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November 2008, Mortgage Technology
Bring on the "E" Players
While the news coming from vendors lately hasn’t been very revolutionary, it certainly has been evolutionary. I found two announcements in particular to be very interesting...
In addition, Xerox Mortgage Services continues to garner "e" traction on its partnership with Wave that helps lenders start with e-disclosures and move all the way to e-closings. "We’re focused on taking our clients down an evolutionary path. They’re familiar with BlitzDocs, we’re now moving them to disclosures and from there we’ll take them to e-closings. We continue to make progress around the e-mortgage. I expect we’ll be talking about e-closings being done on the system in 2009," noted Xerox VP and general manager Greg Smith. November 2008, Real Estate Technology News
Xerox Names New Users, Providers For BlitzDocs Collaboration Suite
Xerox Corp., provider of the BlitzDocs Collaboration Suite, announced that Guild Mortgage Company, headquartered in San Diego, Calif., has been using its e-signature solution to sign, store, access and manage the lifecycle of legally binding electronic documents.
Guild is using Xerox’s e-signature to comply with the Real Estate Settlement Producers Act (RESPA) that mandates the tracking and management of disclosure documents within 72 hours. The solution has also helped Guild decrease costs, increase pull-through rate and offer a complete paperless process, according to the company.
October 2008, Mortgage Technology MBA Edition
Check Mate, Xerox Helps Lenders
Sure the current mortgage market is difficult for originators used to the days of volume overload. However, that doesn’t mean that lenders can’t succeed if they think strategically about technology and move toward a more electronic and efficient process. Lenders can still play the lending game and succeed.
Late last year Xerox Corp. acquired e-collaboration vendor Advectis Inc., which is now known as Xerox Mortgage Services. The combination of Xerox and what was Advectis has brought new technologies to the mortgage market to help lenders craft the right "e" strategy. Xerox Mortgage Services’ vice president and general manager Greg Smith talked with our editor Tony Garritano about what lenders need to do in this market. October 2008, National Mortgage News
Trident Mortgage Finds There’s No One Way to Go Paperless
Lenders with different objectives will approach going paperless in different manners. For example, some will start in post-closing, while others start at the point-of-origination, but both get instant benefits.
First, Trident Mortgage Co. is a retail lender here with offices in New Jersey, Pennsylvania and Delaware. Trident also owns a real estate and title company. The firm opted to go paperless by choosing Xerox Mortgage Services BlitzDocs e-collaboration application...
But starting a paperless strategy post-closing isn’t the only way a lender can opt to go paperless. Universal American Mortgage Co. went live with BlitzDocs to go paperless in June of last year. October 2008, National Mortgage News
Xerox Mortgages Services to Continue Pushing ‘E’-fficiences
Since announcing its partnership with Wave Systems, Xerox Mortgage Services has gotten considerable traction around electronic signature adoption. At the MBA annual, Xerox will continue to push its "e" initiatives to help lenders drive efficiency.
"Our flagship brand continues to be BlitzDocs," said XMS vice president Greg Smith. "We’ll be talking about the further extension of the network to include 'e.' We're going to be talking about the Xerox…story [and bringing] other services from Xerox into mortgage."
October 2008,The New York Times Bits Blog
Photocopy King Pushes Paperless Office
Or consider the mortgage business. In September 2007, Xerox purchased a mortgage document management software maker, Advectis, for $32 million. The acquired BlitzDocs technology moves electronic copies of mortgage documents between brokers, banks and appraisers. October 2008, Real Estate Technology News
California statewide e-recording system to enter beta phase by end of year
"We have the security model down to where we can limit the view of a folder or docs within a folder to a particular user," said Greg Smith, vice president of Xerox Mortgage Services. "That has a lot of use in the mortgage space."
September 2008, Mortgage Technology Newsletter
Paperless or Paper-Light: Which is Better?
As lenders clamor for efficiency, getting rid of paper is an easy win. It eliminates a lot of hard costs right away. But most lenders see going paper-light as a better play in the current market...
Unfortunately though, because lenders do have to paper out at certain stages even if they have been paperless up to that point, the debate may seem pointless right now. “Paperless is paper-light,” explained Greg Smith, vice president at electronic collaboration vendor Xerox Mortgage Services. “When we talk about paperless you can’t get all the paper out. Why? Because in this industry there is no situation where you have no paper at all anywhere.
August 2008, Mortgage Technology Newsletter
Is It Automate or Die Nowadays?
With the push to be more efficient in a down market is automation the only answer? In total, 71% of 21 respondents think automation is the main way to gain efficiency. But are lenders getting the message? “We see a dichotomy between lenders that know they have to automate and those that are in real trouble,” answered Greg Smith, vice president and general manager, Xerox Mortgage Services. “Lenders are after a long-term play for a variety of reasons, including increased regulation, and they are automating.
