Lenders One Mortgage Cooperative, a national alliance of community mortgage bankers, correspondent lenders and suppliers of mortgage products and services, has announced a partnership with DocVelocity, a Web-based paperless solution that simplifies the mortgage loan origination experience, as its newest preferred vendor. DocVelocity is the flagship product of Paperless Office Solutions Inc., a wholly-owned subsidiary of Flagstar Bancorp.
DocVelocity provides an online paperless solution that allows mortgage documents to be processed electronically from start to finish. Automating the review and sharing of loan documents gives lenders greater overall control and transparency so they can better manage their mortgage compliance and risk.
“Our goal is to continually provide members with opportunities to expand and diversify their business,” said Scott Stern, chief executive officer 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.”
Lenders One members will benefit from DocVelocity’s simplified online workflow and 24-hour Web access to all mortgage loan documents, as well as options for converting paper into electronic files. The paperless technology additionally benefits members with quicker turn times and lower operating costs in originating loans due to instant digital file delivery, searchable long-term document storage and automatic filing and naming capabilities. Built-in audit and compliance logs also allow Lenders One members to more effectively approach their observance of regulatory guidelines.
“We are excited to partner with an organization as reputable as Lenders One and provide its members with the paperless tools that are key to progressing their business,” said Jason Dufner, director, product development at DocVelocity. “DocVelocity is committed to the cause of making our customers paperless and helping them realize its associated benefits. Aligning with Lenders One gives us direct access to a group of top quality lenders that can incorporate an automated origination experience to improve their performance.”
For more information, visit www.lendersone.com, www.flagstar.com or www.docvelocity.com.