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Archived news articles from 2007
December 2007, Mortgage Technology Newsletter
You Can't Ignore Technology
Nobody is disputing that 2007 was a very bad year for the mortgage industry. Further, 2008 is expected to be challenging as well. However, as lenders check and double check their processes to cut costs, they realized in 2007 that efficiency cannot be achieved without technology. That realization will lead to a more tech-savvy mortgage market going forward.
In total, 58% of 12 respondents said that 2007 was a good year for technology adoption. "2007 was surely a very difficult year for most in the industry," said Greg Smith, VP and General Manager, Xerox Mortgage Services. "It’s been a challenge. But, did the e-mortgage get moved along in 2007? Yes, it did. December 2007, Mortgage Technology Newsletter
Proving the Value of Synergy
The mortgage technology industry has always been competitive, with companies striving to stand out and obtain recognition for the benefits its solution or service brings to the table. Xerox Mortgage Services, formerly Advectis, Inc., decided that a good way to showcase recent industry successes with its BlitzDocs Collaborative Suite was through the Mortgage Technology Synergy Award. December 2007, Mortgage Technology Newsletter
Zenta Joins BlitzDocs Collaborative Network
Zenta, a knowledge process outsourcing and business process outsourcing company, has become a certified BPO provider for the BlitzDocs network. Zenta’s outsourcing services for loan processing, underwriting, closing, post-closing and servicing, can now be enabled using imaged loan files and the document management workflow delivered via the BlitzDocs network. December 2007, Real Estate Technology News
Advectis sold: Xerox stakes mortgage technology claim
One of the more interesting developments in the mortgage technology space in 2007 was the entrance/return of major "horizontal" IT players IBM and Xerox. IBM began acquisitions of mortgage-focused technology providers in 2006 with Palisades Technology Partners and FileNet, and this year saw its plan crystallize around a new loan fulfillment services subsidiary – IBM Lender Business Process Services. Xerox also solidified its presence in the industry with the purchase of Advectis, a popular online document collaboration network for lenders, brokers, investors and others. Despite a tough mortgage industry, both IBM and Xerox see plenty of opportunity. "The fact is we’re going to be originating mortgages into the future in large volumes. The process by which we do that can be made more efficient," said John Kelly, president of Xerox Global Services in North America. December 2007, Bank Systems & Technology
In the face of the credit crunch, some lending tech vendors find opportunity
While the firm has been helping lender clients image documents for some time, according to John Kelly, president of Xerox global services, the company saw the importance of digitization of the entire loan process – not just imaging the documents, but also making them available online, Kelly says. It was with this in mind that it acquired Advectis in October.
Advectis’ BlitzDocs Collaboration Suite is at the heart of its offering and allows the various parties in the lending process to collaborate more efficiently, according to Greg Smith, cofounder and CEO of Atlanta-based Advectis.
November 2007, Mortgage Technology
On-Demand Has Come of Age - The Time is Now
As competition for mortgage loans increases, the mortgage industry is focused on finding better and more efficient ways to operate. Collaboration between multiple parties, streamlining loan processing and decreasing operation costs are high priorities. To that end, the industry has made great strides with the introduction of many software-based initiatives. However, most technology solutions have been deployed using traditional means and involve lengthy and costly implementation cycles for a single application. These pains are why some professionals in the mortgage industry have yet to fully embrace the latest trends.
October 2007, Mortgage Technology Newsletter
Partnership Makes Outsourcing QC Easy
In order to minimize the risks of buying and selling mortgage loans, Lydian Data Services, a provider of mortgage process outsourcing and mortgage transaction management services, has recently become an Advectis BlitzDocs Certified Quality Control and Due Diligence Provider. October 2007, National Mortgage News
E-Loan Folder Adoption Rate Soars as Lenders Come Aboard
As lenders look to cut hard costs, adopting an electronic loan folder over a paper folder goes directly to the bottom line of any lender, and more lenders are realizing the benefits associated with this technology. As proof, Advectis here recently celebrated processing its one-millionth e-loan folder. "This is proof of an acceleration in process improvement. When we hit the one-millionth loan folder it caused us to really stop and think of where we came from," said Greg Smith, president of Advectis. "During the time that we've been here in the mortgage industry has gone through a lot of change in terms of volume. The common denominator is that the Software as a Service model in a time when things aren't as exciting in terms of volume is big." October 2007, MBA Tech NewsLink
Lydian Data Services Joins BlitzDocs Collaborative Network
Lydian Data Services, Boca Raton, Fla., a provider of mortgage process outsourcing and mortgage transaction management services adopted Alpharetta, Ga.-based Advectis BlitzDocs Certified Quality Control and Due Diligence Provider product and service. Lydian Data Services can receive electronically imaged loan folders from lenders and investors on the BlitzDocs collaborative document network, while performing quality control services and due diligence reviews for them. October 2007, National Mortgage News
Imaging’s Benefits Can Be Stretched
While imaging is widely seen as a way to cut hard costs out of the process, an imaging application can be stretched to provide broader efficiencies, according to a survey of underwriters conducted by Advectis. According to the survey, 108 underwriters currently use the Advectis BlitzDocs application for image-based underwriting. In total, 22% of survey participants have used BlitzDocs for over two years, 25% one to two years, 33% for six to 11 months and 21% for under six months. All respondents indicated that when using imaging as a tool to underwrite a loan, was a benefit in their process.
