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GE Mortgage Insurance Pilots "GE's Doc Central"
to Provide Paperless Mortgage Loan Origination and Underwriting
Web Site Will Utilize BlitzDocs® Technology From Advectis
(RALEIGH, NC) GE Mortgage Insurance today announced that it was in the final
stages of development of "GE's Doc Central," a new online offering
designed to help originators and underwriters eliminate paper and decrease turnaround
time throughout the mortgage process.
The "paperless mortgage" solution will allow brokers and lenders to
submit, review, underwrite and archive mortgage documents electronically and
in real time using their existing fax machines or scanners and a browser. Based
on BlitzDocs image-enabled technology developed by Atlanta-based Advectis, "GE's
Doc Central " will simplify and speed the flow of electronic loan documents
from origination and underwriting to post closing and archiving.
"We have spent months evaluating various technologies and solutions and
are pleased to be working with Advectis in this exciting area," said Anish
Shah, Senior Vice President, Marketing for GE Mortgage Insurance. "Using
our new solution, lenders can drastically reduce the paperwork bottlenecks that
are so costly in today’s fast paced mortgage environment."
"'GE's Doc Central' will provide users with all the cost and productivity
benefits of digitizing the mortgage process without having to invest in, host
or maintain a web site or an in-house imaging system."
GE saw the potential value of Advectis' web-based electronic mortgage file when
using it to process customer requests for GE contract underwriting. "The
technology significantly streamlined the delivery of loans to our regional underwriting
centers. We were convinced it could help our customers close loans faster and
more cost effectively," said Kevin Schneider, Senior Vice President and
Chief Commercial Officer for GE Mortgage Insurance. "To help lenders roll
out the solution successfully, we will offer a full suite of implementation planning,
integration, training and support resources, including our industry leading 'GE
Action Center' help desk support."
GE will market "GE's Doc Central " to wholesale lenders for use by
their brokers and underwriters upon successful completion of the pilot program.
Minimal capital investment is required to get started, and costs per loan will
vary depending on individual lender volume through the site. Brokers can be trained
on how to submit loans via "GE's Doc Central " in as little as 30 minutes.
The product can be used to process all loans, with no requirement that the loan
have GE mortgage insurance or underwriting services.
"We developed BlitzDocs to help lenders and brokers, faced with the increased
demands of the refi boom, improve loan turnaround time and the productivity of
their already stretched resources. We are really pleased that GE has selected
BlitzDocs as the enabling technology in 'GE's Doc Central.' The reception of
our joint solution by the market has been terrific," said Greg Smith, President
and CEO of Advectis.
About GE Mortgage Insurance
GE Mortgage Insurance (web site www.gemortgageinsurance.com)
is part of GE Insurance, a global family of insurance and reinsurance businesses
with $13.6 billion in premiums and assets of $188 billion. GE Insurance provides
life insurance, retirement income products, property and casualty insurance,
risk prevention services, mortgage insurance, and selective financial guarantee
insurance. GE Insurance is part of General Electric Company, a diversified services,
technology and manufacturing company with operations worldwide.
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