July 2008, San Jose Mercury News
Paper's weight: Technology has added to the load
Thirty years ago, as new computing and communications technology started to come to the fore, technology researchers and analysts began to talk confidently about the coming paperless society...
That's not to say that paper usage isn't changing. In recent years, for instance, the legal industry has rapidly replaced its old system of documents stored in physical file cabinets with electronic documents stored in server computers, according to IDC's Jake Wang. Similarly, many major mortgage lenders have moved toward an electronic - rather than paper - application process, said Judson Phillips, vice president of marketing at Xerox's mortgage services division.
June 2008, Mortgage Technology
The “E” Tipping Point is Here
So when is this electronic mortgage thing going to ever happen? Industry soothsayers have been saying it will take three to five years for the past 10 years now. However, 2008 will go down in mortgage history as the year e-mortgages finally started to happen...
In fact large vendors like Xerox Mortgage Services are banking on adoption having just integrated with Wave Systems to now include e-signature and e-vaulting capability within its BlitzDocs e-collaboration tool. "Yes, without a doubt the e-mortgage is happening now,” pointed out Greg Smith, vice president and general manager, Xerox Mortgage Services. “Lender initiatives have increased exponentially this year and that accelerated our plans to provide e-mortgage support within our product line. The current challenges that the industry is going through have helped increase adoption as evidenced by MERS eRegistry growth." June 2008, Some Media Coverage of Xerox Mortgage Service’s E-signature Announcement.
MBA TechNews Link, Xerox Mortgage Services Adds E-signature
Inside Mortgage Finance, Xerox Announces New Product Aimed To Make Loan Process More Efficient
Mortgage Technology, Xerox Adds E-Signatures and E-Vaulting
National Mortgage News, Xerox Advances Hybrid E-Loans
Real Estate Technology News, Xerox Add E-signature to its Mortgage Services
MortgageOrb, Xerox Add Electronic Signature to BlitzDocs Capabilities
The Daily Record, News Briefs
Fox Business Network, Xerox Simplifies Loan Process with Electronic Signature; Supports Industry's Drive toward E-Mortgage
Mortgage Technology, More Hybrid E-Mortgages This Year
Housing Wire, Xerox Adds e-Signatures to BlitzDocsJune 2008, Mortgage Technology Tech Niches
Preaching To The Choir
In the last edition of this blog I talked about e-signature and e-mortgage adoption. Sure, progress has been slow, but we’ve seen a huge increase in e-notes registered on MERS in the last six months and in the overall number of e-mortgages done in the past 12 months. Now, a prominent vendor has stepped up as well, which can’t hurt.
Specifically, Xerox Mortgage Services has added electronic signature and electronic vaulting capabilities to its BlitzDocs Collaboration Suite, an e-sharing network, to help its lender clients realize the benefits of the hybrid e-mortgage. Currently BlitzDocs supports paper, imaged and electronic loan documents.
So what’s the big deal? It’s just another vendor doing e-signatures and e-vaulting, right? Wrong. The more vendors that make this technology available to the market, the better the chances of adoption. And adding the Xerox name to the mix can be a big boon for “e” adoption.
May 2008, BusinessWeek
The New Push to Get Rid of Paper
Anyone who's even come close to buying a house can attest to the mountains of paper amassed by the mortgage industry. Peabody [Mass.]-based 1-800 East West Mortage cut its annual paper use by two-thirds, in part by using a Xerox product that replaces paper with Web-based forms, digital disclosure documents, and electronic signatures, says Gary Roche-Bernard, the company's director of information technology. Funding turnaround times went from an average of 15 days to 4, storage costs dropped by 75%, and the number of leased copiers went from 12 to 6. "There have been studies that put the paper costs of mortgages at $250 to $300," says Judson Phillips, a Xerox vice-president. "We can get those costs down in the low teens on a typical mortgage." May 2008, Rick’s Notebook
Xerox: Putting glyphs to work in mortgage
Back when Atlanta-based Advectis was signing up wholesale lenders to its Blitzdocs system, the old bar code--which had been in use in other industries since, well, about as long as printing--was a shiny new tool the mortgage industry was using to keep documents together so they could be smoothly digitized into electronic loan files. That was a couple of years ago.
Last year, Xerox bought the company and rolled it into its Xerox Mortgage Services and the next month won the Mortgage Technology magazine Synergy Award for the Blitzdocs offering. Now, the bar code is old again and Xerox is rolling out a new way to encode paper documents for lenders interested in moving toward electronic documents.
April 2008, Mortgage Technology Newsletter
Home Run or Foul Ball?
