Rochester, N.Y.-based Xerox Corp. plans to buy e-collaboration vendor Advectis, Atlanta, for $32 million.Xerox’s expertise in document outsourcing and related services is what led the company to Advectis, a privately owned business. Advectis' Web-based BlitzDocs Collaboration Suite helps lenders, brokers, and investors manage the process needed to underwrite, audit, collaborate, deliver and archive loan documents electronically. "We're looking to help clients reduce costs and transform their business by offering a better experience for both end-users and operations," said John Kelly, president of Xerox Global Services North America. "Xerox's expertise in automating document processes is an ideal fit with Advectis' BlitzDocs paperless solution for mortgages." Xerox's all-cash purchase of Advectis also includes an additional performance-based supplement to the sale price. The acquisition is expected to close in the next 30 days. All Advectis employees will be retained. Xerox's document technology and services portfolio includes consulting and outsourcing services, records management, digital imaging, e-discovery for litigation support, and managed services in more than 160 countries.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24