Mid-sized mortgage lenders getting glimpse of paperless loan processing
A new partnership between Lenders One Mortgage Cooperative and DocVelocity hopes to arm up to 180 mid-sized mortgage lenders with a simplified, affordable electronic loan management systems. The partnership is looking to increase the competitiveness of the smaller firms with the big four mortgage lenders by decreasing loan processing turn-around-times. DocVelocity is a product of Paperless Office Solutions Inc., a subsidiary of Flagstar Bancorp (FBC). The DocVelocity loan processing product allows lenders to manage mortgages online from the point of origination. Lenders One is a national alliance of community mortgage bankers that will now be able to deploy the DocVelocity electronic loan management product to its 180 members. The mid-sized mortgage lenders that make up Lenders One's ranks are responsible for originating up to $77 billion in loans during fiscal 2009. Using the systems, originators will gain more control over their loans by having constant access to data related to compliance and risk issues, Lenders One said. "Our goal is to continually provide members with opportunities to expand and diversify their business," added Scott Stern, CEO of Lenders One. "Imaging is a process historically reserved for national lenders, but DocVelocity provides a platform that is more feasible for smaller and midsized lenders to deploy. Our members now have the ability to create their own paperless environment, which improves productivity and reduces costs to enhance their growth possibilities in any market." Write to Kerri Panchuk.