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Flagstar Bank and Advectis Develop Connector to Electronically
Deliver Loan Packages
Solution facilitates seamless transfer of electronic loan documents
based on MISMO standards to Flagstar
ATLANTA, October 5, 2005 – Advectis, Inc., provider of the
most widely-used solution for electronic mortgage document collaboration,
announced that it is developing a BlitzDocs Connector™ with Flagstar
Bank. The connector will enable BlitzDocs customers to electronically
deliver BlitzDocs electronic loan folders to Flagstar’s imaging systems
based on industry standards as defined by the Mortgage Industry Maintenance
Organization
(MISMO).
BlitzDocs Connector is a component of the BlitzDocs Collaboration
Suite, which enables participants in the mortgage loan industry to capture,
submit, organize, underwrite, audit, share and archive loan documents electronically
using BlitzDocs’ collaborative electronic loan folder™, e-Folder.
Using BlitzDocs Connector for Flagstar, BlitzDocs lenders and correspondent
sellers can submit individual or multiple loan packages with their associated
document images for integration into Flagstar’s Paperless Underwriting™ and
its other paperless mortgage processing systems. Transferred credit and
closing documents are immediately processed by Flagstar and viewable to
customers via Flagstar’s Paperless File Manager™ application.
"Being part of the BlitzDocs collaborative electronic document network
enables us to enhance service while continuing to eliminate paper and cost,"
said
Steve Brooks, Executive Vice President and Chief Operations Officer - Lending
of Flagstar Bank. "It also significantly extends our paperless processing
and delivery capabilities to a much broader group of lenders and correspondents
who are using BlitzDocs solutions. With the click of one button, BlitzDocs customers
can e-ship loans and trailing documents to Flagstar, simplifying the process
for all parties as well as improving turnaround time and productivity."
Flagstar is also participating in the Advectis Certified Investor Program. The
program certifies Flagstar’s ability to receive images exported and electronically
transmitted from lenders through the BlitzDocs collaborative network.
"The value of the BlitzDocs collaborative document network increases exponentially
for everyone involved with the addition of each participant," said Greg
Smith, president and CEO of Advectis, Inc. "Advectis is committed to providing
the best and most efficient network for lenders and correspondent sellers to
deliver loan folders to their investors. With the addition of an industry leader
such as Flagstar, the mortgage industry’s ability to take advantage of
the benefits of paperless processing is greatly increased."
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