Electronic loan documents can now be transferred quickly and easily to one of the nation’s leading residential mortgage loan originators thanks to a new connector created by Advectis, the companies said today.
Electronic mortgage document collaboration provider Advectis has developed a connector that enables customers using its BlitzDocs collaboration software to electronically deliver electronic loan folders to Michigan-based Flagstar Bank’s imaging systems.
The standards used in these exchanges are in accordance with theMortgage Industry Maintenance Organization (MISMO), the companies said.
Flagstar Bancorp, which has $14.9 billion in total assets, is the second-largest banking institution headquartered in Michigan. Flagstar operates more than 125 banking centers in Michigan, Indiana and Georgia and has home loan centers in 27 states.
BlitzDocs Connector is a component of the BlitzDocs Collaboration Suite, which enables mortgage loan professionals to capture, submit, organize, underwrite, audit, share and archive loan documents electronically using BlitzDocs’ collaborative electronic loan folder, e-Folder.
Using BlitzDocs Connector for Flagstar, BlitzDocs lenders and correspondent sellers can submit individual or multiple loan packages with their associated document images for integration into Flagstar’s Paperless Underwriting and its other paperless mortgage processing systems.
Transferred credit and closing documents are immediately processed by Flagstar and viewable to customers via Flagstar’s Paperless File Manager application, the companies said.
“Being part of the BlitzDocs collaborative electronic document network enables us to enhance service while continuing to eliminate paper and cost,” said Steve Brooks, executive vice president and chief operations officer, lending, of Flagstar Bank, in a statement.
“It also significantly extends our paperless processing and delivery capabilities to a much broader group of lenders and correspondents who are using BlitzDocs solutions,” Brooks said.
“With the click of one button, BlitzDocs customers can e-ship loans and trailing documents to Flagstar, simplifying the process for all parties as well as improving turnaround time and productivity,” Brooks said.
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