October 2007, Real Estate Technology News
Advectis sold: Xerox stakes mortgage technology claim
Xerox Corp. announced plans to buy Advectis for $32 million. Advectis provides an electronic document collaboration solution for the mortgage industry.
Xerox has worked with many mortgage businesses – it and Advectis have numerous customers in common – especially on the imaging and print sides of business.
September 2007, National Mortgage News
Xerox Gets Back In
After a hiatus, Xerox Corp. here has decided to come back into the mortgage space with the acquisition of Advectis as part of a long-term play to offer both business process management and business process outsourcing services. Xerox paid $32 million for the electronic collaboration vendor in an all-cash transaction, which includes an additional performance-based supplement to the sale price. The acquisition is expected to close in the next 30 days, subject to customary closing conditions. All Advectis employees will be retained. The company's president, Greg Smith, will now be vice president, general manager at Xerox Global Services North America. The Advectis name and branding will be determined after the deal closes. September 2007, MBA Tech NewsLink
Volatility Not Limited to Lenders
Acquisitions; winding down of mortgage business; loss of clients—it’s a familiar litany in the mortgage industry these days. But these aren’t lenders—they’re vendors… This week alone, a major industry technology vendor, Portellus Inc., Irvine, Calif., announced it would close down its mortgage technology business unit and sell its supporting technology assets. On the acquisition front, Xerox Corp., Rochester, N.Y., announced its intent to purchase Advectis Inc., Atlanta, a provider of electronic document collaboration for the mortgage industry. And MSNi, Pittsburgh, a national title/appraisal/vendor management company, announced its acquisition by Connect 4 Solutions, Denver. September 2007, Some Media Coverage of Xerox to Acquire Advectis, Inc.
American Banker, Xerox to Acquire Loan Document Software Provider
eweek, Xerox Buys Mortgage Document Specialist Advectis
Atlanta Business Chronicle, Advectis to become part of Xerox
National Mortgage News, Xexox to Buy Advectis, Re-Enter Mortgage Space
Inman Real Estate News, Xerox moves into paperless mortgages with Advectis acquisition
Inside Mortgage Finance Publications, Xerox Enters Mortgage Technology Sector With Advectis Acquisition
Real Estate Technology News, Xexox stakes mortgage technology claim
MBA Tech NewsLink, XEROX to Acquire Advectis
CNN Money, Xerox To Acquire Advectis Inc. For $32 Million
Forbes, Xerox To Acquire Advectis Inc. For $32 Million
Computer Business Review Online, Xerox's Advectis buy cuts paperchase
International Business Times, Xerox (XRX) to Buy Advectis
Housing Wire, Xerox To Acquire eDoc Provider Advectis for $32 Million
Houston Chronicle, Xerox to Buy Advectis for $32 Million
The Salt Lake Tribune, Xerox buys Advectis for $32M to expand services
September 2007, Mortgage Technology
What To Do About Imaging
In fact, because most of the wins associated with imaging are realized at the point of origination, that’s where most are starting, observed Judson Phillips, vice president, marketing at Advectis. "We have seen a number of our customers begin imaging at the point of origination with great success. By allowing originators to go from a paper-laden process to image-based with a collaborative electronic loan folder enables tremendous process efficiencies throughout the loan cycle for all parties.
