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BSM Financial Streamlines Loan Process With BlitzDocs®
Users resolve documentation issues in real-time
(Addison, Texas, Jan. 5th, 2004) - BSM Financial, a full-service mortgage banking
operation, has increased workflow efficiencies, reduced operational costs and
improved the quality of data after implementing BlitzDocs, a Web-based
solution by Advectis, which delivers paperless origination and archiving of loan
documents specifically designed for the mortgage industry.
"Prior to implementing BlitzDocs, there was some hesitation from employees
about embracing a change in technology," said Mark Todd, chief operating
officer of BSM Financial L.P. "However, soon after starting, the entire
staff acknowledged the benefits of capturing and storing data electronically.
BlitzDocs has eliminated the labor-intensive procedures involved with processing
loan documents."
With more than six branches that have successfully implemented BlitzDocs,
BSM uses the solution to submit, organize, audit, securely share and archive
documents. Files are available instantly via a secure on-line connection to investors,
auditors and other authorized parties involved with the loan transaction. Prior
to BlitzDocs, BSM files were stored in an off-site facility, and it often
took loan officers more than four days to retrieve information.
"One of the greatest advantages BSM has received from BlitzDocs is the ability
to share files with auditors electronically," said Todd. "Before, when
we processed loan files manually, it could take days to find a particular file
in question, if it was ever found. Paper files are costly and labor-intensive
to retain. BlitzDocs makes it easy for all parties involved to get what they
need quickly."
Auditors have real time access to loan files, significantly reducing the preparation
and administrative work associated with both internal and external audits. All
loan files are stored in a centralized server and can be accessed any time of
day from any location. Documents are captured using a scanner and inserted into
a collaborative electronic loan folder (e-folder), which mirrors the traditional
paper loan folder used by mortgage companies. Getting rid of the paper early
in the process significantly reduces the costs associated with copying and storing
documents.
BrokerSource, the wholesale arm of BSM Financial is also in the process of extending
the paperless loan processing technology's capture and archiving applications
even further by implementing BlitzDocs within the lender's wholesale operations.
According to Todd, BSM can easily migrate to a more encompassing strategy and
gain efficiencies earlier in the loan process with the solution. Said Todd, "We
are in a highly competitive loan market, and BlitzDocs is a way to grow our wholesale
business by offering brokers the opportunity to submit files and originate loans
electronically. This solution collapses geography and time, and those are the
types of efficiencies that garner revenue and broker loyalty".
"BlitzDocs is designed to help mortgage professionals process loans faster
and more efficiently. This solution gives lenders a competitive advantage, enabling
them to get more of the better loans," said Greg Smith, president and CEO
of Advectis. "The user-friendly system reduces operational costs, while
increasing productivity and ROI opportunities."
About BSM Financial
Headquartered in Addison, Texas, BSM Financial is a full-service mortgage banking
operation producing mortgage loans for sale in the secondary market. BSM's approach
to mortgage banking is to differentiate its product by providing best of class
service at a competitive price.
BSM Financial is a HUD-approved lender and maintains approval with Freddie Mac,
as well as various private investors. BSM's product line includes conventional
conforming, FHA, VA, jumbo and various private investor "niche" products.
BSM also provides various home equity products.
For more information, visit the company's Web site at www.bsmfinancial.com
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