Submitted By: Nancy Alley, vice president, product management, Xerox Mortgage Services
I recently returned home from the MBA’s 97th Annual Convention and Expo where the mortgage industry’s pursuit for a truly paperless process took a significant step forward with the launch of BlitzDocs® eXtended Edition (XE). BlitzDocs XE is the newest version of our electronic mortgage document collaboration solution.
Most lenders, originators and underwriters have been using an electronic mortgage process for years now – but borrowers have traditionally been left out, forced to review and sign hard copy paperwork prior to closing on a mortgage. For anyone who has been through this process, you know just how many papers we’re talking about. The new version of Xerox’s BlitzDocs Collaboration Suite, changes that and gives borrowers the same electronic conveniences as lenders.
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Borrowers and their agents can now interact with documents through an electronic portal that mirrors their existing paper processes – from document receipt and signing to return of files. In addition to replacing the laborious process of signing and initialing paper after paper with e-signatures, the new solution also reduces the risk of human error and leaves a detailed audit trail for all active loans – making it easier for lenders to stay in compliance. Not to mention the increased pace that documents are now processed.
One of our customers, Shore Mortgage, a full-service national mortgage lender, is the first BlitzDocs customer to upgrade to the XE version. The company has made a commitment to achieving a truly paperless environment, and bringing the borrower population into the fold was the next logical step.
Check out this video, shot live at the MBA show, of my colleague Greg Smith, vice president and general manager, Xerox Mortgage Services discussing BlitzDocs XE. He’s joined by Pat Hinman, CIO, Shore Mortgage, who shares his reaction to the solution hours after his company went live with XE.
— Nancy Alley, vice president, product management, Xerox Mortgage Services