Xerox Mortgage Services' BlitzDocs Collaboration Suite allows lenders that deliver loans to the Federal Housing Administration (FHA) to manage the process online, Xerox Corp. reports.
The BlitzDocs Collaboration Suite captures and manages image-based loan documents, allowing lenders to reduce document-related costs, according to Xerox. The 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," says 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."
Xerox Mortgage Services customers that are implementing BlitzDocs to submit loans to the FHA include Guild Mortgage in San Diego; Stockman Bank of Montana in Miles City, Mont.; and Wisconsin Mortgage in Brookfield, Wis.
Affinity Plus Federal Credit Union, a St. Paul, Minn.-based cooperative, recently implemented BlitzDocs to further its paperless initiatives.
"Creating a competitive, sustainable business model is crucial to the success of our organization," says Corey Rupp, director of lending at Affinity Plus Federal Credit Union. "BlitzDocs allows us to save money that can be used to help our members during tough economic times."
SOURCE: Xerox Corp.