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New Software From Flagstar’s DocVelocity

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(credit: istock) Technology Report
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Troy-based DocVelocity, a Web-based paperless processing system for mortgage bankers and brokers, has released DocVelocity 3.0.

The centerpiece of the new 3.0 version is an all-new interactive Threads feature for multiple users all along the loan process, as well as major enhancements to the functionality of the DV Desktop components. 

DocVelocity is the flagship product of Paperless Office Solutions Inc., a wholly owned subsidiary of Flagstar Bancorp (NYSE: FBC).

“Our customers asked us to make it easier for their borrowers and partners to interact and do business with them,” said Jason Dufner, director, product development, at DocVelocity. “We responded by creating version 3.0 to make it happen.”

Key features of version 3.0 include:

* DocVelocity Threads — This online customer portal connects everyone involved in the processing of a loan, from the originator’s staff to the borrower and third parties such as the title and appraisal companies. Originators can interact directly with the wholesale underwriter in the Thread to streamline and speed communication. Threads create a transparent process where everyone can see all relevant documents, without compromising security.

* DocVelocity Desktop — The enhanced Desktop (formerly DocVelocity Messenger) functionality in DocVelocity 3.0 combines the scalability and flexibility of a Web-based application with the speed and power of a desktop application. The new DocVelocity Desktop revolutionizes how users navigate and organize loan documents, thus increasing their productivity in an industry environment that requires employees to do more with less.  

DocVelocity is a Web-based paperless solution designed to simplify the mortgage loan origination experience, enabling mortgage bankers, correspondent lenders or brokers to shift easily to entirely paperless processing. It creates a paperless environment by allowing originators to collect, review and share mortgage loan documents electronically. It has easy options for turning paper into electronic files, accepts documents in most electronic formats, automatically names and sorts documents as they enter the system, and enables instant sharing of documents among staff, borrowers and lenders with the click of a button.

The system provides cost reduction, time savings, increased productivity, better management of compliance and risk, and reduced bottlenecks in the loan process.

To learn more about DocVelocity, call (877) 362-8356 or visit www.docvelocity.com.

With $13.6 billion in total assets as of Dec. 31, Flagstar Bank, FSB, another wholly owned subsidiary of Flagstar Bancorp, is the largest publicly held savings bank headquartered in the Midwest. Flagstar operated 162 banking centers in Michigan, Indiana and Georgia and 27 home loan centers in 13 states at year-end 2010. For more information, please visit www.flagstar.com.

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