Xerox Integrates New E-Document Functionality
On the heels of the Xerox acquisition of BlitzDocs, the new entity dubbed Xerox Mortgage Services is using technology from its parent to enhance electronic document management functionality for its users.
"We're always looking at new technologies," said Greg Smith, vice president and general manager, Xerox Mortgage Services. "We've integrated some Xerox technology, namely Dataglyphs. We're 120 or 130 days into the acquisition. We've seen a lot of interesting things in the Xerox arsenal. One of the things that interested us was the glyphs.
"One of the challenges we've had from the get go is trying to put barcodes on the forms. Somebody with a loan skill set should be able to fax that in, it should be registered so we know what the document is and it should go right into an e-loan folder. I was interested in getting those barcodes of the document and move that e-doc to the closing table."
Specifically, new to the BlitzDocs suite is Xerox Dataglyphs technology, a security feature that embeds computer-readable data to the paper. Information regarding the mortgage loan is contained in the DataGlyphs, which act as a portable database, offering increased security and automatic classification capabilities throughout the loan process. DataGlyphs are flexible in shape and size unlike most barcodes. They can store hundreds of times more data and can recreate themselves when damaged or tampered.
"We'll be one of the business units to really bring this to life," said Mr. Smith. "It's a series of dashes that don't look like a typical barcode, but there's redundancy built in. If someone draws through a barcode or if there's a fax line that goes through a barcode, it throws everything into chaos. With this there's redundancy in it so it's not thrown off if someone writes over it.
"It's a different way to encode data in a barcode. It's also flexible in terms of size and shape. People are looking for different ways to post documents electronically leading toward an e-mortgage. This could be very powerful. It's not the e-mortgage, but it's a step to help the paper process be more efficient. It's also an industrial code that can have security implications at closing."
Three new features that have been added to simplify the uploading and organization of documents to BlitzDocs include the ability to one-click document submission solutions. Multiple documents can be uploaded, classified and sorted into the BlitzDocs electronic loan folder with one click. A management queue offers the added benefit of viewing, reordering and managing the documents during the uploading process.
Second, there is now updated drag and drop functionality. Paired with the existing one-click upload capability, this feature allows users to simply drag and drop electronic documents from third-party applications directly into a BlitzDocs e-folder.
Lastly, there is new document organization support. Individual documents that are scanned, faxed or uploaded into a BlitzDocs e-folder can now be indexed, merged, shuffled and classified regardless of their format, including TIFF and PDF documents.
In addition, Docu Prep and PriceMyLoan.com have joined Xerox Mortgage Services' Certified BlitzDocs Provider Network.
All of these developments, according to Mr. Smith, are baby steps toward complete e-mortgage processes. "Only one-third of closing docs don't have room for a code like the one we're describing here. They weren't designed for this. We're working with document preparation vendors to get us to 100%. There's definite e-mortgage traction with this. At the e-mortgage sessions at the recent MBA tech show they were SRO. It's coming."
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