitzDocs is encrypted using industry-standard 128-bit encryption techniques. Secure Socket Layers (SSL) connections are provided using a Verisign certificate. All publicly accessible servers are protected via firewall, multiple intrusion detection systems, regular penetration testing, and continuous monitoring. We also perform SAS 70 Type II and ISO 17799 audits annually.
Scalability
Our tests show that BlitzDocs is a highly capable solution accommodating the demanding requirements of major lenders. The system was designed to scale seamlessly, managing higher volumes with simple server, network, and database upgrades and additions. We monitor our performance 24/7 and provide continual, non-impact scaling and upgrading platforms when necessary.
Client Benefits
Document imaging and electronic collaboration with Xerox Mortgage Services and BlitzDocs® electronic loan folders provide a number of significant benefits for your business:
Streamlined processes
Electronic loan folders let users capture, submit, underwrite, audit, share, deliver, and archive documents quickly, easily, and without paper.
Decreased labor costs
Drastically decreasing the number of copies that need to be made and filed – and the time spent searching for missing documents – enables you to move staff to more productive roles.
Reduced copy and mailing costs
Sharing electronic loan folders on the web eliminates the need to produce and ship multiple copies of loan documents.
Faster turnaround time
Companies using BlitzDocs normally process mortgage loans at least 24 hours faster than with traditional paper and express mail, which improves customer service.
Easier exception management
Find and correct mistakes in real-time using the electronic loan folder.
Secured loan preparation, underwriting, and auditing
BlitzDocs lets all parties collaborate securely on electronic loan folders and documents in real time.
Reduced storage and retrieval costs
Storing mortgage loan documents electronically eliminates costs for off-site document storage and retrieval.
Support for emerging standards
Our mortgage loan software solutions meet the standards for electronic mortgage documentation set by the Mortgage Industry Standards Maintenance Organization (MISMO®) of the Mortgage Bankers Association of America.
Measurable Success
How do we know streamlining mortgage loan processing with Xerox Mortgage Services and BlitzDocs® can make a solid difference for your business? We've seen it work for many other companies. Take a look at a few examples of the measurable performance results we've delivered:
East West Mortgage, one of New England's leading mortgage lenders, reduced funding turnaround time for investor delivery from 15 to 4 days, reduced loan rejects and stipulations from a major correspondent buyer from 20% to 5%, and cut storage costs by 75 percent.
Equity Now, a mid-sized direct mortgage lender with approximately $350 million in loan origination each year, met its goal of funding loans in five or fewer days.
GEM Mortgage a mortgage banker with 40 retail branches in the West, redeployed 1.5 people in headcount to new roles based on the efficiency of electronic investor delivery, cut copiers from 10 to 3, and more easily recruited new branches.
Uniwest Mortgage Company, a mortgage banking company, reduced stipulations by 80%, cut overnight service fees in half, seen faster turnaround on warehouse lines, reduced per click costs, and elimination of courier fees.
We chose BlitzDocs because we liked the origination and underwriting perspective of it, but also the fact that it supported a front-to-back-end kind of workflow to enhance the mortgage process.
—
Rebecca Wegman, Executive Vice President and Chief Operating Officer, GEM Mortgage
GEM Mortgage, a mortgage banker with 40 branches in western states, achieved a more efficient and cost-effective operation with paperless loan processing and also increased employee and customer satisfaction.
Paperless mortgage loan processing using a collaborative network cuts costs, increases efficiency, and improves customer service. The best solutions support easy outsourcing and speed loan delivery to the secondary market.
We chose BlitzDocs because we liked the origination and underwriting perspective of it, but also the fact that it supported a front-to-back-end kind of workflow to enhance the mortgage 