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June 2008, Mortgage Technology
So when is this electronic mortgage thing going to ever happen? Industry soothsayers have been saying it will take three to five years for the past 10 years now. However, 2008 will go down in mortgage history as the year e-mortgages finally started to happen…
In fact large vendors like Xerox Mortgage Services are banking on adoption having just integrated with Wave Systems to now include e-signature and e-vaulting capability within its BlitzDocs e-collaboration tool. "Yes, without a doubt the e-mortgage is happening now,” pointed out Greg Smith, vice president and general manager, Xerox Mortgage Services. “Lender initiatives have increased exponentially this year and that accelerated our plans to provide e-mortgage support within our product line. The current challenges that the industry is going through have helped increase adoption as evidenced by MERS eRegistry growth." |
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June 2008, Some Media Coverage of Xerox Mortgage Service’s E-signature Announcement.
MBA TechNews Link,
Inside Mortgage Finance,
Mortgage Technology, Xerox Adds E-Signatures and E-Vaulting
National Mortgage News,
Real Estate Technology News,
MortgageOrb,
The Daily Record,
Fox Business Network,
Mortgage Technology,
Housing Wire, |
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June 2008, Mortgage Technology Tech Niches
In the last edition of this blog I talked about e-signature and e-mortgage adoption. Sure, progress has been slow, but we’ve seen a huge increase in e-notes registered on MERS in the last six months and in the overall number of e-mortgages done in the past 12 months. Now, a prominent vendor has stepped up as well, which can’t hurt.
Specifically, Xerox Mortgage Services has added electronic signature and electronic vaulting capabilities to its BlitzDocs Collaboration Suite, an e-sharing network, to help its lender clients realize the benefits of the hybrid e-mortgage. Currently BlitzDocs supports paper, imaged and electronic loan documents.
So what’s the big deal? It’s just another vendor doing e-signatures and e-vaulting, right? Wrong. The more vendors that make this technology available to the market, the better the chances of adoption. And adding the Xerox name to the mix can be a big boon for “e” adoption. |
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May 2008, BusinessWeek
Anyone who's even come close to buying a house can attest to the mountains of paper amassed by the mortgage industry. Peabody [Mass.]-based 1-800 East West Mortage cut its annual paper use by two-thirds, in part by using a Xerox product that replaces paper with Web-based forms, digital disclosure documents, and electronic signatures, says Gary Roche-Bernard, the company's director of information technology. Funding turnaround times went from an average of 15 days to 4, storage costs dropped by 75%, and the number of leased copiers went from 12 to 6. "There have been studies that put the paper costs of mortgages at $250 to $300," says Judson Phillips, a Xerox vice-president. "We can get those costs down in the low teens on a typical mortgage." |
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May 2008, Rick’s Notebook
Back when Atlanta-based Advectis was signing up wholesale lenders to its Blitzdocs system, the old bar code--which had been in use in other industries since, well, about as long as printing--was a shiny new tool the mortgage industry was using to keep documents together so they could be smoothly digitized into electronic loan files. That was a couple of years ago.
Last year, Xerox bought the company and rolled it into its Xerox Mortgage Services and the next month won the Mortgage Technology magazine Synergy Award for the Blitzdocs offering. Now, the bar code is old again and Xerox is rolling out a new way to encode paper documents for lenders interested in moving toward electronic documents. |
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April 2008, Mortgage Technology Newsletter
Despite all the doom and gloom, the mortgage industry will rebound. While that rebound may not be as dramatic as the 2004 American League Championship Playoff Series where the Red Sox came back to beat the Yankees, potential players think it’ll be something to remember…
MORTGAGE TECHNOLOGY: There’s also talk that the e-mortgage can be a possible cure for the current crisis because it increases transparency and therefore the secondary market can have a better picture of what they’re buying without relying on rating agencies. Do you agree?
