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Advectis Announces the BlitzDocs® Certified Underwriting
Partner Program
GE Mortgage Insurance is the first participant in newly
formed paperless loan processing certification program
(ATLANTA, April 19, 2004) - Advectis, a provider of paperless origination, underwriting
and loan archiving solutions specifically designed for the mortgage industry,
announced the creation of the BlitzDocs Certified Underwriting Partner
Program. The new partner certification program will allow providers of contract
underwriting services to certify to their Lender customers that they are fully
trained and prepared to deliver their contract underwriting services via the
BlitzDocs solution deployed by the Lender.
"We created the BlitzDocs Certified Underwriting Partner Program as a service
to the lenders," said Greg Smith, president and CEO of Advectis, Inc. "Currently
four top 20 lenders are deploying BlitzDocs technology in their origination and
underwriting operations. Each of these lenders is also a user of third party
contract underwriting services. It's important to those lenders that their contract
underwriting providers are certified to manage BlitzDocs originated loans effectively.
We certify those providers to assure lenders that as they expand their use of
the BlitzDocs offering, they have a stable of technology and service providers
that know how to fully maximize the efficiencies within the BlitzDocs solution."
GE Mortgage Insurance is the first technology and service provider to be certified
in the partnership program. The certification furthers the relationship between
GE Mortgage Insurance and Advectis. Last year, GE Mortgage Insurance released "GE's
Doc Central". Based on Advectis' BlitzDocs technology, Doc Central
is an online offering designed to help originators/brokers and underwriters eliminate
paper and decrease turnaround time throughout the mortgage process.
BlitzDocs Certified Underwriting Partners use BlitzDocs-based technology
(either Advectis BlitzDocs or GE's Doc Central) as a key solution component
in their origination/underwriting process. "We're proud to be the first
certified BlitzDocs partner", said Lewis Fain, Senior Vice President, Marketing
and Strategic Development for GE Mortgage Insurance. "GE's Doc Central offers
users the technology to significantly streamline the delivery of loans to our
regional underwriting centers without having to invest in, host or maintain a
web site or an in-house imaging system. Our BlitzDocs Certification helps lenders
identify us as an underwriting partner with the experience and ability to help
transform origination and underwriting into a paperless process using BlitzDocs
technology."
According to Advectis, certifying partners for best practices and integration
are additional steps toward bridging today's paper-intensive processes with tomorrow's
e-mortgage by reducing costs, turnaround time and increasing overall process
efficiency for both brokers and lenders. To be certified as a BlitzDocs Certified
Underwriting Partner, a company must have a minimum of six trained BlitzDocs underwriters
on staff, be a member of the Mortgage Bankers Association (MBA), demonstrate
a core competency in underwriting, offer contract underwriting services to customers
and comply with basic interface requirements.
BlitzDocs allows lenders to streamline the loan document submission and
underwriting process with their brokers or originators. The heart of the BlitzDocs solution
is the electronic loan folder ("e-folder"), which mirrors the paper
loan folder used by mortgage companies today. Using a fax machine or scanner
and a Web browser, brokers, lenders, investors and other authorized parties are
able to capture, submit, organize, underwrite, audit, securely share and archive
submission packages and closed loan documents in real time.
With GE's Doc Central, brokers can be trained on how to submit loans in as little
as 30 minutes. The product can be used to process all loans, regardless of whether
GE Mortgage Insurance provides underwriting services or mortgage insurance. Brokers,
using ordinary fax machines or scanners, will also be able to submit imaged documents
to lenders for paperless underwriting. The integration will further streamline
the loan process by allowing both brokers and lenders instant access to underwriting
findings, loan status, credit information and appraisals via a secure on-line
connection.
About GE Mortgage Insurance
GE Mortgage Insurance (web site www.gemortgageinsurance.com)
is part of GE Insurance, a global family of insurance and reinsurance businesses
with $13.6 billion in premiums and assets of $188 billion. GE Insurance provides
life insurance, retirement income products, property and casualty insurance,
risk prevention services, mortgage insurance, and selective financial guarantee
insurance. GE Insurance is part of General Electric Company, a diversified services,
technology and manufacturing company with operations worldwide.
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