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Advectis Announces Addition of PMI Mortgage Insurance Co. to
the BlitzDocs® Certified Underwriting Provider Program
PMI increases the stable of providers in the paperless loan processing
certification program
(ATLANTA, GA) Advectis, a provider of paperless origination, underwriting
and loan archiving solutions specifically designed for the mortgage industry,
announced
the addition of PMI Mortgage Insurance Co. to its BlitzDocs Certified Underwriting
Provider Program. The provider certification program allows providers of contract
underwriting services to certify to their lender customers that they are fully
trained and prepared to deliver those services via the BlitzDocs solution.
According to Greg Smith, president and CEO of Advectis, the BliitzDocs Certified
Underwriting Provider Program was created as a service to lenders. “BlitzDocs
technology is currently being used by a number of top 20 lenders in their origination
and underwriting operations. Each of these lenders is a user of third party contract
underwriting services too so it is important that their contract underwriting
providers are certified to effectively manage BlitzDocs originated loans. Certifying
those providers assures lenders that as they expand their use of BlitzDocs, they
have a stable of technology and service providers that understand how to completely
maximize the BlitzDocs solutions’ efficiencies.”
BlitzDocs Certified Underwriting Providers use BlitzDocs-based technology as
a key solution component in their origination/underwriting process. ”Our
certification as a BlitzDocs Underwriting Provider is further demonstration of
our commitment to support our customers in the manner most appropriate and effective
for them,” said John Ryan, assistant vice president of e-Business of PMI. “By
supporting this technology alongside our existing suite of tools we enhance our
ability to offer the most flexible and easiest to use underwriting service in
the industry. We’re committed to transforming origination and underwriting
into paperless processes, and our BlitzDocs certification is further demonstration
of that commitment.”
According to Advectis, certifying providers for best practices and integration
are steps toward bridging today’s paper-intensive processes with tomorrow’s
e-mortgage by reducing costs, turnaround time and increasing overall efficiency
for both brokers and lenders. To become certified as a BlitzDocs Certified Underwriting
Provider, 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 BlitzDocs, 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 the underwriting
services or mortgage insurance provider. 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 PMI Mortgage Insurance Co.
PMI Mortgage Insurance Co., a subsidiary of The PMI Group,
Inc. (NYSE:PMI), is a leading U.S. residential mortgage insurer,
licensed in all 50 states, the District of Columbia and Puerto
Rico. Residential mortgage insurance protects lenders and investors
against potential losses in the event of borrower default. Private
mortgage insurance facilitates the sale of low down payment mortgages
in the capital mortgage market and expands home ownership opportunities
by enabling borrowers to buy homes with down payments of less than
20%. PMI is incorporated in Arizona and headquartered in Walnut
Creek, CA.
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