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Boca Raton, Florida, October 3, 2007 - Lydian Data Services, a provider of mortgage process outsourcing services and mortgage transaction management solutions, has become an Advectis BlitzDocs® Certified Quality Control and Due Diligence Provider.
As a BlitzDocs Certified Quality Control and Due Diligence Provider, Lydian Data Services can now receive electronically imaged loan folders from lenders and investors on the BlitzDocs collaborative document network, and can perform quality control services and due diligence reviews for them.
“The number of companies that are concerned with potential liquidity issues and the quality of loan pools has resulted in a rapid increase in the demand for both quality control and due diligence services,” states Brian Fitzpatrick, president of Lydian Technology Group and executive vice president of product management and marketing for Lydian Data Services. “As a BlitzDocs Certified Quality Control and Due Diligence Provider, we make it effortless for lenders and investors to cost-efficiently leverage outsourced quality control and due diligence services. When companies electronically submit their loans to us, they can significantly reduce the cost and time associated with the process.”
As a result of this partnership, Lydian Data Services will be able to accept loans in the full range of delivery formats through the BlitzDocs Collaborative Network since BlitzDocs supports flow, bulk or mini-bulk packaging and delivery of electronic loan folders. The Web-based BlitzDocs solution automatically maps document types, names, and stacking orders between parties, while allowing anytime, anywhere access to electronic loan folders. BlitzDocs provides sophisticated stipulations management and automatic bi-directional synchronization of electronic documents between all active mortgage participants.
“We are excited to add Lydian Data Services as a BlitzDocs Certified Quality Control and Due Diligence Provider to the leading collaborative electronic document network,” said Todd Moncrief, vice president of business development at Advectis. “Our mutual customers will benefit from significant cost reductions and streamlined workflow associated with quality control and due diligence processes.”
BlitzDocs Certified Due Diligence Providers use BlitzDocs technology as a key solution component for providing quality control and due diligence services for their customers. With BlitzDocs, quality control and due diligence providers are transforming the quality control, due diligence and compliance process to be paperless.
About Advectis, Inc.
Advectis®, Inc. provides the mortgage industry's most widely-used solution for electronic document collaboration. The Web-based BlitzDocs® Collaboration Suite provides access to the BlitzDocs collaborative electronic document network where participants capture, submit, underwrite, audit, share, deliver and archive loan documents. BlitzDocs customers benefit from a network with more than 35,000 broker shops, the top seven mortgage insurance companies and four of the top due diligence providers. Collectively, BlitzDocs investor participants represent more than 70 percent of loans purchased in the secondary market.
About Lydian Data Services:
Lydian Data Services, a wholly owned subsidiary of Lydian Trust Company and the parent company to Lydian Technology Group, provides end-to-end outsourcing and a-la-carte services to manage or enhance all aspects of the mortgage operation for premier institutional lenders and investment banks. Through its award-winning, open-architecture platform, and leveraging the Mortgage Connectivity Hub, Lydian Data Services improves its clients' operational efficiencies and service delivery. The company has focused expertise in post-closing, quality control, conduit services, outsourced mortgage fulfillment services (including wholesale and retail processing), and travel team due diligence. Lydian Data Services is a central clearinghouse and standard for due diligence and data integrity for leading lenders and investors within the mortgage industry. Lydian has been awarded the Ernst & Young Florida “Entrepreneur of the Year ® ” award for financial services, has been repeatedly ranked one of the fastest-growing private companies on the Inc. 500, and was the top ranking financial services company to be recognized on the InfoWorld 100 list of the “Most Technologically Innovative Companies in the World.” For more information, visit www.LydianData.com.
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