Despite all the doom and gloom, the mortgage industry will rebound. While that rebound may not be as dramatic as the 2004 American League Championship Playoff Series where the Red Sox came back to beat the Yankees, potential players think it’ll be something to remember...
MORTGAGE TECHNOLOGY: There’s also talk that the e-mortgage can be a possible cure for the current crisis because it increases transparency and therefore the secondary market can have a better picture of what they’re buying without relying on rating agencies. Do you agree?
GREG SMITH: The loans being done now are the highest quality loans done in the past five years... April 2008, Mortgage Technology Newsletter
PriceMyLoan Joins Xerox's BlitzDocs Network
After recently completing a direct integration with Fannie Mae’s Desktop Originator and Desktop Underwriter programs, PriceMyLoan, a Costa Mesa, Calif.-based automated underwriting technology vendor, has joined Xerox Mortgage Services' recently upgraded BlitzDocs provider network.
Through this partnership, PML is now a certified BPO provider of Xerox Mortgage Services' BlitzDocs Collaboration Suite, an electronic document collaboration service.
March 2008, Mortgage Technology Newsletter
The Paperless Rush
At the MBA Tech Show two years ago there were a lot of new imaging vendors. Lenders and vendors alike were asking: Who are all these companies? How are they different? Is there really room for this many imaging vendors in the mortgage space?...
“During this downtime in the industry, many lenders will be reviewing processes and technology to streamline their operations,” added Judson Phillips, vice president, marketing at Xerox Mortgage Services. “Paperless will be a top initiative because the returns are so compelling, especially if the deployment is via a Software as a Service model. A SaaS based solution provides a mechanism to implement fast and provides the lender with the option for a variable cost model. To compete in today’s market, paperless is no longer optional.”
March 2008, MBA Tech NewsLink
PriceMyLoan Joins Xerox's BlitzDocs Provider Network
PriceMyLoan, Atlanta, is now a Certified BPO Provider of Xerox Mortgage Services' BlitzDocs Collaboration Suite, a service for electronic document collaboration. With BlitzDocs deployed, loans generated from PML are dropped into a collaborative e-folder and transformed into electronic documents for underwriting, auditing, transfer and archiving. March 2008, MBA Tech NewsLink
Xerox Enhances Collaboration Suite
Xerox Corp., Rochester, N.Y., introduced new features to its BlitzDocs Collaboration Suite. New to the BlitzDocs suite is Xerox Dataglyphs technology, a security feature that embeds computer-readable data to the paper. Information regarding the mortgage loan is contained in the DataGlyphs, which act as a portable database, offering increased security and automatic classification capabilities throughout the loan process. DataGlyphs are flexible in shape and size, unlike most bar codes.
March 2008, American Banker
Va.'s Gateway Touts Document Imaging
Gateway Financial Holdings Inc. said a decrease in shipping costs helped it recover the costs of shifting to a hosted digital service for mortgage originations in six months...
In July, 14 months after the mortgage unit opened, Gateway Financial began using the BlitzDocs Collaboration Suite technology hosted by Xerox Mortgage Services, he said.
In addition to the reduction in shipping costs, "there are some intangibles that are hard to put values on," Mr. Leone said, such as the ability to access documents immediately after they are uploaded.
January 2008, MBA NewsLink
Emerging Trends to Keep an Eye On
Regardless of the state of the industry, mortgage participants constantly strive to increase loan volume, improve loan turnaround time, decrease costs and streamline workflow. This year will be no different. To accomplish these goals, however, a few new mortgage industry trends will become increasingly important in 2008 – a year in tremendous flux. January 2008, MBA Tech NewsLink
Mortgage Lender IT Cuts Hit Tech VendorsMortgage lenders could cut back on technology spending by 10 percent or more from last year, resulting in "severe impact" for a number of vendors across the mortgage industry, according to research from Mortech LLC, Guilford, Conn.
Much of that growth, according to Lebowitz, focused on non-conforming, subprime lenders that “have simply disappeared.” Already, technology vendors specializing in the non-prime market – including Dallas-based ARC Systems and Irvine, Calif.-based Portellus – are either shut down, looking to sell their technology or need to lay off staff. Portellus exited the mortgage industry in September and in October, Xerox Corp, Stamford, Conn., reentered the mortgage market to purchase Alpharetta, Ga.-based Advectis Inc. for $32 million, launching Xerox Mortgage Services. January 2008, Real Estate Technology News
Technology drivers for 2008's competitive lenders
One of the most critical jobs for business leaders and executives in the mortgage space is to monitor lending and technology trends to ensure their businesses remain competitive.
According to Greg Smith, president of Xerox Mortgage Services (formerly Advectis), several trends will drive the mortgage lending industry in 2008
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