Xerox Helps Mortgage Lenders Cut Costs, Adapt to Market Conditions, Stay Competitive
SAN DIEGO.- The dynamic mortgage market is challenging lenders to find a better process to keep up with fluctuating loan demands. To meet these changing demands, more and more mortgage lenders are turning to Xerox Corporation (NYSE:XRX) for faster, more cost-effective loan document processing. Using Xerox Mortgage Services’ BlitzDocs™ Collaboration Suite to automate paper-laden processes, companies like American Home Bank, Opes Advisors, Resource Lenders, Shore Mortgage, Trident Group and Uniwest Mortgage Corporation are able to adapt to shifting market conditions, process more loans and stay competitive.
“To grow profits, mortgage lenders must automate their processes,” said Greg Smith, vice president and general manager, Xerox Mortgage Services. “Lenders that can quickly accommodate swinging loan volumes and get the most out of shrinking credit lines used to finance loans are the ones driving revenue.”
Xerox Mortgage Services’ contract signings tripled in the first half of 2009, as lenders signed on for BlitzDocs to cut costs and prepare for an influx of loan applications due to dropping rates. Online access to loan files will help Opes Advisors improve turnaround time by allowing all mortgage loan constituents to quickly review and accept documents, regardless of their location. As a result, the company expects to save between $25 - $30 per loan in costs associated with processing the documents manually. At Uniwest Mortgage Corporation, this instant collaboration is reducing lender stipulations - requests for missing or additional information like appraisals, tax information and bank statements - by 80 percent.
“For years we relied on paper mortgages, but the costs of moving loan files combined with the time our staff spent processing them resulted in a significant drain on our resources,” said Tom Reid, executive vice president and broker of record, Uniwest. “BlitzDocs offered a smooth transition to digital and a swift way to impact our bottom line.”
Xerox Mortgage Services’ Web-based BlitzDocs software helps users manage the entire loan document process online, from submission to completion. BlitzDocs’ patented technology helps lenders, brokers and investors reduce document-related costs and build a competitive advantage in capturing new loan applications. The company recently added Motivity and TenA to its growing list of BlitzDocs certified providers.
Xerox Mortgage Services will showcase its services in booth No. 516 at the Mortgage Bankers Association 96th Annual Convention and Expo, taking place Oct. 11 - 14 at the San Diego Convention Center
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