August 2007, Real Estate Technology News
Moncrief heads up business development for Advectis
Todd Moncrief is the new vice president of business development for Advectis, provider of a solution for electronic mortgage document collaboration. Moncrief brings more than 14 years of experience in mortgage lending and technology solutions. August 2007, TechLinks
Advectis’ BlitzDocs Collaborative Document Network Experiences Aggressive Adoption
Advectis®, Inc., provider of the most widely-used solution for electronic mortgage document collaboration, enjoyed an 86 percent increase in the volume of loans processed or delivered through its collaborative document network during the first half of 2007, compared to the first half of 2006. The company, which has increased the number of employees by more than 46 percent from June 2006 to June 2007, also increased its customer base by 52 percent during this period. August 2007, Mortgage Technology Newsletter
Redefining What Good Service Means, Pt. 2
Decreased Turn Time - As mortgage participants expect greater visibility they also expect turnaround times to be exponentially reduced. Although technology cannot yet promise an instant turnaround from start to finish, it can decrease turnaround time significantly. As software becomes more sophisticated and collaboration is further integrated, turnaround times will begin to show a difference. August, 2007, MBA Newslink
Advectis Network Grows with Four Customers
DAtlanta-based Advectis Inc., a provider of electronic mortgage document collaboration, announced that four companies selected its BlitzDocs Collaboration Suite for electronic document submission, image-based underwriting and electronic loan delivery. August, 2007, dBusiness News
Advectis’ BlitzDocs Collaborative Document Network Experiences Aggressive Adoption
Advectis®, Inc., provider of the most widely-used solution for electronic mortgage document collaboration, enjoyed an 86 percent increase in the volume of loans processed or delivered through its collaborative document network during the first half of 2007, compared to the first half of 2006. The company, which has increased the number of employees by more than 46 percent from June 2006 to June 2007, also increased its customer base by 52 percent during this period.
July 2007, Mortgage Technology
Redefining What Good Service Means
The electronic age has literally brought information to our fingertips. With cell phones, text messaging, e-mail, handheld devices and the Internet, the shelf life of news and information has significantly decreased. Hence, the ebb and flow of information is almost instantaneous. And now people expect everything to happen instantaneously with the click of a button. July 2007, MBA Tech Newslink
Advectis Network Grows with Four New Customers
Advectis, Inc., provider of the most widely-used solution for electronic mortgage document collaboration, announced that four new companies have selected BlitzDocs Collaboration Suite for electronic document submission, image-based underwriting and electronic loan delivery. July 2007, Real Estate and Technology News
Four New Lenders Plug into electronic mortgage collaboration network
Four new companies have selected the Advectis BlitzDocs Collaboration Suite for electronic document submission, image-based underwriting and electronic loan delivery. July 2007, Mortgage Technology
Presenting this year’s BEST & BRIGHTEST Mortgage Technology Providers
The list has gone through several changes. First, given that most vendors are moving to a hosted model that offers up technology as a service over the Web, we split the list into two, one acknowledging top vendors and another top service providers. As predicted, that line has further blurred so we have combined the two lists this year…Atlanta-based Advectis Inc. has focused heavily on linking investors to its BlitzDocs Collaboration Suite to offer more value to its lender clients. July 2007, Real Estate Technology News
Paperless lending specialist reaches electronic loan folder milestone
Advectis, which provides an electronic mortgage document collaboration solution, has reach its 1 millionth electronic loan folder entry for BlitzDocs…Each electronic loan folder mirrors the traditional loan folder used by originators, brokers, underwriters and lenders to process a loan through its life cycle. July 2007, Mortgage Banking
Advectis adds four new customers
Atlanta-based Advectis Inc. announced that four companies have selected its BlitzDocs® Collaboration Suite for electronic document submission, image-based underwriting and electronic loan delivery.
June 2007, Real Estate Technology News
Four more mortgage players connect to electronic doc network
Four new companies have selected Advectis’ BlitzDocs Collaboration Suite for electronic document submission, image-based underwriting and electronic loan delivery. June 2007, Mortgage Servicing News
BlitzDocs Enhances Investor Delivery
Advectis, a provider of electronic mortgage document collaboration, recently enhanced the capabilities of its BlitzDocs Collaboration Suite. The new capabilities include better password management, configuration and additional investor delivery options.
