Industry News

Xerox moves into paperless mortgages with Advectis acquisition

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Xerox Corp. says it has agreed to pay $32 million to acquire Advectis Inc., the Atlanta-based provider of the BlitzDocs suite for mortgage lenders, brokers and investors. Xerox's expertise in automating document processes is "an ideal fit" with Advectis' BlitzDocs paperless solution for mortgages, said John Kelly, president of Xerox Global Services North America, in a press release. "In an industry that is ripe for change, Advectis offers technology that improves productivity for its users while giving lenders better control of their processes." Advectis' Web-based BlitzDocs Collaboration Suite helps lenders, brokers and investors collaborate in managing the underwriting, auditing, delivery and archiving of electronic loan documents. BlitzDocs' electronic loan folders are set up to mirror the paper folders still used by many lenders, but allow mortgage documents to be viewed and processed online. Advectis claims it's helped manage more than 1 million loan folders since the company wa...