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bobbek
4 Posts |
 Posted - 05/21/2008 : 6:01:10 PM
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| Curious if anyone has good things to say about Flagstar's new "DocVelocity?" I've seen all the hype. But, I've been comfortable with my usual lender software- Provident, etc. I don't normally look FS's way, but might if this was worth my time. Anything to make my life a little easier and get the turn times down. I like the idea of no paper (wouldn't that be nice) but hate the hassle of new programs. Thought? |
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khoiey
1583 Posts |
Posted - 05/21/2008 : 7:02:49 PM
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I think Magic's is cheaper.
quote:
Originally posted by bobbek
Curious if anyone has good things to say about Flagstar's new "DocVelocity?" I've seen all the hype. But, I've been comfortable with my usual lender software- Provident, etc. I don't normally look FS's way, but might if this was worth my time. Anything to make my life a little easier and get the turn times down. I like the idea of no paper (wouldn't that be nice) but hate the hassle of new programs. Thought?
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bobbek
4 Posts |
Posted - 05/21/2008 : 8:39:29 PM
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| Cool. Thanks. |
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ehm3
979 Posts |
Posted - 05/22/2008 : 07:37:57 AM
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I haven't gotten to try it yet but to me it looks awesome. Basically a virtual processor. Just scan all the docs in, and it auto sorts and stacks the file thru the doc recognition system, and then you are supposed to be able to easily submit to 3 diff lenders as I understand it.
As with anything, the proof is in the pudding, so I think they need to give out some beta testing for a better evaluation. But I could see how, as a net branch, you could cut down on processing time/expense with it IF it works as advertised.
Also, it would be a great product for a larger company with several net branches or work from home LO's, they can keep all of the scanned files at the processors fingertips without much hassle, as long as all branches/LO's have a scanner.
I'm hoping to start using it in the next 30 days or so, I'll try to let you guys know if it works as well as it says.
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stewscot
4 Posts |
Posted - 05/22/2008 : 10:37:17 AM
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Bobbek - Yes, DocVelocity is definitely in the business of making your life easier and your process faster.
Basically, DV lets you send in docs via email, fax, or PDF upload as you collect them throughout the loan process. You can even digitally "Print" docs from any LOS or other applications you're using today. As ehm3 mentioned, regardless of how you upload them, DV will sort out and name each type of document (automatically - w/o coversheets). It works!!
From there, all your docs are online for your LOs / Processors to access from anywhere online. The interface is really fast and easy to use so it's not too much of a jump from paper processing.
The beauty of having docs online is that you can quickly and easily deliver docs to 3rd parties, Underwriting, and End-Investors with the click of a button. It currently supports Secure E-Mail, Fax, SFTP, and Direct Digital delivery. No more overnight fees.
At the end of the process, you just keep your docs online with DocVelocity for online storage - up to 7 years, based on your state retention requirements.
The price may be slightly higher per loan than a few of the other options out there, but you get more for your money in terms of auto-recognition, online storage, investor delivery flexibility, LOS integration, free training / support, EASE OF USE, no infrastructure maintenance, etc. Plus - there's no startup fee AND you can try it for free for 30 days.
So - don't take my word for it, give it a try: www.docvelocity.com
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