Every time my kids get home from school I bother them to do their homework. I’m sure they think I’m a broken record. Similarly, I’m sure that you think I’m a broken record because of how often I talk about paperless technology. But this technology is catching on. For example, a provider of cloud-based document sharing, imaging and management solutions for mortgage lenders, announced that in 2013, it experienced significant growth as it increased the number of U.S.-based staff by 180 percent and its monthly recurring revenue by 66 percent, in addition to achieving other major milestones.
In January 2013, Capsilon acquired DocVelocity, a document imaging distributor of Capsilon’s technology, from Flagstar Bancorp. Following the acquisition, the company adopted the DocVelocity name for its imaging system. Capsilon has continued to update DocVelocity to provide increased productivity and flexible access for customers. The updates offered throughout last year included batch delivery of loan packages to investors and service providers, improved performance and automatic updates for the Desktop App and camera capture for the DocVelocity Mobile App. In addition, Capsilon now offers users of DocVelocity access to a variety of educational classes designed to train them how to more successfully manage and process their mortgage documents.
Capsilon introduced new Network Delivery capabilities that enable DocVelocity users to deliver secure and compliant loan packages to leading GSEs and financial institutions in December 2013. Lenders can deliver a single loan package or a group for batch delivery to Chase, Citibank, Flagstar Bank, Wells Fargo Bank, Fannie Mae, Freddie Mac and the Federal Housing Authority according to their prescribed formats and protocols.
The company also opened new offices in Troy, Mich. and Irvine, Calif. to better manage Capsilon’s dramatic growth. The new offices enable expansion of services and support capabilities for mortgage lenders and investors throughout the United States.
“Throughout 2013, our company enhanced DocVelocity and built the national infrastructure to enable Capsilon to increase market share and continue to provide innovative technology solutions to the mortgage industry that focus on increasing profitability and facilitating compliance,” said Sanjeev Malaney, chief executive officer of Capsilon. “These efforts offer a solid groundwork for our continued expansion in 2014.”
About The Author
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 email@example.com.