"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."Greg Smith, Advectis CEO, told Housing Wire "We continually strive to promote and enhance electronic collaboration."
Smith's firm started out offering an easy way for wholesale lenders to get information from brokers in an electronic format. This was a serious pain point for lenders during the most recent refi-boom. BlitzDocs allowed brokers to print their own bar codes and then fax their documents directly into the wholesale lender's LOS. Very nice.
When Smith talks about enhancing electronic collaboration, chances are he's not talking about the brokers as much as he is the investors. Handing the deal off into the secondary market has always been a fairly tedius process, what with all the paper and QA/QC. The idea of handing an electronic loan folder to an investor is very appealing to lenders.
I'll be writing more about this in the near future. You can bet I'll be reaching out to Smith to find out more about what he's up to now.