Online Doc Provider's Growth Underscores Emergence of eMortgages
Advectis, Inc., provider of a widely-used solution for electronic mortgage document collaboration, said today that it more than doubled the volume of loans processed or delivered through its collaborative document network in 2006. The company, which has grown its employee base by more than 83 percent in 2006, also grew revenue by more than 100 percent. Advectis' overall volume of 2006 loans in the BlitzDocs network increased 226 percent from 2005, underscoring the industry's move towards paperless mortgage processing. Advectis said the increased volume was due in part to a larger customer base -- up 45 percent during 2006 -- but that the vast majority of loan volume came through existing customers increasing their reliance on paperless collaboration. By the end of 2006, BlitzDocs users benefited from a network of more than 20,000 broker shops, the top seven mortgage insurance companies and three of the top due diligence providers, and investor participants that represent more than 60 percent of loans purchased in the secondary market. Advectis' BlitzDocs electronic doc collaboration service enables all mortgage participants to capture, submit, underwrite, audit, share and archive loan documents electronically. â€œWe are proud to continue our leadership as the number one network for mortgage document collaboration,â€? said Greg Smith, president and CEO of Advectis, Inc. â€œThe network collaboration enabled through BlitzDocs facilitates a more organized workflow to expedite the loan process. As our customer base continues to grow; our clients will continue to take advantage of the service and efficiency advantages of a larger network.â€? â€œWe continually strive to promote and enhance electronic collaboration,â€? Smith said. â€œIn 2007, we will continue to remedy inefficiencies in the mortgage industry caused by paper, enabling participants in the BlitzDocs collaborative document network to save money and time.â€?