May 2007, Mortgage Press
Advectis enhances BlitzDocs Collaboration Suite
Collaboration Suite, including enhanced pasword management, configuration and investor delivery options. "These new capabilities were developed in partnership with leading industry lenders who use BlitzDocs," said Advectis President and CEO Greg Smith. May 2007, Inside Mortgage Technology
Technology Procurement
Wells Fargo has adopted a document processing support program provided by Advectis. The bank will utilize the BlitzDocs Connector, enabling correspondent sellers to deliver imaged loan documents to Wells Fargo for investors. May 2007, Mortgage News 2.0
Advectis Expands Network with For New Customers
Advectis, Inc., provider of the most widely-used solution for electronic mortgage document colaboration, announced that four new companies have selected BlitzDocs Collaboration Suite for electronic document submission, image-based underwriting and electronic loan delivery. May 2007, MortgageDaily.com
Mortgage Technology Insider
Innovations in closing technology included the selection of BlitzDocs Collaboration Suite for electronic document submission, image-based underwriting and electronic loan delivery by Capstone Direct Inc., Sterling National Mortgage Company Inc., United Mortgage Corp. and Washington Financial, according to an announcement by Advectis Inc. May 2007, Real Estate Technology News
Four more mortgage players connect to electronic doc network
Four new companies have selected Advectis’ BlitzDocs Collaboration Suite for electronic document submission, image-based underwriting and electronic loan delivery. May 2007, National Mortgage News
Advectis’ Integrations Pave Way for Easier Links to Vendors
While several vendors try to move toward an end-to-end solution in which the one company proves for al the lender’s needs, many recognize the lasting value in giving their clients choices and the freedom to go with best-in-class providers instead of one vendor that may have expertise in one area over the other but offers the entire process regardless. To this end, electronic collaboration and workflow vendor Advectis here has completed several key integrations to make it easier fr lenders to work with a variety of third-party providers. May 2007, Mortgage Technology Newsletter
Sometimes It's More About Your Partners
While a system may be great, it can never work alone. The fact of the matter is that despite all the consolidation and vendors touting that they're end-to-end, there still is no one industry utility that can do it all from point-of-origination, to post-closing. May 2007, Real Estate Technology News
LOS integrations loom large for mortgage e-collaboration network
Wells Fargo recently announced it is leveraging electronic document collaboration technology to manage loans coming in from its correspondents. May 2007, dBusiness News
Advectis Announces Availability of BlitzDocs® Connector for Wells Fargo
Advectis®, Inc., provider of the most widely-used solution for electronic mortgage document collaboration, announced that it has released BlitzDocs Connector for loan document image delivery to Wells Fargo. In addition, Wells Fargo has also joined the BlitzDocs Networked Investor Program.
April 2007, Mortgage Banking
Got Collaboration?
For automated underwriting, [HighTechLending] has private-labeled Impac’s IDASL system; it’s now dubbed ACT (Approval Center Technology). Because documents are stored electronically on the Advectis BlitzDocs collaborative network, multiple people from different departments can work on loan packages simultaneously. As a result, electronic packages are available for viewing by underwriting, doc, funding and coordination departments. April 2007, MBA TecLinks
Advectis Announces BlitzDocs Integration with Harland Interlinq E3
For automated underwriting, [HighTechLending] has private-labeled Impac’s IDASL system; it’s now dubbed ACT (Approval Center Technology). Because documents are stored electronically on the Advectis BlitzDocs collaborative network, multiple people from different departments can work on loan packages simultaneously. As a result, electronic packages are available for viewing by underwriting, doc, funding and coordination departments. April 2007, Real Estate Technology News
Building a new mortgage process with AUS-imaging combo
For automated underwriting, [HighTechLending] has private-labeled Impac’s IDASL system; it’s now dubbed ACT (Approval Center Technology). Because documents are stored electronically on the Advectis BlitzDocs collaborative network, multiple people from different departments can work on loan packages simultaneously. As a result, electronic packages are available for viewing by underwriting, doc, funding and coordination departments. April 2007, Mortgage Technology
Ellie Mae and Advectis Enable E-Collaboration
Electronic collaboration between mortgage lenders and brokers, in addition to being efficient and cost-effective for both parties, also helps maintain compliance and mitigate risk. In order to provide electronic document collaboration between lenders and brokers, Ellie Mae and Advectis Inc. have partnered together to seamlessly connect their two software systems.
