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Homecomings Financial Goes Paperless
MINNEAPOLIS - Mortgage brokers are now one step closer to a completely paperless mortgage process with new technology offered by Homecomings FinancialSM, a leading wholesale funding lender dedicated to streamlining the mortgage process from origination through closing. Homecomings Financial has selected BlitzDocs® as its web-based imaging solution, which is now supporting more than 60% of the wholesaler's loan applications.
Homecomings Financial's imaging solution offers a secure collaborative electronic loan folder that is accessible simultaneously by the broker, underwriter and account executive. BlitzDocs has proven easy to incorporate into the broker processing path. With each new application, the broker creates a loan folder, uploads, scans, or faxes in the documents, and submits the file to the branch for underwriting. The branch underwrites the loan and requests any additional conditions from the broker. When the broker submits new documents, the underwriting staff is automatically notified, eliminating delays and miscommunication in tracking down missing conditions.
"Homecomings Financial is excited to provide a paperless mortgage experience to our broker clients," said Dan Bettenburg, executive vice president, Homecomings Financial Wholesale. "We chose a proven imaging solution to make the transition as smooth as possible. The paperless loan folder has enhanced our broker partnerships and doesn't require any additional equipment for the broker to purchase. We've eliminated the overnight shipping and are able to begin work on a loan file as soon as the broker submits it online. The solution allows us to work collaboratively with our brokers and, paired with our other technology, allows us to streamline the lending process for borrowers."
Homecomings Financial's imaging solution is the latest enhancement to a full suite of technology tools designed to automate and simplify the transaction including: Assetwise DirectSM automated loan evaluation system, QuickwiseSM product and pricing scenario tool, online pricing and locks, and the utilization of AVMs (automated valuation models) in lieu of property appraisals for certain mortgage products and transactions.
Bo Trivett, president of World Mortgage LLC in Ormond Beach, Fla., said his firm has been using Homecomings Financial's imaging solution since February. "Technology has always been a driving force for us, because it generates efficiencies that are the key to our business' success. The BlitzDocs imaging system is one more way that Homecomings Financial's technology advancements help me do more business and receive higher customer satisfaction ratings," he said.
Bettenburg added, "In the past year, we have transformed our processes to be paperless from origination through delivery to our investors. We have invested considerable time and effort in our broker clients, branches, and downstream business partners to make this change possible. The positive feedback from our broker clients indicates that the paperless process further enhances Homecomings Financial's market-leading technology platform."
About Homecomings Financial
Homecomings Financial is dedicated to building successful broker partnerships by delivering the best combination of exceptional customer service, leading-edge technology and comprehensive loan programs. The company serves more than 7,000 mortgage brokers across the United States with wholesale funding solutions. Homecomings Financial is a business unit within Residential Capital Corporation's U.S. Residential Finance Group. Residential Capital Corporation is a leading real estate finance company, and is an indirect wholly owned subsidiary of GMAC Financial Services (GMAC LLC). For more information about Residential Capital Corporation, visit http://www.rescapholdings.com.
About Advectis, Inc.
Advectis®, Inc. provides the mortgage industry's most widely-used solution for electronic document collaboration. The Web-based BlitzDocs Collaboration Suite provides access to the BlitzDocs collaborative electronic document network where participants capture, submit, underwrite, audit, share, deliver and archive loan documents. BlitzDocs customers benefit from a network with more than 18,000 broker shops, the top seven mortgage insurance companies and three of the top due diligence providers. Collectively, BlitzDocs investor participants represent more than 50 percent of loans purchased in the secondary market. For more information call (877) 200-8700 or visit www.advectis.com.
©Homecomings Financial Network, Inc. Homecomings Financial, Assetwise Direct, and Quickwise are service marks of Residential Funding Corporation. GMAC is a registered service mark. BlitzDocs is a registered service mark of Advectis. Licensed Real Estate Broker: Arizona Mortgage Banker License #BK 0904139; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; Georgia Residential Mortgage Licensee #11588, 1000 Abernathy Road NE, Suite 1025, Atlanta, GA 30328; Illinois Residential Mortgage Licensee; Massachusetts Mortgage Lender #ML1487; Licensed by the New Hampshire Banking Department; Licensed Mortgage Banker - New Jersey Dept. of Banking, 9 Sylvan Way, Suite 100, Parsippany, NJ 07054; Licensed Mortgage Banker, NYS Banking Dept.; Licensed by the Pennsylvania Dept. of Banking as a First Mortgage Banker, also licensed pursuant to the Secondary Mortgage Loan Act; Rhode Island Lender's License. The home office of Homecomings Financial Network, Inc. is located at 8400 Normandale Lake Blvd., Suite 250, Minneapolis, MN 55437. The branch office of Homecomings Financial Network, Inc-Wholesale Funding is located at 1650 Corporate Circle, Suite 100, Petaluma, CA 94954.
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