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May 2010, National Mortgage Professional
Pieces of the P.I.e: Paper, Imaged and e-Documents
It’s no question that the mortgage industry is in a state of transition. To overcome the obstacles and survive market turmoil, lenders must face the realities of the market and evolve their processes to become as efficient and cost-effective as possible. In recent years, an increasing number of mortgage companies have committed to going “paperless.”
Companies are moving toward paperless offices at different speeds and are often working with a combination of paper, imaged and electronic documents—or “P.I.e.”
By having a holistic view of the entire mortgage loan process and a better understanding of each component of the P.I.e, organizations can streamline processes and ensure their outsourced partners will meet the demanding needs of the current market environment and make their operations as efficient as possible.
April 2010, Mortgage Technology
E-Closings Will Be Common, Believe It Or Not
In total, 87% of 23 respondents think electronic closings will be common in five years. Adding fuel to this claim is news that Xerox Mortgage Services is up and ready with electronic vaulting capability and currently has over 35,000 e-notes already sitting in its e-vault. You can never have too many e-mortgage players in my opinion.
“We’re big believers that this is going to be the year for e-mortgages,” said Nancy Alley, vice president-product management at Xerox Mortgage Services. “We are holding over 35,000 e-notes for the industry right now. We’ve been vaulting them since 2009. We have full MERS integration. We’ve also successfully completed integration with Fannie Mae’s e-mortgage delivery system. We can support everything from selling, certify the loan and all the related servicing functions, all electronic.”
April 2010, DS News
Xerox Looks to Accelerate Lenders' Adoption of Paperless Mortgages
While the ultimate benefit of moving mortgage originations into the electronic age is a streamlined process that saves time and resources and minimizes errors, the actual transition to a paperless environment can be cumbersome and costly.
Enter Xerox Corporation. The company says it can help the industry overcome the hurdles of eMortgage adoption with new on-demand services that require little set-up or upfront investment.
At the Mortgage Bankers Association’s National Technology in Mortgage Banking Conference this week, Xerox Mortgage Services, showcased eVault, a virtual repository of electronic loan documents that directly connects to the Mortgage Electronic Registration System (MERS).
April 2010, HousingWire
Xerox Aims to Lead Originators into Paperless Mortgage World
The latest venture in mortgages for Xerox Corp. is a move to make the name synonymous with paperless electronic mortgage origination, according to the company.
The company is now focusing efforts on its eVault, an off-site digital storage repository for electronic loan documents, as a way to try to grab more market share in paperless origination. Currently the company holds more than 35,000 mortgages in the vault. The software-as-a-service (SaaS) is offered on a per-loan basis, which the company said makes it more affordable for originators with varying levels of loan volume.
The data storage demands of housing mortgage documents are not that great, approximately one megabyte of data per loan file. Xerox said its service integrates with the Mortgage Electronic Registration System (MERS) eRegistry platform as well as provides secure access to mortgage investors and servicers and meets standardized storage and security requirements.
April 2010, Scotsman Guide
Get Smart About Collaboration
Adjust quickly to business changes with seamless information-sharing
With the first quarter of 2010 in the books, many mortgage-industry professionals would rather forget the turmoil of 2009. Not so fast.
Delinquencies plagued the residential mortgage market in ‘09, and many industry observers believe the problem will persist through this year. The shifting market dynamics of ‘09 also resulted in an unsustainable demand for mortgage modifications.
These challenges, however, taught us an import lesson: Collaboration -- from initiation and processing to closing and loan servicing – represents a critical component of a sustainable recovery. Our industry must embrace more-sophisticated processes to share and evaluate information to meet the demand for new loans and modifications while also adapting to market and regulatory changes.
March 2010, Secondary Marketing Executive
Is Your Company Ready For E-Mortgage Solutions?
The mortgage industry is ready to leave chaos behind – the stress and pace of the past 24 months have been overwhelming as delinquencies and foreclosures plagued the country. This downturn has shed light on the need to continue to enhance and improve access, transparency, effectiveness and scale. Practical steps toward stability are a welcome and necessary breath of fresh air.
The problems have largely been traced back to a lack of information sharing and consideration – problems that can be addressed by embracing available technology. Brokers and lenders that evolve their loan processes to include collaborative mortgage document capabilities become more efficient and cost-effective. A hosted, online model helps companies manage paper overload and encourages communication among all parties involved.
Reprint courtesy of Secondary Marketing Executive
January 2010, Inside Mortgage Profitability
Technology Still Driving Mortgage Evolution
Mortgage industry professionals are leaning more and more upon the latest technology
applications to streamline their workflow, enhance collaboration, facilitate regulatory
compliance, and otherwise take more advantage of “going paperless,” according to officials
at Xerox Mortgage Services.
