| [April 21, 2004] |
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Advectis Announces the BlitzDocs Certified Underwriting Partner Program
ATLANTA --(Business Wire)-- April 21, 2004 -- GE Mortgage Insurance is the first participant in newly formed paperless loan processing certification program
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 being deployed by the lender.
"We created the BlitzDocs Certified Underwriting Partner Program as a service to 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.
About Advectis, Inc.
Advectis is the leading provider of paperless origination, underwriting and archiving solutions for the mortgage industry. Using its flagship product, BlitzDocs, Lenders are able to capture more of the better loans by delivering better service. At the heart of BlitzDocs is the collaborative electronic loan folder ("e-folder") which mirrors the paper loan folder that mortgage companies use today, and provides rapid advances in streamlining loan processes through capturing, collaborating, sharing and archiving of the e-folder.
Because BlitzDocs is usually provided as a hosted, on-demand solution, it is typically implemented in a few days with users trained in under an hour. Lenders and Brokers immediately benefit from reduced loan processing time and costs. Additionally, BlitzDocs not only provides an immediate solution to go paperless now, but also provides a platform that supports "SMART Docs" and a path to the e-mortgage. For more information about Advectis and the BlitzDocs(TM) solution, call 678.460.2460 or visit its Web site at www.advectis.com.
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