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Xerox Mortgage Services Streamlines Loan Delivery for Federal Housing Administration Approved Lenders
LAS VEGAS, March 16, 2009 – Lenders delivering loans to the Federal Housing Administration (FHA) can now manage the process online through Xerox Corporation’s (NYSE:XRX) BlitzDocs,™ turning loans around faster and easier – that’s good news for the mortgage industry.
Xerox Mortgage Services’ BlitzDocs Collaboration Suite helps lenders and investors reduce document-related costs and build a competitive advantage by capturing and managing image-based loan documents. The company’s e-Mortgage Suite provides a secure and convenient way to complete mortgage loans online without having to sign hard-copy documents.
“Today, 30 to 40 percent of new loans are FHA loans,” said Greg Smith, vice president, Xerox Mortgage Services. “Xerox Mortgage Services’ new FHA connector builds on the promise of allowing BlitzDocs’ customers to remain paperless from origination through investor delivery. The result is further cost reduction and improved productivity at a time when these efficiencies are needed to make a significant impact to the bottom line.”
How It Works
Once a lender is ready to deliver a closed loan package to FHA, BlitzDocs packages the loan to meet FHA’s electronic case binder specification and delivers it with a “one-click” submission. The system allows the FHA to quickly receive secure electronic loan documents, so that lenders can eliminate the hassle of having to ship hard copy folders by mail or courier. Costs and time are saved by cutting paper out of the process including the stacking, copying and shipping of loan documents.
Several Xerox Mortgage Services customers are implementing BlitzDocs to submit loans to the FHA including Guild Mortgage in San Diego, Stockman Bank of Montana in Miles City, Mont., and Wisconsin Mortgage in Brookfield, Wisc.
Affinity Plus Federal Credit Union, a St. Paul-based cooperative, recently implemented BlitzDocs to further its paperless initiatives, improve loan turnaround times and reduce costs, resulting in greater value for its members. With BlitzDocs, member advisors, processors and underwriters collaborate real-time in one electronic loan file, resulting in faster closings.
“Creating a competitive, sustainable business model is crucial to the success of our organization,” said Corey Rupp, director of lending, Affinity Plus Federal Credit Union. “BlitzDocs allows us to save money that can be used to help our members during tough economic times.”
Affinity is one of six new lenders who have recently deployed BlitzDocs.
Editor’s Note: Visit Xerox Mortgage Services’ Booth #611 at the National Technology in Mortgage Banking Conference & Expo. On Monday, March 16 at 2 p.m., Xerox Mortgage Services Vice President Greg Smith will speak on how lenders can better manage paper and image electronic documents throughout the loan process.
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