GREG SMITH: The loans being done now are the highest quality loans done in the past five years… |
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April 2008, Mortgage Technology Newsletter
After recently completing a direct integration with Fannie Mae’s Desktop Originator and Desktop Underwriter programs, PriceMyLoan, a Costa Mesa, Calif.-based automated underwriting technology vendor, has joined Xerox Mortgage Services' recently upgraded BlitzDocs provider network.
Through this partnership, PML is now a certified BPO provider of Xerox Mortgage Services' BlitzDocs Collaboration Suite, an electronic document collaboration service. |
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March 2008, Mortgage Technology Newsletter
At the MBA Tech Show two years ago there were a lot of new imaging vendors. Lenders and vendors alike were asking: Who are all these companies? How are they different? Is there really room for this many imaging vendors in the mortgage space?...
“During this downtime in the industry, many lenders will be reviewing processes and technology to streamline their operations,” added Judson Phillips, vice president, marketing at Xerox Mortgage Services. “Paperless will be a top initiative because the returns are so compelling, especially if the deployment is via a Software as a Service model. A SaaS based solution provides a mechanism to implement fast and provides the lender with the option for a variable cost model. To compete in today’s market, paperless is no longer optional.” |
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March 2008, MBA Tech NewsLink
PriceMyLoan, Atlanta, is now a Certified BPO Provider of Xerox Mortgage Services' BlitzDocs Collaboration Suite, a service for electronic document collaboration. With BlitzDocs deployed, loans generated from PML are dropped into a collaborative e-folder and transformed into electronic documents for underwriting, auditing, transfer and archiving. |
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March 2008, MBA Tech NewsLink
Xerox Corp., Rochester, N.Y., introduced new features to its BlitzDocs Collaboration Suite. New to the BlitzDocs suite is Xerox Dataglyphs technology, a security feature that embeds computer-readable data to the paper. Information regarding the mortgage loan is contained in the DataGlyphs, which act as a portable database, offering increased security and automatic classification capabilities throughout the loan process. DataGlyphs are flexible in shape and size, unlike most bar codes. |
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March 2008, American Banker
Gateway Financial Holdings Inc. said a decrease in shipping costs helped it recover the costs of shifting to a hosted digital service for mortgage originations in six months…
In July, 14 months after the mortgage unit opened, Gateway Financial began using the BlitzDocs Collaboration Suite technology hosted by Xerox Mortgage Services, he said.
In addition to the reduction in shipping costs, "there are some intangibles that are hard to put values on," Mr. Leone said, such as the ability to access documents immediately after they are uploaded. |
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January 2008, MBA NewsLink
Regardless of the state of the industry, mortgage participants constantly strive to increase loan volume, improve loan turnaround time, decrease costs and streamline workflow. This year will be no different. To accomplish these goals, however, a few new mortgage industry trends will become increasingly important in 2008 – a year in tremendous flux. |
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January 2008, MBA Tech NewsLink
Mortgage lenders could cut back on technology spending by 10 percent or more from last year, resulting in "severe impact" for a number of vendors across the mortgage industry, according to research from Mortech LLC, Guilford, Conn.
Much of that growth, according to Lebowitz, focused on non-conforming, subprime lenders that “have simply disappeared.” Already, technology vendors specializing in the non-prime market – including Dallas-based ARC Systems and Irvine, Calif.-based Portellus – are either shut down, looking to sell their technology or need to lay off staff. Portellus exited the mortgage industry in September and in October, Xerox Corp, Stamford, Conn., reentered the mortgage market to purchase Alpharetta, Ga.-based Advectis Inc. for $32 million, launching Xerox Mortgage Services.
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January 2008, Real Estate Technology News
One of the most critical jobs for business leaders and executives in the mortgage space is to monitor lending and technology trends to ensure their businesses remain competitive.
According to Greg Smith, president of Xerox Mortgage Services (formerly Advectis), several trends will drive the mortgage lending industry in 2008 |
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Archived news articles from:
2007
2006
2005
2004
2003
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