Advectis’ electronic mortgage document collaboration network has experienced rapid growth in participation to more than 10,000 brokers within the last three years, the company announced today.
Advectis’ BlitzDocs Collaboration Suite enables a collaborative electronic document network for all participants in the mortgage loan industry to capture, submit, organize, underwrite, audit, share and deliver loan documents electronically.
Expansion of the company’s electronic document network shows that the effort toward a digital, more streamlined real estate transaction is moving along.
Advectis has expanded broker participation in the BlitzDocs network tenfold to over 10,000 brokers within the last three years. Additionally, lender participation in the network has increased from a few lenders to more than thirty retail and wholesale mortgage lenders, including four of the top 10 lenders, in the same time frame.
Other mortgage participants who have helped fuel network growth include the addition of all mortgage insurance companies (for example, Genworth, PMI, RMIC and United Guaranty), major Due Diligence and Quality Control firms and eight major investors who use the network to receive closed loans from their correspondent sellers. The value of the BlitzDocs electronic document network rises exponentially as network participants and loan volume increase, the company said.
In a recent mortgage industry survey, enabling collaboration with other mortgage players was ranked very important or somewhat important by 85 percent of respondents, a 64 percent increase from responses to this question in a 2004 survey. Additionally, a large percentage of respondents indicated they believe the mortgage industry will be processing more than 50 percent of all loans as an e-mortgage, or totally paperless, in four years or less.
“Our significant growth illustrates the increasing level of importance the mortgage industry is placing on collaboration,” said Greg Smith, president and CEO of Advectis. “It is a very exciting time in the history of our company, as the number of current participants as well as our pipeline of additional lenders, investors and other parties is strong and growing.”
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