DocVelocity

  • Business Description:
    DocVelocity is a Web-based paperless solution designed to simplify the mortgage loan origination experience. It creates a paperless environment by allowing you to collect, review and share your mortgage loan documents electronically. It has easy options for turning paper into electronic files, accepts documents in most electronic formats, automatically names and sorts documents as they enter the system, and lets you instantly share them with your staff, borrowers and lenders with the click of a button.
  • Year Founded:
    2007
  • Website:

Your Paperless Office

What Are DocVelocity’s Services & Solutions?

DocVelocity provides control and transparency so you can:

  • Better manage mortgage compliance and risk.
  • Improve productivity.
  • Reduce expenses.
  • Close and fund mortgage loans faster.
  • Create new opportunities to expand your business.

What makes DocVelocity so attractive is that it complements processes you have in place today without dramatically changing how you do business. You most likely already use some electronic processes, like e-mail, fax or scanning. DocVelocity helps tie them all together so you can process electronic mortgage documents from start to finish instead of producing and managing paper documents along the way. The result? You won’t feel a big change, but you’ll see big results.

How did DocVelocity become a paperless leader?

DocVelocity is the flagship product of Paperless Office Solutions, Inc., a wholly owned subsidiary of Flagstar Bancorp. Flagstar Bank, another subsidiary of Flagstar Bancorp, has distinguished itself as a best-in-class leader in paperless processes and technology for well over a decade. By going paperless internally, Flagstar significantly reduced costs and gained a reputation as an industry leader in fast turn times.

In order to effectively enter this market Flagstar created a strategic relationship with Capsilon Corporation out of San Francisco CA. Capsilon streamlines collaboration between businesses involved in a transaction by enabling the rapid movement of documents and data without requiring the parties to standardize around a common format. It facilitates both internal and external collaboration by connecting virtual workspaces and enabling transaction participants to work together in real-time, reducing the time and cost associated with paper and electronic alternatives.

Benefits of DocVelocity

  • 24-hour online access to all mortgage loan documents.
  • Automatic document naming and organization.
  • Easy options for turning paper into electronic files.
  • Simultaneous offsite sharing of mortgage documents by your staff.
  • Instant digital delivery to any lender or investor.
  • Faster turn times.
  • Simplified online workflow.
  • Paperless technology without hardware or software to install.
  • Searchable long-term online storage.
  • Built-in compliance and audit logs.
  • Scalable packages to fit any size business, large or small.
  • Simplified regulatory compliance.

What is Automated Document Recognition (ADR) and what can it do?

DocVelocity’s Automated Document Recognition (ADR) supports electronic submission of all loan documents. It takes document sorting and naming to a whole new level and gives originators significant advantages in speed and accuracy.

Clear Advantages

  • Fast document recognition and overall upload speeds – Available for review in near real-time
  • It’s automatic – No need to change your documents or handle certain documents differently
  • Customers can submit documents securely in original page order with document names
  • Support for high resolution and color documents – No loss in image quality

No need for any work-arounds.

With ADR, your customers don’t need to change what they currently do. There’s no need to add in more manual steps and work-arounds. You don’t have to change business processes, change entire document sets, or add requirements to how customers send in documentation either. ADR supports 100% of your loan documents, you can receive them through your normal process, and they will automatically be recognized and organized for you and your customers exactly how you view them today.

  • There is no need to install or maintain barcodes on your system documents
  • You don’t have to manually apply barcodes, use separator sheets, or manually break apart individual documents
  • No work-arounds need to be created for “supporting docs” that don’t have barcodes

ADR recognizes 50% more documents than barcodes, saving time.

DocVelocity’s ADR can automatically sort and name all of your documents without the need for any barcodes or separator sheets, reducing manual organization time. With support for over 200 documents, ADR supports all of the system generated documents like barcodes, but also all the documents that barcodes can’t get.

What can the new Automated Document Recognition technology get that barcodes1 can’t? Here are some examples:

  • Documents to order and print on the web
  • Bank statements and other asset supporting documentation
  • W-2s, pay stubs, and other income supporting documentation
  • Tax returns and transcripts
  • FHA Connection Documents (e.g. Case File #’s, CAIVRS)
  • Business/Address look ups confirmations
  • DU/LP findings, credit reports
  • Identification verification documents (e.g. passports, driver’s licenses, etc.)
  • Appraisals

No document can go unnoticed.

