Xerox Adds e-Signatures to BlitzDocs

The e-services revolution in mortgage origination marched onward Thursday, with Xerox Mortgage Services announcing that it had added e-signature capabilities to Xerox’s (XRX: 6.40 -3.18%) Web-based BlitzDocs Collaboration Suite, a mortgage loan document management platform.

The e-signature functionality enables borrowers and lenders to sign new or re-financed home loans online; electronically signed documents are then securely managed and stored, and audit tracking detects where the documents travel throughout the system to keep tabs on any transactions made during the loan lifecycle, Xerox officials said in a press statement.

“Mortgage lenders who embrace electronic signatures have a competitive advantage in today’s complex marketplace,” said Greg Smith, vice president, Xerox Mortgage Services.

Licensed through eSign Systems, a division of Wave Systems Corp. (WAVX: 1.04 -2.80%) , Xerox said that the new electronic signature capabilities will also help expand the BlitzDocs’ network of mortgage participants — giving users access to a larger pool of financial lending institutions and other service providers.

It’s not clear, however, which new lending institutions are service providers are joining up with BlitzDocs in the wake of additional e-service functionality.

“For the mortgage industry to thrive, it must drive down costs while improving customer service,” said Jeanne Capachin, research vice president, IDC/Financial Insights. “Vendors that can arm their customers with a total package - the right combination of technology and services, will help the industry weather a challenging time.”

For more information, visit http://www.xerox.com/mortgageservices.

Disclosure: The author held no positions in XRX or WAVX when this story was originally published. HW reporters and writers follow a strict disclosure policy, the first in the mortgage trade.