Business News

Xerox Ends Paper Chase for Mortgage Borrowers

Tuesday 26. October 2010 - Xerox Corporation (NYSE: XRX) continues to lead the mortgage industry's pursuit of paperless loans by introducing a new software service that lets borrowers submit loan documentation to lenders online. Xerox Mortgage Services’ new BlitzDocs eXtended Edition (XE) lets all loan participants eliminate the piles of paperwork traditionally associated with mortgages for faster and easier loan processing.

BlitzDocs XE provides a secure platform with a single location to share and store documents and data – from origination through post-closing. It allows lenders to create an intuitive portal that tells borrowers what documents need to be read, acknowledged and returned. Borrowers can sign off on documents using an electronic “eSignature” or upload scanned documents that were physically signed, eliminating the need to fax and ship hard copy documents.

“Getting borrowers involved in the paperless loan process is an important step in capturing the benefits of going digital for the entire industry,” said Greg Smith, vice president, Xerox Mortgage Services. “From faster turnaround times to cost savings, lenders will use BlitzDocs XE to increase the pace of doing business by sending and receiving the information they need in a central eFolder without the hassle of paper bottlenecks along the way.”

BlitzDocs XE reduces the risk of human error and provides a detailed audit trail of all activities on a loan. BlitzDocs XE is delivered as a fixed cost, offering lenders a single communication link to borrowers and other mortgage participants. In addition, the software can seamlessly integrate into partners’ existing loan origination systems and document compliance vendors.