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SAN DIEGO, CA, March 05, 2011 /24-7PressRelease/ -- Axacore Inc., a privately held provider of document imaging, fax and messaging solutions that are supported by high-performance web servers and browser interfaces, has announced that its powerful XDOC electronic document management system enables mortgage companies to realize a return on investment from the platform after just six months. The technology offers the flexibility of paper at a fraction of the cost.
"In addition to cutting paper costs, eliminating storage costs, ensuring compliance, and providing all the benefits of paper without the headaches, our electronic document management system improves the business process and cuts costs for clients, while producing one of the fastest ROIs in the mortgage business," said Steve DeBlasio, National Sales Manager for Axacore. "We can achieve that result because we reduce the cost of doing business and the time it takes lenders to complete a loan file--and more importantly, because we don't charge for every loan file--just a one-time licensing fee."
The purpose of XDOC is to remove paper from the mortgage process, from the initial application to the close, and throughout the life of a loan, resulting in significant cost savings for lenders. Typically, lenders are faced with:
- Printing and managing the paper necessary to move from application to closed loan costs approximately $122 per loan.
- On average, a loan consumes 870 sheets of paper.
- The cost of the paper is approximately $38.92 per loan.
- Lower printing and filing costs, as well as time saved looking for misplaced documents are some of the other ways that lenders save money.
"In our view, electronic document management provides all of the benefits and flexibility that paper offers lenders, without the expense," said DeBlasio. "Feeding the paper beast is an expensive, time consuming, frustrating approach to the mortgage business that is no longer necessary or sustainable."
Axacore, based in San Diego, is a provider of powerful electronic document management systems that offer the flexibility of paper at a fraction of the cost. XDOC and FaxAgent offer lenders a flexible, customizable platform that reduces overhead, speeds the loan origination process, and continues to produce efficiencies throughout the life of the loan. The technology enables loan originators, processors and closers to simultaneously view and monitor the status of files , determine if documents are missing, or if additional information is required to close the loan, thus reducing turn times by days. Electronic Investor delivery eliminates the time and expense of traditional delivery methods. Axacore, through various distribution channels has licensed their software to over 160 lenders that have realized these benefits. Find more about Axacore at http://www.axacore.com/xdoc/.
Axacore Mortgage Document Management Solutions
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