Advectis Announces the BlitzDocs Certified Underwriting Partner Program.Business Editors 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 Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. and loan archiving solutions specifically designed for the mortgage industry, announced the creation of the BlitzDocs Certified See certification. 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 Greg Smith may refer to:
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 (1) In batch processing, the time it takes to receive finished reports after submission of documents or files for processing. In an online environment, turnaround time is the same as response 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 fain adv. 1. Happily; gladly: "I would fain improve every opportunity to wonder and worship, as a sunflower welcomes the light" Henry David Thoreau. 2. , 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 according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. 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 Mortgage Banker A company, individual or institution that originates, sells and services mortgage loans. Notes: Don't confuse a mortgage banker with a mortgage broker. Association (MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration ), demonstrate a core competency A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
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 The program that serves as your front end to the Web on the Internet. In order to view a site, you type its address (URL) into the browser's Location field; for example, www.computerlanguage.com, and the home page of that site is downloaded to you. , brokers, lenders, investors and other authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: parties are able to capture, submit, organize, underwrite To insure; to sell an issue of stocks and bonds or to guarantee the purchase of unsold stocks and bonds after a public issue. The word underwrite has two meanings. , 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 The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. 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 A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , 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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