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Mortgage Document Network Expansion Fuels Advectis Growth
Company milestones indicative of industry shift towards
paperless processing
ATLANTA, January 18, 2006 – Advectis®,
Inc., provider of the most widely-used network for electronic
mortgage document collaboration, announced that the company
has experienced a rapid growth in participation within its
electronic document
network,
even while industry loan volume has decreased. Advectis is
one of the first companies to develop a complete solution that
is accessible
to all parties within the mortgage industry. With the BlitzDocs® Collaboration
Suite, Advectis enables a collaborative electronic document
network for all participants in the mortgage loan industry
to capture, submit,
organize, underwrite, audit, share and deliver loan documents
electronically.
Advectis has expanded broker participation in the BlitzDocs network tenfold to
over 10,000 brokers within the last three years. Additionally, lender participation
in the network has increased from a few lenders to more than thirty retail and
wholesale mortgage lenders, including four of the top ten lenders, in the same
time frame. Other mortgage participants who have helped fuel network growth include
the addition of all mortgage insurance companies (for example, Genworth, PMI,
RMIC and United Guaranty), major Due Diligence and Quality Control firms and
eight major investors who use the network to receive closed loans from their
correspondent sellers. The value of the BlitzDocs electronic document network
rises exponentially as network participants and loan volume increase.
In a recent mortgage industry survey, enabling collaboration with other mortgage
players was ranked very important or somewhat important by 85 percent of respondents,
a 64 percent increase from responses to this question in a 2004 survey. Additionally,
a large percentage of respondents indicated they believe the mortgage industry
will be processing more than 50 percent of all loans as an e-mortgage, or totally
paperless, in four years or less.
"Our significant growth illustrates the increasing level of importance
the mortgage
industry is placing on collaboration," said Greg Smith, president and CEO
of Advectis. "It is a very exciting time in the history of our company,
as the number of current participants as well as our pipeline of additional lenders,
investors and other parties is strong and growing. Such heightened participation
in the BlitzDocs mortgage document network translates into higher value for everyone
involved. We’re committed to providing the mortgage industry with the most
powerful collaborative document network for mortgage participants to perform
paperless loan processing."
In another example of industry acceptance, Mortgage Technology magazine
awarded Advectis the prestigious Fix-IT award for BlitzDocs in 2005. The award
is given
every year to the company whose technology application fixes a particular problem
in the mortgage process. Said Smith, "As companies seek ways to accelerate
efficiencies in their workflow and save both time and money, paperless processing
via a collaborative network is really a natural progression. And Advectis technology
makes this happen."
About Advectis, Inc.
Advectis, Inc. provides the mortgage industry’s first and most widely-used
network for electronic document collaboration, BlitzDocs Collaboration Suite.
The Web-based suite provides a collaborative electronic document network for
all participants in the mortgage loan industry to capture, submit, organize,
underwrite, audit, share and deliver loan documents electronically. At the heart
of BlitzDocs is the Collaborative Electronic Loan Folder™ (“e-folder”)
which mirrors the paper loan folder that mortgage companies use today, but streamlines
loan processing from capture and submission through sharing and delivering of
the e-folder. With BlitzDocs, Advectis not only provides capabilities for paperless
processing now, but also offers a path to “SMART Docs” and the e-mortgage.
For more information about Advectis and BlitzDocs, call 678.460.2460 or visit
the Web site at www.advectis.com.
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