The following is a ghost review. This review’s ghost writer is
(Steve Brooks), (Chief Operating Officer - Lending) for (Flagstar Bank).
Paperless… we keep hearing about it, but how does an originator get there? Well, DocVelocity says it can take an originators’ shop “paperless in a day” – describing itself as a Web-based paperless office that allows mortgage brokers and correspondents to phase out manila folders, metal file cabinets, photocopiers, fax machines, and overnight delivery shipping… to go paperless by putting all of those things online, with instant online registration and no up-front cost or investment, just a per-loan usage fee.
For anyone who uses any transactional websites, DocVelocity is surprisingly intuitive (plus, they have three short videos on their homepage that take you through it). You set up your file structure how you want it – office locations, file cabinets (by L.O., by product type, or whatever you want), and loan folders. From there DocVelocity takes you by the hand in uploading any docs with easy options like direct transfer from any LOS, upload from desktop, scan, email, and fax. The best part – whether sending in one or hundreds of docs in at a time, each document is automatically named, sorted, and dropped in the correct folder – all in a matter of minutes (impressive). Of course, once the docs in your loan file are all online, that means anyone in the process (as authorized) can work on the files 24/7, from anywhere. Plus, you can send loan packages to your investors instantly with a single mouse-click, eliminating the whole process of making photocopies and standing by the fax machine.
My take: If you use a computer for loan origination, word processing, and email, then working in DocVelocity will all seem very comfortable. Drop downs, yes/accept buttons, preview images of the docs in a window… all very familiar. Just like anything new, you have to invest a little time and focus to reach your own comfort level with the application. But once you do, you’ll find that it’s easy to use; it takes something that sounds like a big, complex project (“going paperless”) and makes it reasonably fast and easy… putting you ahead of your competitors in being part of the inevitably “paperless” future.
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{ 3 comments… read them below or add one }
No, no, no.
I’m a flagstar fan. Pro flagstar, in every way. I send them 600-800k/month.
THeir web based stuff crashes once or twice a month for 5 or more busines hours. It times out even more frequently. Uploading is a time suck because it’s slow–best case scenario–and it hangs itself, worst.
I’d ave to say that if the technology was RIGHT, the above aplies.
But the reality? Far different.
Hi Chris, Thank you for your response.
I’m glad to hear that you are a supporter of Flagstar. We are certainly proud to have them as a business partner, as their experience with cutting-edge mortgage technology has been invaluable.
I can’t speak to your points on their web-based tools, but I can assure you that while DocVelocity leverages Flagstar technology, what you will experience as a web-based user is an entirely separate experience. In fact, we’ve got separately housed servers that run our front-end software, and they are VERY fast.
To your specific point – DocVelocity will make your uploads hassle-free with auto-doc naming and sorting and instant delivery options like email and fax that let you drop files into their loan folders without even loading a web-page. Moreover, DocVelocity will solve your upload problems with Flagstar, as it’s built with a direct connect to instantly delivery docs.
Of course, you don’t have to take my word for it … feel free to visit our site (www.docvelocity.com), sign up for a free trial, and try it out for yourself!
Thanks again for your feedback.
Chris,
I am a long time (8yrs) customer of Flagstar. I have enjoyed using DocVelocity since December. We on average upload 3-4 files per day. I can attest that it does not crash as much as you claim. As for the speed of an upload, it mainly depends on your file size. Most files take just as long to upload as it would for you make copies, prepair shipping labels and send to your lenders. The true time savings that you will experience is a year later when you need to locate one document out of a file and you can obtain it by a couple clicks of the button. When it comes to technology, Flagstar is usually 2 yrs ahead of the competition.
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