Streamlining Processes Through Electronic Methods

Many have written and discussed the limitations and disadvantages associated with the use of paper in the mortgage industry, so there is no new revelation here. And, with the available information quantifying the added benefits of electronic document collaboration (view our annual Path to Paperless survey), few can resist the movement towards going paperless.

Mortgage companies are going paperless in a variety of ways. They are driving paper out of:

• Origination and post-closing investor delivery by electronically capturing documents in a collaborative electronic loan folder.
• Investor delivery by electronically shipping loan folders to investors or document custodians.
• Signing and archiving by delivering secure, electronic signing rooms that capture information and store it in a secure eVault for e-Closings.

Intelligent Collaborative eFolder

Loan processing is a strenuous task, complete with numerous loan files, multiple “touches” to the loan and continual folder hand-offs. With a process this intricate, it’s critical for an electronic loan folder to mirror a traditional folder. Even more importantly, it must not only enable, but also be designed for intense collaboration between multiple disparate parties. BlitzDocs® and BlitzDocs eXtended Edition (XE) power this intelligent collaboration through:

• Simple one-way paper transfers. Industry participants can electronically fax, scan or upload documents to a BlitzDocs electronic loan folder – eliminating the need to create new paper.
• Two-way, workflow-based communications. The BlitzDocs collaborative electronic loan folder™ (“eFolder”) mirrors traditional paper loan folders, but streamlines loan processing through capturing, sharing and archiving of the eFolder. For example, an originator can send the package to the lender and notify them that the loan is ready for underwriting, thereby enabling underwriters to work just as they do.
• Access to information. BlitzDocs provides auditors, Due Diligence, QC companies and others temporary or permanent electronic access to only those electronic loan folders that they need to review. The type of access and their rights are determined by their role.
• Connecting paper to another system. Through BlitzDocs Connector technology, loan folders can be automatically delivered to another system, such as an investors’ image archiving system. Request a copy of the BlitzDocs Connector datasheet.
• Transfer of entire loan folder or document ownership. The collaborative electronic loan folders can be “eShipped” to other participants in the loan process, as needed. When a participant receives it, they see the folder in their respective stacking folder, can add documents and can “eShip” it back.
• Secure signing. BlitzDocs XE eSign capabilities include a secure, personal electronic signing room that replicates a traditional signing room setting.