The company recently surveyed 59 underwriters who use the company’s BlitzDocs
Collaboration Suite of products and found increasing use of e-mortgage solutions to write
more loans per day, speed delivery and improve communications.
“We’re trying to stay current with underwriters using our system at least to get some idea of what’s changing, what they like, what they do not like, and where they are deriving the benefit,” said Greg Smith, vice president and general manager of Xerox Mortgage Services. “Some of the newer things have to do with leveraging technology to do more.”
December 2009, Mortgage Technology
Looking Ahead to 2010
With defaults rising and increased consumer protection regulation, the mortgage industry had a lot to deal with in 2009. In 2010 RESPA will be changed, the future of Fannie Mae and Freddie Mac will be decided and the government will continue to play a larger part in shaping how mortgages are done. So, our 2009 award winners gathered to talk about the role technology played in keeping lenders alive this year and which smart technology decisions will enable lenders to thrive again in 2010...
MORTGAGE TECHNOLOGY: Looking forward, what do you think the big technology advances in 2010 will be...
GREG SMITH: “The mortgage industry is anticipating even more regulatory changes for 2010 and the uncertainty surrounding these changes have many really on edge. Along with these potential regulatory additions, we are all concerned about rates and the long-term effects of the stimulus intervention. The last few years have been anything but normal. 2010 is shaping up to provide more surprises to our industry.”
October 2009, Mortgage Technology
Learning from Healthcare Reform
As the politicos in Washington argue about the price of health care reform, the pros and cons for a public option vs. a co-op approach vs. some other option, the role government should play in the
healthcare sector, and so on, and so forth, there is one thing they all agree on and that is that medical records need to be electronic. According to consumer reporters, electronic health records offer more precise patient care from doctors, greater participation by patients, and an early-warning system for medical disasters such as the appearance of avian flu...
What lessons can mortgage lenders learn from the cat-and-mouse game going on in Washington over health care reform? That there are significant benefits to adopting electronic documentation.
However, with every new change to a traditional way of doing things, there are obstacles. It’s hard to change habitual behavior. “I participated in a panel discussion on health care technology. There are some huge barriers to an electronic medical record that will be problematic to get over,” explained Greg Smith, vice president at Xerox Mortgage Services. October 2009, Mortgage Technology
And The 2009 Mortgage Technology Magazine Award Winners Are...
SourceMedia, the publishers of Mortgage Technology magazine, gave out awards in 10 categories honoring achievement in mortgage lending technology. The awards illustrate that especially in times of uncertainty, innovation is critical to future success. In the end, innovation matters and those that innovate will thrive in any mortgage market.
The STEVE FRASER VISIONARY AWARD is given to an outstanding mortgage technology innovator, visionary or evangelizer. Cy Brinn is recognized for creating the first PC-based commercial loan servicing system while working at Integrated Resources Inc. in New York City. We also recognize Dain Ehring, founder and CEO at Dorado Corp., for promoting the automation of the complex mortgage lending process. The winner is Greg Smith, general manager and VP at Xerox Mortgage Services for working and speaking out to advance the adoption of a paperless process in which all mortgage participants can “e” collaborate.
October 2009, National Mortgage News
What Will Washington Throw at Lenders Next?
The Mortgage Bankers Association convention and expo is underway in sunny San Diego and lenders and vendors in attendance all have one thing on their minds: compliance. With major new regulatory changes looming—including new RESPA disclosures—mortgage participants are wondering what's next for their battered industry. While attendees can’t predict what exactly their elected leaders (and regulators) will do, the one thing every executive knows is this: whatever comes down the pike they will have to comply—and fast.
In short, the issue of compliance isn’t going away. “The big story for the next two years is going to be around compliance and new regulations,” noted Greg Smith, vice president and general manager at electronic collaboration vendor Xerox Mortgage Services. “We ain't seen nothing yet, as the saying goes. But any time there’s a mess, there’s opportunity. I think we’re going to see a lot of innovation.”
September 2009, Scotsman Guide
Tomorrow Streamlined
To overcome the obstacles and survive the industry turmoil, mortgage professionals must face the market realities and work with other market participants to drive costs out of the loan-approval and lending process.
One way the industry is trying to make this happen is through a hosted model for loan processing. Although a paperless, hosted model is not a new concept, full industry adoption is far from complete.
These technological advancements, coupled with smart business decisions, can make a difference in how mortgage players can compete and thrive in today’s market.
