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Advectis’ BlitzDocs Solution Reaches One Millionth Electronic Loan Folder
Company continues rapid growth through online, collaborative document network
ATLANTA, July 10, 2007 – Advectis®, Inc., provider of the most widely-used solution for electronic mortgage document collaboration, announced today that it has reached its one millionth electronic loan folder entry for BlitzDocs®. Each electronic loan folder mirrors the traditional loan folder used by originators, brokers, underwriters and lenders to process a loan through its life cycle.
The first loan was entered into the online, collaborative document network in 2001, when Advectis initially launched BlitzDocs. Since that time, more than 25 million individual loan documents, which represent over 250 million document pages, have been entered into the BlitzDocs system through those one million loan folders.
"This achievement is truly a landmark for all of us at Advectis," said Greg Smith, president and CEO of Advectis, Inc. "The effect of such growth proves that an extensive, collaborative document network is truly appealing to more organizations with each passing day. With the accelerating 'network effect' of BlitzDocs adoption, we anticipate reaching the two millionth electronic loan folder mark at a fraction of the time it took us to reach one million."
This milestone is another demonstration of the vast adoption and rapid acceleration that the BlitzDocs solution experienced in 2007. Earlier this year, Advectis announced revenues grew by more than 100 percent in 2006, and overall volume of 2006 loans in the BlitzDocs network increased 226 percent from 2005. Additionally, Advectis also increased its customer base by 45 percent during 2006.
"The rate of adoption that we are experiencing positions us to continue to lead the industry with the most comprehensive network of leading lenders, broker shops, mortgage insurance companies, due diligence providers and investors," Smith added.
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 30,000
broker shops, the top seven mortgage insurance companies
and three of the top due diligence providers. Collectively,
BlitzDocs investor participants represent more than 65
percent of loans purchased in the secondary market. For
more information call (877) 200-8700 or visit www.advectis.com.
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