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Underwriters Using Advectis Imaging System Process More Loans Faster
Results show paperless underwriting increases efficiency
ATLANTA - Underwriters that use the BlitzDocs® solution from Advectis®, Inc., the provider of the most widely-used network for electronic mortgage document collaboration, were able to underwrite more loans per day and streamline the notification and conditions process.
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.
In a survey of 50 underwriters who currently use BlitzDocs, 56 percent process more than 50 loans a month and 78 percent process at least 20 loans per month. Participants identified the primary benefits of paperless underwriting as faster service, greater efficiency and an easy-to-use loan process. Seventy-four percent of the underwriters said using the system helped them underwrite more loans. The survey found that 30 percent of the underwriters were able to underwrite loans 10 to 25 percent faster using BlitzDocs, while 24 percent said the system attributed to a 25 to 50 percent increase in their turnaround time.
“The results of this survey confirm that the BlitzDocs solution creates efficiencies throughout the loan process,” said Greg Smith, president and CEO of Advectis. “Having a paperless solution that affects every facet of the loan process is an incredible step toward the e-mortgage.”
According to the survey results, 41 percent of the underwriters said the greatest benefit of using BlitzDocs is the ability for underwriters, brokers and other mortgage process participants to have access to the loan file. And 35 percent said the greatest benefit of the system is that it is paperless.
Also, 80 percent of the underwriters said BlitzDocs helped them streamline the conditions and notifications process, with 96 percent of them implementing dual monitors to aid in the process.
Underwriters found the system easy to implement. The majority of the underwriters, 94 percent, said it only took a few weeks or less to implement. Sixty-six percent said they had no issues learning and using BlitzDocs before its implementation.
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. The Web-based BlitzDocs Collaboration Suite provides access to the BlitzDocs collaborative electronic document network where participants capture, submit, underwrite, audit, share, deliver and archive loan documents. BlitzDocs customers benefit from a network with more than 20,000 broker shops, the top seven mortgage insurance companies and three of the top due diligence providers. Collectively, BlitzDocs investor participants represent more than 50 percent of loans purchased in the secondary market. For more information call (877) 200-8700 or visit www.advectis.com.
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