August 2009, Mortgage Technology
Solving the “E” Puzzle
But that’s a lot of moving parts to contend with. In response to the electronic evolution now taking hold in mortgage, Mr. Smith believes that there is a new concept emerging as a result. “You’re seeing what I like to call intelligent collaboration. The pieces are coming together and starting to intersect. As we get more of the doc vendors willing to participate and create Category One SMART Docs, you have companies like us that want to provide vaulting and e-signing. You also have title companies that want to cut costs so they’re looking to go electronic. And the LOS companies are trying to think about what they do for their second act.”
“We started with electronic delivery and it has worked out well,” shared Christopher Rosati, senior vice president and chief operating officer at The Trident Group... “Our biggest month was June of 2009. If we hadn’t done this, I can’t imagine how that would have gone. Further, we had double the warehouse capacity last year as compared to this year, yet June of this year was our busiest month and we made it.”
July 2009, National Mortgage News
Building a More Modern FHA Process
Leveraging its BlitzDocs Collaboration Suite, Xerox Mortgage Services released a new FHA connector that enables lenders to meet FHA’s electronic case binder specification and delivers it with “one-click” ease, thus eliminating having to FedEx hard-copy files. “FHA has a specification all vendors need to meet,” said Greg Smith, VP and general manager of Xerox Mortgage Services. “What we have is a fully indexed solution all the way to the front end. We’ve truly built an exchange.”
“FHA is the last bastion in terms of implementing paperless delivery,” said Mr. Smith. “All processes are electronic until delivery, then lenders have to paper out.” He said the Philadelphia HOC pilot is trying to catch up with processes BlitzDocs used from its first founding. “Our underwriters have been writing from two screens for years.”
June 2009, Mortgage Technology
Keeping Correspondents on Track
While this FHA move has had some implementation hurdles to overcome, it is moving forward, according to Greg Smith, vice president, general manager, of Xerox Mortgage Services, Alpharetta, Ga. He said at press time his company had three clients testing its FHA connector and awaiting final approval from FHA. “They’re just tweaking some things on their side,” he said. The FHA initiative’s progress has made the use of imaging more compelling because it builds a “digital bridge to FHA that allows people to stay on the electronic path” they previously had to depart from in order to ship loans to the government agency, Mr. Smith said.
April 2009, Mortgage Technology
FHA E-Delivery Will Succeed
FHA has published what it calls the Electronic Case Binder to specify how lenders can electronically deliver to the government entity. Is this e-mortgages? No, it’s just e-delivery. But FHA promises full e-mortgage specs by the end of the year...
VirPack and Xerox Mortgage Services have both gone public with the fact that their systems support eCB delivery to FHA. “In total, 30% of loans are FHA but lenders still have to ship them paper,” said Greg Smith, vice president at Xerox Mortgage Services. “So, it’s a drag for our clients that want to go paperless. FHA is hot and the ability to remain paperless is a big advantage in today’s mortgage market.” April 2009, Mortgage Technology
Docu Prep and Xerox Integrate Platforms for E-Mortgage Services
As a means of providing a full range of e-services for lenders to implement, such as e-disclosure, e-signature, e-modifications, e-closing and e-vault services, Docu Prep and Xerox Mortgage Services have teamed up to integrate Docu Prep’s Entire Electronic Signature Solution with the XMS e-Mortgage Suite.
Docu Prep is a Salt Lake City, Utah-based provider of nationwide closing document and initial disclosure services including secure electronic delivery tools, loan analysis testing and barcoding. Xerox Mortgage Services, a part of Xerox Global Services is an Alpharetta, Ga.-based provider of electronic document collaboration tools for the mortgage industry. April 2009, Mortgage Technology
Video Newscast
I’m Tony Garritano, Editor of Mortgage Technology magazine, and welcome to another edition of our video newscast. In this edition I’ll discuss how to automate FHA, the recent acquisition of NetUpdate by Mortgagebot and how to avoid buybacks with technology...
With FHA now capturing more of the market, the calls for FHA to modernize have become louder and louder. Realizing the need, FHA has taken a first step forward by now accepting imaged loan files through Xerox Mortgage Service’s BlitzDocs e-collaboration tool. April 2009, Inside Mortgage Profitability
Vendors Gear Technology to Booming FHA
Technology vendors are racing to catch up to the booming FHA program, a segment of the market that had drifted toward irrelevance for years before suddenly taking center stage in the distressed mortgage market of 2008. With FHA lending accounting for close to 30 percent of new production, various companies are offering new products to make processing these loans more efficient
March 2009, Mortgage Technology
The “E” Space Is Getting Crowded
Lenders are looking for efficiency, transparency, etc. How are they getting there? By at least taking steps toward adopting e-mortgages. And vendors realize this need. So, they’re stepping up as well. And in stepping up, they’re starting to step on each other.
