BSM Financial streamlines loan processes with BlitzDocs
07 January 2004 | 303 views | 0
BSM Financial, a full-service mortgage banking operation, has increased workflow efficiencies, reduced operational costs and improved the quality of data after implementing BlitzDocs, a Web-based solution by Advectis, which delivers paperless origination and archiving of loan documents specifically designed for the mortgage industry.
"Prior to implementing BlitzDocs, there was some hesitation from employees about embracing a change in technology," said Mark Todd, chief operating officer of BSM Financial L.P. "However, soon after starting, the entire staff acknowledged the benefits of capturing and storing data electronically. BlitzDocs has eliminated the labor-intensive procedures involved with processing loan documents."
With more than six branches that have successfully implemented BlitzDocs, BSM uses the solution to submit, organize, audit, securely share and archive documents. Files are available instantly via a secure on-line connection to investors, auditors and other authorized parties involved with the loan transaction. Prior to BlitzDocs, BSM files were stored in an off-site facility, and it often took loan officers more than four days to retrieve information.
"One of the greatest advantages BSM has received from BlitzDocs is the ability to share files with auditors electronically," said Todd. "Before, when we processed loan files manually, it could take days to find a particular file in question, if it was ever found. Paper files are costly and labor-intensive to retain. BlitzDocs makes it easy for all parties involved to get what they need quickly."
Auditors have real time access to loan files, significantly reducing the preparation and administrative work associated with both internal and external audits. All loan files are stored in a centralized server and can be accessed any time of day from any location. Documents are captured using a scanner and inserted into a collaborative electronic loan folder (e-folder), which mirrors the traditional paper loan folder used by mortgage companies. Getting rid of the paper early in the process significantly reduces the costs associated with copying and storing documents.
BrokerSource, the wholesale arm of BSM Financial, is also in the process of extending the paperless loan processing technology's capture and archiving applications even further by implementing BlitzDocs within the lender's wholesale operations. According to Todd, BSM can easily migrate to a more encompassing strategy and gain efficiencies earlier in the loan process with the solution. Said Todd, "We are in a highly competitive loan market, and BlitzDocs is a way to grow our wholesale business by offering brokers the opportunity to submit files and originate loans electronically. This solution collapses geography and time, and those are the types of efficiencies that garner revenue and broker loyalty."
"BlitzDocs is designed to help mortgage professionals process loans faster and more efficiently. This solution gives lenders a competitive advantage, enabling them to get more of the better loans," said Greg Smith, president and CEO of Advectis. "The user-friendly system reduces operational costs, while increasing productivity and ROI opportunities."