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Advectis Mortgage Broker Survey Yields Insight into Electronic Loan Submission
Results show paperless origination helps brokers close more loans and increase lender loyalty
ATLANTA, Feb. 14, 2006 – Advectis®, Inc., the provider of the most widely-used network for electronic mortgage document collaboration, announced the company’s survey results regarding the benefits of paperless origination for mortgage brokers.
Mortgage brokers currently submitting loans through BlitzDocs® were asked how the solution has affected their time efficiency and loan processing workflow. The Web-based BlitzDocs Collaboration 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.
Participants identified the primary benefits of paperless origination as faster service, greater efficiency and an easy-to-use loan process. Eighty-two percent of brokers using BlitzDocs indicated that BlitzDocs enabled a more streamlined loan process for electronic document submission and a more efficient approval notification and conditions processing, which significantly decreased loan turnaround time. Additionally, 69 percent of respondents reported that use of BlitzDocs decreased the number of follow-up calls made to lenders, which led to a reduction in shipping costs and increased productivity.
According to the survey results, 93 percent of those questioned indicated it was important for all parties to have simultaneous anytime, anywhere access to the electronic loan folders and their associated document images. Brokers, lenders and AE’s with secure authentication can view loan information in real-time to enable faster resolution without the inherent cost of moving paper documents.
“A collaborative document network helps drive broker loyalty to lenders, with the ultimate result of closing more loans than before,” said Greg Smith, president and CEO of Advectis. “In the survey, a full 47 percent of brokers said BlitzDocs helps them originate more loans per month, with 59 percent of them saying three or more additional loans per month. What we are hearing is that BlitzDocs keeps brokers satisfied, as they are electronically connected throughout the entire loan process. As Advectis stays committed to providing the mortgage industry with the most powerful collaborative document network for mortgage participants to perform paperless loan processing, we expect to see more brokers requesting this service from their lenders, and as a result, accelerated growth of the network.”
To request a copy of the survey or to learn more about Advectis’ solutions for electronic document collaboration, please visit www.advectis.com.
About Advectis, Inc.
Advectis, Inc. provides the mortgage industry’s most widely-used solution for electronic document collaboration, BlitzDocs Collaboration Suite™. The Web-based suite provides access to the BlitzDocs collaborative electronic document network where participants in the mortgage loan industry capture, submit, organize, underwrite, audit, share and archive loan documents electronically. At the heart of the BlitzDocs network is the collaborative electronic loan 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 a solution for paperless processing now, but 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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