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RMIC Joins Advectis BlitzDocs® Certified Underwriting Provider
Program
Newest provider in paperless loan processing certification
program
(May 24, 2004 - ATLANTA, GA) Advectis, a provider of paperless origination, underwriting
and loan archiving solutions specifically designed for the mortgage industry,
announced
the addition of RMIC (Republic Mortgage Insurance Company) to its BlitzDocs Certified
Underwriting Provider Program. The BlitzDocs certification program enables contract
underwriting service providers to certify to their lender customers that they
are fully trained and prepared to deliver those services via the BlitzDocs solution.
“The BlitzDocs Certified Underwriting Provider Program was created as a
service to lenders,” said Greg Smith, president and CEO of Advectis, Inc. “Currently
several of the top 20 lenders are using BlitzDocs technology in their origination
and underwriting operations. Additionally, each of these lenders secures contract
underwriting services from third party providers. Our lenders have told us that
it is important to them that their contract underwriting providers are certified
to manage BlitzDocs originated loans effectively. Having those providers certified
assures lenders that as their BlitzDocs usage grows, they can use any number
of technology and service providers to help them reap the benefits delivered
from the BlitzDocs solution.”
BlitzDocs Certified Underwriting Providers use BlitzDocs-based technology as
a key solution component in delivering contract underwriting services to lenders. “We’re
enthusiastic about partnering with a company like Advectis that provides innovative
technology to the mortgage industry,” said Kevin Davis, RMIC eCommerce
and Agency Relations Manager. “We see this as an outstanding opportunity
to add to our overall goal of providing customers with solutions that increase
efficiencies and lower costs. Our BlitzDocs certification identifies RMIC as
a contract underwriting provider with the knowledge and experience to help lenders
convert their origination and underwriting functions into a paperless process
using BlitzDocs technology.”
Advectis believes that 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 process
efficiency for both brokers and lenders. To be 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 can
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, are able to submit imaged documents to lenders or contract underwriters
for paperless underwriting. In addition, the solution streamlines 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 RMIC
Republic Mortgage Insurance Company is a national provider
of private mortgage insurance, providing a competitive array of
premium rates and quality services including Contract Underwriting,
the industry’s first Zero Initial Premium plan, RMICDirect
for online servicing, RMIC’s Electronic Loan Submission (ELS),
Customer education seminars and affordable housing programs. RMIC’s
private mortgage insurance coverage allows lenders to approve mortgage
loans with smaller down payments.
For more information about RMIC, call 800.999.7642 or visit its Web site at www.rmic.com.
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