home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Mortgage Technology news
Technology news for originators, executives and servicers. Coverage of LOS systems, loan product and p r i c i n g engines and other technology offered to the mortgage industry.

Digital Wholesale Submissions

Advectis survey indicates broker productivity increases

March 21, 2006


photo of Paula Parisot
Paula Parisot

Mortgage brokers are increasing originations and reducing time, money and errors by electronically submitting loan packages to wholesale lenders, according to a recent survey.

Advectis Inc., a digital document vendor, said it polled 380 of its mortgage broker users to better understand how electronic submissions have affected the "time savings and loan processing workflow."

Over 80 percent said using a paperless submission process has streamlined the approval and condition notification processes as well as decreased turnaround time, according to the Atlanta, Ga.-based company. Almost half said it has them helped originate more loans.

Jackie Brown, a processor for five years at Citizens Home Mortgage, said the process has resulted in a quicker turnaround time and it ensures the accuracy of what transmissions have occurred.

"It's always legible," Brown told MortgageDaily.com. "I'd love to have it on all lenders."

Advectis VP of Marketing Sami Jajeh said the paperless solution is an on-demand service hosted on the Internet that lenders can use with their brokers to transact their mortgage loan financing, from start to finish.

Jajeh told MortgageDaily.com that the amount of phone-based follow-up decreases because conditions and notifications are managed electronically and all parties can have access to real-time updates.

Ninety-three percent of those polled agreed it was at least somewhat important for all parties to have access to the electronic loan folder with 64 percent saying it was very important, according to the survey.

Kate Jackson, a processor for 20 years said Rochester Area Mortgage Services, uses Advectis for submissions with HSBC and she finds it very simple to use. "It's so easy," she explained, "you plug in your loan number, it can create your cover sheets to fax your conditions, and you can see what has been sent, reviewed and when it was signed off."

Those are important factors for time and cost savings, according to survey participant Mark Rasberry, owner of The Mortgage Shop, Inc. Rasberry said he sees a savings in UPS and overnight charges as the company usually sends out three or four packages a day.

"Another huge advantage is that packages don't get lost," he told MortgageDaily.com. "It's very easy to verify that they received it (the loan file).

He said his company has been using the paperless solution for six months with wholesale lender InterFirst ABN AMRO.

While Rasberry said he couldn't think of any disadvantage to using the system, he noted it would be great for more lenders to offer the paperless solution.

Paula Parisot is a MortgageDaily.com feature reporter and a blogger at CloserBlog.com who has also worked in the mortgage industry.

e-mail Paula at: [email protected]

Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.

Mortgage Broker News | Originator Newsletter
Stories about mortgage brokering and broker programs. Profiles of successful mortgage brokers. Articles about mortgage brokers who excel at other activities. Broker lawsuits and criminal broker activity.

Mortgage Originator Tools
News about pricing, technological and selling tools for loan originators.

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders