Homecomings Financial selects BlitzDocs solution.

Homecomings Financial, Minneapolis, has selected BlitzDocs[R], Alpharetta, Georgia, as its Web-based imaging solution, which is now supporting more than 60 percent of the wholesaler's loan applications.

Homecomings Financial's imaging solution offers a secure collaborative electronic loan

"We chose a proven imaging solution to make the transition as smooth as possible. The paperless loan folder has enhanced our broker partnerships and doesn't require any additional equipment for the broker to purchase," said Bettenburg. "We've eliminated the overnight shipping and are able to begin work on a loan file as soon as the broker submits it online. The solution allows us to work collaboratively with our brokers and, paired with our other technology, allows us to streamline the lending process for borrowers."

With each new application, the broker creates a loan folder; uploads, scans or faxes in the documents; and submits the file to the branch for underwriting. The branch underwrites the loan and requests any additional conditions from the broker. When the broker submits new documents, the underwriting staff is automatically notified, eliminating delays and miscommunication in tracking down missing conditions, explained Bettenburg.

Homecomings Financial's imaging solution is the latest enhancement to a full suite of technology tools designed to automate and simplify the transaction, including Assetwise Direct[sm] automated loan evaluation system, Quickwise[sm] product and pricing scenario tool, online pricing and locks, and the utilization of automated valuation models (AVMs) in lieu of property appraisals for certain mortgage products and transactions.

"In the past year, we have transformed our processes to be paperless from origination through delivery to our investors. We have invested considerable time and effort in our broker clients, branches and downstream business partners to make this change possible," said Bettenburg. "The positive feedback from our broker clients indicates that the paperless process further enhances Homecomings Financial's market-leading technology platform."