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DocuTech Sees 'Smart Docs' Win

Though many mortgage executives still don't know what XML is and few believe predictions that electronic transactions really will outnumber traditional paper-based ones in the next few years, DocuTech (www.docutechcorp.com) has been making SMARTdocs the cornerstone of its business offerings.

"We truly believe SMARTdocs is going to be the next generation of doing business for the mortgage industry," said Tim Anderson, DocuTech's EVP for e-mortgage solutions.

Mr. Anderson, who came to Idaho Falls, Idaho-based DocuTech this year from Freddie Mac's Ignition technology subsidiary, said the fact that Freddie Mac has joined Fannie Mae in endorsing the SMARTdoc solution promulgated by the Mortgage Bankers Association's MISMO group validates DocuTech's strategy.

When the GSEs endorse SMARTdocs, he said, "that is the kind of validation that led earlier to general mortgage industry adoption of automated underwriting. We think that's huge."

The SMARTdoc solution (SMART stands for Securable, Manageable, Archiveable, Retrievable and Transferable) combines HTML and XML for Internet data delivery that also preserves documents in electronic form.

"There have been three technology waves in producing paper forms and docs," Mr. Anderson argued. "Great Lakes once owned the world for consumer and mortgage paper-based forms, then along came VMP with a little technology to make things more automated with machine-generated forms. Now comes the third generation with SMARTdocs, where the data and the format become one. This development essentially merges the first and second generation. The advantage of SMARTdocs is capturing the data and a legal image without having to go through a separate imaging process."

XML specifications allow mortgage technology companies to send an XML data file to both Fannie Mae and Freddie Mac for an underwriting decision. DocuTech interfaces with loan origination systems and platforms include Byte, Calyx, DataTrac, Interlinq, Genesis, Contour and Ellie Mae.

Mr. Anderson asserted that DocuTech has built at least a 12- to 18-month lead over competitors by offering SMARTdoc capabilities today in a production setting.

To illustrate the direction DocuTech thinks mortgage doc creation and delivery will develop, Mr. Anderson noted his company's strategic partnership with Portland, Ore.-based SwiftView Inc., an electronic document delivery software provider for the mortgage and other industries.

DocuTech will use SwiftView's SwiftSend LoanDocs delivery software to electronically deliver loan documents in tandem with DocuTech's enterprise data and document technology solution for secure delivery of mortgage loan packages.

DocuTech will offer SwiftView as an integrated solution. A button within DocuTech will offer its users Web delivery as an alternative to e-mail or printing locally and overnighting paper documents.

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