Xerox Brings Wealth of Research to Advectis Unit
When Advectis become Xerox Mortgage Service in October, the company joined an outfit that has some heft in the technology space.
As part of Xerox Global Services, the firm benefits from Xerox's three well-respected research and development centers, according to Greg Smith, vice president and general manager of Xerox Mortgage Services. Those research facilities -- located in Palo Alto, Calif., Rochester, N.Y., and in France -- will help Xerox Mortgage Services stay on the cutting edge of reducing complexity in document management, the company said.
The company's key product, BlitzDocs, is an electronic loan folder that mirrors the paper folders traditionally used for mortgage loan files.
He said the company will be able to leverage some of the technology that is associated with being part of "the document company." He noted that Xerox spends $1 billion per year on document-centric research and development.
"They valued our business model and we valued their brand and reach," Mr. Smith said.
"Our customers are asking for more functionality and features in the core BlitzDocs product," he said, citing post-closing as an area where the company hopes to expand its services.
For the moment, the BlitzDocs business remains focused on the mortgage space, but Mr. Smith said it is possible that the company will at some point reach out to serve other industries with a high reliance on documentation. And the management of documents can help lenders improve relationships with other vendors, Mr. Smith believes.
"Technology like BlitzDocs can play a very pivotal role for helping lenders outsource or even in-source components of their process."
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