Flagstar Bank and Advectis Develop Connector to Electronically Deliver Loan Packages

Advectis®, Inc., provider of the most widely-used solution for electronic mortgage document collaboration, announced that it is developing a BlitzDocs® Connector with Flagstar Bank. The connector will enable BlitzDocs customers to electronically deliver BlitzDocs electronic loan folders to Flagstar’s imaging systems based on industry standards as defined by the Mortgage Industry Maintenance Organization (MISMO).

BlitzDocs Connector is a component of the BlitzDocs Collaboration Suite, which enables participants in the mortgage loan industry to capture, submit, organize, underwrite, audit, share and archive loan documents electronically using BlitzDocs’ collaborative electronic loan folder™, e-Folder.

Using BlitzDocs Connector for Flagstar, BlitzDocs lenders and correspondent sellers can submit individual or multiple loan packages with their associated document images for integration into Flagstar’s Paperless Underwriting™ and its other paperless mortgage processing systems. Transferred credit and closing documents are immediately processed by Flagstar and viewable to customers via Flagstar’s Paperless File Manager™ application.

“Being part of the BlitzDocs collaborative electronic document network enables us to enhance service while continuing to eliminate paper and cost,” said Steve Brooks, Executive Vice President and Chief Operations Officer - Lending of Flagstar Bank. “It also significantly extends our paperless processing and delivery capabilities to a much broader group of lenders and correspondents who are using BlitzDocs solutions. With the click of one button, BlitzDocs customers can e-ship loans and trailing documents to Flagstar, simplifying the process for all parties as well as improving turnaround time and productivity.”

Flagstar is also participating in the Advectis Certified Investor Program. The program certifies Flagstar’s ability to receive images exported and electronically transmitted from lenders through the BlitzDocs collaborative network.

“The value of the BlitzDocs collaborative document network increases exponentially for everyone involved with the addition of each participant,” said Greg Smith, president and CEO of Advectis, Inc. “Advectis is committed to providing the best and most efficient network for lenders and correspondent sellers to deliver loan folders to their investors. With the addition of an industry leader such as Flagstar, the mortgage industry’s ability to take advantage of the benefits of paperless processing is greatly increased.”

About Advectis, Inc.

Advectis, Inc. provides the mortgage industry’s first and most widely-used solution for electronic document collaboration, BlitzDocs Collaboration Suite. The Web-based suite provides a collaborative electronic document network for all participants in the mortgage loan industry to capture, submit, organize, underwrite, audit, share and deliver loan documents electronically. At the heart of BlitzDocs is the Collaborative Electronic Loan Folder™ (“e-folder”) which mirrors the paper loan folder that mortgage companies use today, but streamlines loan processing from capture and submission through sharing and delivering of the e-folder. With BlitzDocs, Advectis not only provides capabilities for paperless processing now, but also offers a path to “SMART Docs” and the e-mortgage.

About Flagstar Bank

Flagstar Bancorp, which has $14.9 billion in total assets, is the second largest banking institution headquartered in Michigan. Flagstar operates more than 125 banking centers in Michigan, Indiana and Georgia, home loan centers in 27 states and correspondent lending offices across the country. Flagstar is one of the nation's leading originators of residential mortgage loans.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.