ADR follows four different types of recognition and confidence rules, so it knows when documents are correctly recognized, and when they aren’t. There are color-coded indicators for any documents that need attention, and it will also provide hints for naming to anything it doesn’t recognize, so you can place the document in the correct spot. This clean up of “unknown” documents is quick, and typically takes less than one minute per 300 pages. To make things even easier when sorting, ADR provides specific naming conventions so you don’t have to dig through generalized document categories like “income” to find the specific document you’re seeking (e.g. W-2s, paystubs, etc.).

Automate Internal File Stacking.

To review files internally, each business unit (e.g. sales, processing, underwriting, etc.) can have their own designated view of files so they are in the exact same order and sections they are used to today. You will no longer have to rely on each business unit spending valuable time organizing and re-organizing files, along with any other additional documentation that comes in throughout the process – it happens automatically.

Automate Investor Delivery.

When loan files are sent to end-investors or shared with QC firms or auditors, you can automate delivery. Just select the template you would like to use and the documents will automatically populate within your delivery package; we even provide red name indicators of any key required documents you may be missing.

Instant Return on Investment.

Many companies have up to 5-10 hours of manual organization built into their processes, per loan. With ADR, you can achieve an instant return on investment for taking your company to the next level of paperless, saving you 90% of the time in getting your documents to where they need to be, when compared to a manual or bar-code process.

1Unlike DocVelocity’s ADR, the typical bar code solution requires you to manually name or apply a bar code sticker or a paper separator sheet to standard documents not supported.

Cost-cutting

Are you currently paying any of these costs?

  • Paper. With loan files averaging 450 pages, paper costs ad up.
  • Printer toner and maintenance.
  • Fax lines.
  • Copier maintenance and costs.
  • File folders and filing cabinets.
  • Long-term document storage.
  • Document delivery costs to your long-term storage facility, vendors, etc.
  • Document shredding.
  • Occupancy/lease space. Could you move to a smaller office — and pay less rent — if you didn’t need all that extra space for filing cabinets and storage?
  • Staples, binder clips, rubber bands, etc.
  • Branch/satellite locations.
  • Labor. How much time does your staff take just to create, organize, re-organize and deliver a loan file?

These are just a few costs that result directly from handling paper files. Ask us how you can get a free ROI worksheet comparing your operating costs to a paperless cost structure.

How is DocVelocity Truly Unique?

DocVelocity is unique because our development efforts are focused on the end user experience. We are asking our customers to get rid of paper in their organizations. Paper is a great technology that has been around for thousands of years. For us to ask our customers to give that up requires our development to focus on the user experience that allows them to work with digital paper as fast as or better than paper. Capsilon’s dedication to the user experience has led to our success and allowed for quick and easy adoptions by our customers.

How Does DocVelocity Add Value?

Where can’t we add value to a lender’s business is a shorter question to answer. The areas where our customers see the biggest value gains are in customer service, easy retrieval of loan documents to better address and handle customer inquiries during the mortgage process. Offer unique collaboration tools for operational staff and external staff that are required to move a loan transaction through the process. Everyone is reviewing and discussing the same information as it relates to a loan file. Security and compliance are inherit as sensitive borrower information is accessed via secure login credentials, and the activity on a loan file is tracked for review and security provisions. In addition the need for many of the expenses commonly associated with a paper file are either removed or greatly reduced due to a paperless environment. These are just a few of the areas where DocVelocity provides value to an organization.

What’s Next for DocVelocity That Lenders Should Know?

DocVelocity and Capsilon are committed to keeping the product updated several times throughout the year. We typically do a product update 3-4 times a year. All of which include specific enhancements to improving the user experience and solving specific problems the industry currently faces. By being dedicated to the mortgage industry, this allows Capsilon to focus on problems that are specific to the industry. That combination of user focused development and commitment to the mortgage industry create a unique offering that will drive adoption and progression in the industry. (4288)