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Xerox’s BlitzDocs Users Process Mortgage Loans Faster
ATLANTA, December 18, 2007 – BlitzDocs® Collaboration Suite, a widely-used solution for electronic mortgage document collaboration offered by Xerox Corporation (NYSE:XRX), scored high marks from 108 users who indicated the technology helps them streamline mortgage loan processing and turnaround times.
Respondents using BlitzDocs for image-based underwriting were surveyed to understand how the solution affected time savings and loan processing workflow. The on-line survey was executed and completed by Advectis®, Inc. before its acquisition by Xerox in October.
BlitzDocs enables mortgage brokers, lenders, investors and other authorized parties to view and deliver mortgage documents and access underwriting status in real time, anytime, anywhere electronically. The majority surveyed (88 percent) say they are satisfied or very satisfied with BlitzDocs solutions.
More than half, 54 percent, say the greatest benefit of using BlitzDocs is the ability for underwriters, originators and others to gain easy, simultaneous access to the electronic loan file, up from 42 percent in the 2006 annual survey. Fifty-three percent are underwriting more loans per day with the technology.
“In a time when technology is so beneficial to the mortgage industry, it’s important for the user community to experience that paperless technology is providing real value,” said Greg Smith, vice president and general manager of Xerox Mortgage Services. “This research confirms that electronic access to loan folders with a paperless environment does improve efficiency and service.”
In addition, the vast majority of underwriters (81 percent) reported that BlitzDocs has improved collaboration amongst mortgage industry participants. The majority of underwriters (53 percent) say they receive fewer calls each month from originators. On average, BlitzDocs has eliminated more than seven calls per day from originators.
When asked how long it took respondents to learn and use the technology 89 percent stated it took less than 25 loans.
About BlitzDocs Collaboration Suite
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 tens of thousands broker shops, the top seven mortgage insurance companies and four of the top due diligence providers. Collectively, BlitzDocs investor participants represent more than 70 percent of loans purchased in the secondary market.
About the Survey
The 2007 Underwriter Survey was executed and completed by Advectis®, Inc. before its acquisition by Xerox Corporation on October 12, 2007. The on-line survey studies the opinions of 108 underwriters, currently using BlitzDocs Collaboration Suite for image-based underwriting. They were surveyed to understand how the solution affected time savings and loan processing workflow. Thirty-three percent of those surveyed have been an underwriter less than three years, 24 percent for three to five years, 23 percent for six or ten years and 19 percent for more than 10 years. Twenty-one percent of survey participants have used BlitzDocs solutions for more than two years, 25 percent for one to two years, 33 percent for six to 11 months and 21 percent for less than six months.
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