Advectis Inc. has obtained a patent that protects the company’s BlitzDocs technology and the collection, organization and retrieval of stored digital mortgage loan documents accessible by multiple parties.
The company said the patent award, granted Dec. 5 for a document management system and method, “broadly protects” BlitzDocs, which Advectis reports is now used by more than 20,000 broker shops, the top seven mortgage insurance companies and three of the top due-diligence providers.
Last month, Advectis said it more than doubled the volume of loans processed through its collaborative document network in 2006.
Advectis conducts an annual survey examining trends in paperless mortgage loan processing. The latest “Path to Paperless” survey found that a growing number of respondents think it will take five years or longer for the industry to reach a threshold where more than 50 percent of all loans are totally paperless. The 2006 survey found 59 percent think the 50 percent threshold will take five or more years to achieve, up from 55 percent in 2005 and 40 percent in 2004.