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Flagstar Bank here has created a subsidiary called DocVelocity as part of an initiative to offer the benefits of paperless processing to the rest of the lending institution.
DocVelocity's Paperless Office Solutions tool is a constantly evolving partnership devoted to providing a turnkey, end-to-end solution to simplify the broker experience. After years of development, DocVelocity notes on its website that the product is both simple and functional. DocVelocity provides a Web-based environment where everyone involved in the loan process can collaborate to do everything they need to do wherever they are, from collecting documents to delivering to investors.
"We're extremely excited about this and what it's going to do for our brokers and correspondents," said Steven Brooks, executive vice president and chief operating officer/lending at Flagstar. "We've pushed the whole getting rid of paper initiative here. We're a paperless lender that did e-closings last year. This has been a competitive advantage for us. We hope that we can share that competitive advantage with brokers and they'll reward us with more business. Brokers can cut cost, take time...