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Adoption of Paperless Mortgage Technologies Propels Advectis Growth
Milestones include 130 percent increase in the monthly volume
of loans and more than 5,000 brokers having originated a loan in
a paperless fashion.
ATLANTA, Feb. 14, 2005 – Advectis, Inc., a paperless mortgage
technology company, announced 107 percent revenue growth in 2004,
130 percent increase in monthly volume of loans, a doubling of its
lender customer base, and additional industry growth and participation
in the use of its collaborative document platform. In addition, the
company expanded into new offices and increased its staff by 70 percent.
Advectis provides the mortgage industry’s first and most widely
used solution for electronic document collaboration,
BlitzDocs Enterprise. The Web-based BlitzDocsTM
service enables all mortgage participants
to capture, submit, underwrite, audit,
share and archive loan documents electronically.
Greg Smith, president and CEO of Advectis,
Inc., attributes the company’s exponential growth since its
2000 inception to the growing desire within the mortgage industry
for a solution to convert the paper-intensive processes associated
with mortgage origination, underwriting and post-closing to a paperless
electronic process.
“
Our lender customers realize the inefficiencies
of handling paper and were ready to embrace a paperless alternative,” said
Smith. “We enable lenders to drive down the cost to originate
and in doing so, enhance their ability to compete in an increasingly
aggressive marketplace. The collaborative nature of our applications
also allow brokers, lenders, investors and other authorized parties
to securely access and view the electronic loan folder including mortgage
documents and underwriting status in real-time using a web browser.”
Advectis has enjoyed increased industry
adoption in the past year with a more than 130 percent increase in
the monthly volume of loans being processed on the BlitzDocs Enterprise
platform. Lender adoption has more than doubled. Today four of the
top 20 lenders in the country use a BlitzDocs Enterprise application.
Allied Mortgage Capital, BSM Financial, HSBC, Liberty Mortgage, and
Moneytree Lending are among Advectis’ current customer base.
Broker adoption of the paperless mortgage technology solution is up,
as well. Currently, more than 5,000 brokers have submitted loans to
lenders via BlitzDocs Enterprise.
In 2004, four of the top seven mortgage
insurance companies were certified to perform contract underwriting
using the BlitzDocs application. AIG United Guaranty, GE Mortgage
Insurance, PMI Mortgage Insurance Company and Republic Mortgage Insurance
Company, have made underwriting and systems integration even easier
for lenders that have adopted the collaborative loan processing application.
According to Smith, Advectis’ success stems partially because lenders do
not have to unplug a technology system or oversee an installation. The BlitzDocs
application is a web-based, service agreement solution. Smith added, “Lenders
are selecting this product because aside from processing more loans faster, there
is no upfront cost associated.”
“
Many newer companies spend a great deal of time deciding whether to compete on
price or service,” said Smith. “Advectis is unique, and profitable,
because we help our customers do both. For lenders using our model, they have
the benefit of the broker doing more work—more efficiently. Paper has its
place in business, but Advectis has uncovered a method to do away with its limitations/inefficiencies
while enabling the data to move effortlessly to save money, time and storage.”
“
Advectis is proof that a new technology company can not only survive but thrive
in the current economy,” said Smith. “We’ve gained success
because, technology is the great equalizer in this industry. Regardless of the
volume of loans a lender is processing, each lender knows the electronification
of the paper process will save time and money. It’s why the promise of
the electronic mortgage is such an awesome proposition for our industry. Paperless
loan processing is the first step toward attaining those efficiencies. Advectis
makes taking that step easier and extremely beneficial for lenders.”
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