Exciting news in the mortgage industry
Today Xerox announced the purchase of Advectis whose Blitzdocs suite helps lenders to streamline the mortgage origination process using electronic loan folders. You can read all the news and background in the Xerox Newsroom.
In this turbulent time for the mortgage industry, lenders more than ever before are working to improve the mortgage origination process and speed up the sale of loans to the secondary market. Streamlining the loan process and making it easy for the originator or broker to track progress of the loan online, will help to improve the customer’s experience of working with the lender.
This exciting acquisition demonstrates Xerox’s commitment to the financial services industry as it finds new ways to improve business processes that depend on documents. There are few processes as dependent on paper as the mortgage loan process and with Xerox’s ability to scan documents and the blitzdocs suite’s management of the electronic mortgage file these capabilities together provides a powerful solution for mortgage providers. An electronic loan file allows many people such as the loan originator, the underwriter and others to access and update the loan documents online and at the same time. This speeds up the origination process and cuts the cost of a new loan. It also provides an excellent audit trail that helps third party auditors or investors to perform their due diligence and quickly assess the quality of the loan book.
Julian Troake
Global Industry Marketing Manager
Xerox Global Services