March 2007, Wall Street Journal
Advectis® Announces BlitzDocs® Integration with Harland Financial Solutions' Interlinq® E3®
Advectis®, Inc., provider of the most widely-used solution for electronic mortgage document collaboration, today announced at the Mortgage Bankers Association (MBA) National Technology in Mortgage Banking Conference that Harland Financial Solutions has integrated its Interlinq® E3® enterprise mortgage lending solution with the BlitzDocs® Collaboration Suite to facilitate streamlined loan data and document processing. March 2007, National Mortgage News
Vendors Partner to Allow for Straight-Through Processing
Ellie Mae, Dublin, Calif.,-based loan origination vendor, and Alpharetta, Ga.-headquartered workflow and e-collaboration vendor Advectis have partnered to enable mortgage originators to transmit their electronic loan documents via Ellie Mae's LenderConnect solution to lenders using Advectis' BlitzDocs. The companies pointed out at the MBA Technology Show, Tampa, Fla., that originators gather and store their loan documents in the Encompass eFolder and the integration to BlitzDocs allows for quick and easy uploading of eFolder contents directly to the lenders BlitzDocs site. March 2007, Real Estate Technology News
Advectis breaks down e-collaboration benefits to brokers, lenders
Advectis, which provides electronic mortgage document collaboration technology, is sharing details on its third annual Broker Survey. For the study, the company garnered feedback and input from 799 brokers and originators connecting to the company’s BlitzDocs collaborative document network via a lender-sponsored BlitzDocs-powered Web site. March 2007, National Mortgage News
Technology to Drive Efficiency
While finding technology return on investment and continued momentum toward complete electronic mortgages will be hot topics at this year's MBA National Technology in Mortgage Banking Conference & Expo, the topic most are sure to be discussing is how to implement technology to drive internal efficiencies in the current down market. March 2007, Mortgage Technology
The Road to Total E-Collaboration
"It has always been our strategy to be a player and participate in the e-mortgage world," reported Greg Smith, president and CEO at Advectis. "When we crafted our architecture we crafted it with the e-mortgage in mind. We've been adding nodes and connecting partners so our clients get value. There are technology vendors that have components that allow for an e-mortgage that we are talking with to create a super solution. We'll also participate in the alternate vault where docs rest before being sold. We're looking at the partner approach first. We have customers that are showing early interest there. March 2007, Inside Mortgage Technology
Getting an Education Through Technology
Advectis Inc. has obtained patent protection for the technology it uses to drive its electronic mortgage document system. Atlanta-based Advectis reported on Feb. 9 that a U.S. patent for a document management system and method was officially issued on Dec. 5, 2006. March 2007, Real Estate Technology News
Advectis announces three new customer wins
Advectis, which offers a technology solution for electronic mortgage document collaboration, announced that three companies have selected its BlitzDocs Collaboration Suite for electronic document submission, image-based underwriting and electronic loan delivery. March 2007, Scotsman Guide
7 Trends for the Tech-Savvy
To be competitive in today’s market, cost-effective automation of business practices through information technology is critical. Mortgage-industry players that can capture and process loans faster while reducing the costs of doing so will have signifi-cant competitive advantages.
February 2007, Mortgage Technology
The Value of Being an E-Mortgage Pioneer
"E-mortgages isn't seeing what I'd call rapid adoption, what you're seeing is an evolution that is now picking up speed," reported Greg Smith, president of collaborative workflow vendor Advectis, Alpharetta, Ga. "It has never been a technology problem, it's about getting all the nodes in place so people can collaborate and get there together." January / February 2007, Mortgage Technology
Predicting ROI: Techniques to Gauge Technology Return on Investment Before Making a Decision Can Make or Break an Implementation
Vendors like Alpharetta, Ga-based imaging and workflow company Advectis have calculated ROI based on their tenure in this space of the mortgage origination process. "When predicting [electronic loan delivery] ROI first there's the paper savings to the investor," Brent Nichols, noted. "No 2. is the collaboration savings. No 3. is thet various trading execution savings because the ability to ship to meet delivery deadlines is reduced. No. 4 is the stips management savings that both sides enjoy as a result of e-delivery. Lastly, there's also reduced purchase time to factor into the equation as well."
January 2007, Real Estate Technology News
Advectis BlitzDocs doubles loan volume in ‘06
Advectis, which built and maintains a widely used solution for electronic mortgage document collaboration, more than doubled the volume of loans processed or delivered through its collaborative document network in 2006, the company reported. January 2007, Mortgage Technology
What is an E-Mortgage Anyway?
Most mortgage industry executives said document images for the underwriting process is the key critical component of moving into a paperless environment, according to the third annual Path to Paperless survey, sponsored by Advectis Inc., Alpharetta, Ga. January 2007, MBA NewsLink
Document Images in Underwriting Top Paperless Concerns
As the industry scurries to get rid of the paper, vendors and lenders alike are quick to say they're doing e-mortgages, but are they really? What is an e-mortgage? It may seem like a stupid question to ask, but there are a lot of misconceptions that go around when lenders are nailed down to commit to an actual definition. January 2007, Real Estate Technology News
Advectis survey examines trends in paperless processing
Advectis, Inc., provider of the most widely-used solution for electronic mortgage document collaboration, announced the results of its third annual Path to Paperless survey. January 2007, MBA Tech Newslink
Radian Guaranty Inc. Joins BlitzDocs Collaborative Document Network
Advectis Inc., Atlanta, provider electronic mortgage document collaboration, announced it has released BlitzDocs Connector to Radian Guaranty Inc. for contract underwriting. Philadelphia-based Radian has also become a BlitzDocs Certified Underwriting Provider.
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