Flagstar's DocVelocity Releases Version 3.0 of Its Paperless Solution

DocVelocity, a Web-based paperless processing system for mortgage bankers and brokers, has released DocVelocity 3.0. The centerpiece of the new 3.0 version is an all-new interactive Threads feature for multiple users all along the loan process, as well as major enhancements to the functionality of the DV Desktop components. DocVelocity is the flagship product of Paperless Office Solutions Inc., a wholly-owned subsidiary of Flagstar Bancorp. DocVelocity is a Web-based paperless solution designed to simplify the mortgage loan origination experience, enabling mortgage bankers, correspondent lenders or brokers to shift easily to entirely paperless processing. It creates a paperless environment by allowing originators to collect, review and share mortgage loan documents electronically. It has easy options for turning paper into electronic files, accepts documents in most electronic formats, automatically names and sorts documents as they enter the system, and enables instant sharing of documents among staff, borrowers and lenders with the click of a button. "Our customers asked us to make it easier for their borrowers and partners to interact and do business with them," said Jason Dufner, director of product development at DocVelocity. "We responded by creating version 3.0 to make it happen." Key features of version 3.0 include: ►DocVelocity Threads: This online customer portal connects everyone involved in the processing of a loan, from the originator's staff to the borrower and third parties such as the title and appraisal companies. Originators can interact directly with the wholesale underwriter in the Thread to streamline and speed communication. Threads create a transparent process where everyone can see all relevant documents, without compromising security. ►DocVelocity Desktop: he enhanced Desktop (formerly DocVelocity Messenger) functionality in DocVelocity 3.0 combines the scalability and flexibility of a Web-based application with the speed and power of a desktop application. The new DocVelocity Desktop revolutionizes how users navigate and organize loan documents, thus increasing their productivity in an industry environment that requires employees to do more with less.