Market Analysis: Our Paperless Future

*Our Paperless Future*
**By Tony Garritano**

***Even the most backward of people will admit that paperless processing is where our industry will end up. Lenders may transition slowly, investors may balk at first and county recorders may stall, but it will happen. In fact, it’s happening today. To support this shift technology vendors are increasingly stepping up. For example, DocVelocity, a Web-based paperless processing system for mortgage originators, has launched a new Auto Document Recognition (ADR) platform that brings multiple benefits to customers. Here’s the scoop:

****The new platform supports color images, keeps documents in stacking order, and recognizes documents at a more granular level. Automated document recognition empowers DocVelocity customers to spend more time underwriting loans and less time manually indexing and organizing loan files. The end result is they can use their employees’ skills more effectively.

****“We are excited to provide more tools to reduce our customers’ need to manually index documents and to improve their experience with DocVelocity,” said Jason Dufner, director, Product Development, at DocVelocity. “This upgrade also reflects our continuing commitment to invest in and add value to DocVelocity.”

****DocVelocity is a Web-based paperless processing system for mortgage bankers and brokers developed by Paperless Office Solutions, Inc., a wholly owned subsidiary of Flagstar Bancorp, Inc.

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.