December, 2001 - The rapid growth of the Internet has opened amazing channels of communication in a typical lending transaction. What used to be a slow, laborious process has seen huge increases in speed and productivity in recent years.
When we pioneered the use of cyberspace for document delivery, many thought we had reached the apex of the delivery curve. Not quite. We then went ahead and developed an Internet-based delivery system that makes it appear as if the lender is generating the documents himself.
This revolutionary system also lets mortgage bankers transfer closing documents between their office and the loan officer, corporate office or any other authorized party, just by entering a code.
The entire process is virtually instantaneous and totally transparent to the user.
In reality, when the users enter the code, they are logging into the DocMagic server where the closing package resides. When they click on the "Get Docs" button, a window appears that allows them to download the documents, safely and instantly.
WebDocs allows us to offer an important "private label" function to our clientele. As far as the user is concerned, the lender appears to be processing data and creating the closing documents. The invisible WebDocs link means wholesalers and others can give out their own business web address rather than ours. Client feedback tells us that our clients appreciate the ability to present a full-service profile to their customers.
The WebDocs service is free and recipients can download and print documents instantly. Because the forms can be viewed on the screen, it's simple for the receiving party to make annotations right on the document files and email them back to the lender without printing first.
To underscore the versatility of the system, one recent client was out of the country when his documents were drawn and wanted to approve them before returning. For technical reasons the document package could not be emailed. With WebDocs, he simply logged onto the lender's site, entered the code and downloaded the entire package. It's really pretty remarkable. It used to take 72 hours to get a set of docs created and delivered across town. Now we can get them anywhere on the planet in a heartbeat.
While email is still the most commonly used delivery option for most of our customers, WebDocs offers even broader distribution and greater security. Unlike email, where anyone with access to the lender's Internet account can acquire documents, WebDoc's encrypted combination code allows the parties to strictly control access. Some email services and certain software programs are not able to retrieve large document files. WebDocs is the perfect solution for them, as well.
As more and more industry professionals take advantage of website opportunities, we expect that the use of WebDocs will far exceed email as the most common delivery vehicle.
So... have we finally reached the apex of the document delivery curve? Absolutely not. Our tech people are planning our industry's next "new thing", even as we speak.
Don Iannitti is President/CEO of Document Systems, Inc. DSI is the nation's largest and most sophisticated document processing company, with a share of market twice that of the rest of the industry combined. The company was the first to make extensive use of the Internet for information processing and document package delivery.