For example, Xerox Mortgage Services integrated with Wave last year to allow its clients to do e-signatures and e-vaulting. Now Xerox is taking it a step further by integrating with Docu Prep as well. Docu Prep’s EESS (Entire Electronic Signature Solution) provides e-disclosure, e-signature, e-modifications, e-closing, and e-vault services for lenders looking to implement a full range of e-processes. March 2009, Inside FHA Lending
Document Imaging Streamlines FHA Loan Delivery
Lenders delivering closed loans to FHA for insurance can now take advantage of document imaging to enhance productivity in the booming program.
BlitzDocs helps lenders and investors reduce document-related costs and build a competitive advantage by capturing and managing image-based loan documents. Offered by Xerox Mortgage Services, BlitzDocs provides a secure and convenient way to complete mortgage loans online without having to sign hard-copy documents.
Greg Smith, vice president and general manager at Xerox Mortgage Services, pointed to the FHA’s record-high market share in the mid-30 percent range as a major need for increased efficiency. “The new FHA connector builds on the promise of allowing BlitzDocs customers to remain paperless from origination through investor delivery,” Smith said. “The result is further cost reduction and improved productivity at a time when these efficiencies are needed to make a significant impact to the bottom line.” March 2009, MBA NewsLink
Tech Experts Ever Hopeful for Paperless ‘Tipping Point’
Paperless processing allows mortgage companies to enhance business practices
More than a decade beyond bold predictions that the mortgage transactions would become completely paperless, Paper is still king. But change is on the horizon. Really, it is... “Paper is still the lowest common denominator with the mortgage process,” said Greg Smith, vice president and general manager of Xerox Mortgage Services, Alpharetta, Ga. “The challenge is to change the lender mindset.” Smith said that once lenders adopt imaging and digital processes, enthusiasm increases. “Lenders really need to think about the pieces of the pie and how they integrate together,” he said. “They're all still needed and used, but technology must be leveraged.”
March 2009, Scotman Guide
E-mortgages Can Create Efficiency
Paperless processing allows mortgage companies to enhance business practices
As the mortgage industry continues to undergo major changes, brokers and lenders must face market realities and evolve their loan processes to become as efficient and cost-effective as possible. In recent years, an increasing number of mortgage companies have committed to going paperless. Other companies are moving toward paperless offices by working with a combination of paper, imaged and electronic documents.
By having a holistic view of the entire mortgage-loan process, including a thorough understanding of each document and document type involved, organizations can streamline their procedures, ensure that their outsourced partners will meet the current market’s demanding needs, and make their operations as efficient and effective as possible. Doing so will help to move the mortgage industry toward a paperless—or at least paper-light—state.
January 2009, Atlanta Business Chronicle
Businesses ride the trend of selling software as a service
When Google Apps was launched in 2006, the Fortune 500 company put its considerable Internet heft behind Web-based applications and brought with it the considerable attention that follows most anything the technology behemoth does.
But for Atlanta companies already in the trenches of Internet-based applications—providing what is called software as a service (SaaS) or cloud computing—Google’s offering just put a well-known name on an innovation they were already successfully building businesses around...
Strict auditing reviews and security protocols have comforted potential clients who in the past might be wary of housing critical data outside of their direct control. But an economy mired in recession also highlights how SaaS benefits the bottom line, said Greg Smith, who founded Alpharetta-based Advectis Inc. in 2000 to offer an online solution to the mortgage industry for the reams of paper created in closing mortgages. In 2007, the company was acquired as a wholly owned subsidiary of Xerox Mortgage Services, where Smith remains as a vice president. January 2009, Bank Systems and Technology
2009 Bank Tech Forecast: Less Paper Can Help Ailing Mortgage Industry
Streamlining the lending process becomes even more vital as lenders seek to cut costs and survive.
While there is no magic cure to surviving an economic downturn, it is commonsense that anything lenders can do to reduce costs will help. There are a couple of bright-spot opportunities on which mortgage bankers can focus. One is the current advancements in technology that enable less paper, or "paper-light," mortgage processes. The collaborative nature of mortgage processing requires solutions that help to reduce or even eliminate paper at numerous steps of the process. These steps are often found outside the lenders' walls, as a mortgage can require anywhere from five to 10 parties who need to collaborate with the lender in order to get the transaction completed.
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