As new federal regulations requiring transparency, accountability and collaboration continue to be put in place, borrowers will see increased communication regarding the servicing of their mortgage, even after the home is purchased. Xerox is helping lenders and servicers simplify this process with the release of BlitzDocs Servicing.
BlitzDocs, which has been used by lenders for more than a decade to accelerate and improve the loan process for origination and post-closing, provides an electronic loan folder (eFolder) that mimics traditional paper loan folders. This offering extends BlitzDocs’ intelligent collaboration into the servicing sector of the mortgage business and provides a single point of reference for all documentation related to a borrower for the duration of the loan.
“BlitzDocs provides a single point of reference for all documentation relating to a loan; resulting in better customer service for our borrowers,” said Matthew Schuster, senior vice president of Servicing Operations at Fay Servicing. “The ability to index and reconcile documents from our sellers in bulk also results in faster review times.”
Lenders and servicers are now using BlitzDocs’ document management capabilities to support customer service and default loan servicing. The expanded solution will help meet new regulations instituted by agencies like the Consumer Financial Protection Bureau (CFPB). Furthermore, BlitzDocs eXtended Edition, which provides a secure portal for use with third parties, is being used to send crucial documents such as solicitation packages and loss mitigation documents to troubled borrowers.
Leveraging the BlitzDocs intelligent network, documents can be sent and received from trading partners including originators, borrowers, investors, sub-servicers, business process outsourcing providers and mortgage insurance companies. Xerox continues to add points of integration, including new partnerships with BeesPath, ComplianceEase and numerous loan origination systems.
“By helping servicers go paperless, Xerox is simplifying the servicing process and removing costs associated with manually sending documents, improving customer service by ensuring 24/7 access to all loan documents, and supporting compliance by providing an audit trail of all actions taken on a loan,” said Nancy Alley, vice president and general manager of Xerox Mortgage Services.