GEM Mortgage Solves Document Storage Problem with Blitzdocs

GEM Mortgage Banking & Financial Markets Case Study

GEM Mortgage realizes the power of paperless processing.

Background After initial research into industry solutions, such as electronic collaboration, GEM Mortgage Founded in 1986, GEM Mortgage is a discovered that BlitzDocs® from Xerox could mortgage banker that has grown to potentially offer more than just storage. approximately 40 retail branches in California, Management determined that it would most Washington, Arizona and Nevada. GEM definitely meet its storage needs, but they saw Mortgage supplies loans for single-family other ways where they could use the solution to residences and one- to four-unit multifamily increase efficiencies and operate their business properties. It is approximately 90 percent more cost-effectively. retail with one wholesale branch in Northern California. GEM Mortgage works with about “It (BlitzDocs) really got our creative juices 22 investors and currently originates in excess flowing on how we could use it to make our lives of $140 million in loans a month. more efficient in our company,” said Rebecca Wegman, executive vice president and chief The Challenge operating officer. “It certainly would have solved our storage solution, but once we explored the “Xerox Mortgage Services is exemplary. GEM Mortgage began looking for a solution to solution more, we decided that we would use Everything has a sense of urgency. Bar address an internal storage problem. Because it for paperless underwriting and closing, too. none, they are head and shoulders above the company is licensed by the Department Our branches would have immediate access most other customer service companies of Corporations, GEM Mortgage is required to to files and conditions electronically using the we use.” keep files for five years and at the rate of 8,000 to 10,000 loans a year, storage was rapidly Internet, and we would no longer have to wait – Rebecca Wegman becoming a problem. for something via fax or overnight bag.” EVP and COO GEM Mortgage Better, faster delivery. Improved competitive edge.

The Solution The Results Case Study Snapshot “We chose BlitzDocs® because we liked the GEM Mortgage has experienced exciting results origination and underwriting perspective of directly attributed to the implementation of The Challenge it but also the fact that it supported a front- BlitzDocs. The greatest benefit has been in • Internal document storage was rapidly to- back-end kind of workflow to enhance the the added efficiencies. Wegman commented, shrinking mortgage process,” Wegman continued. “We are currently able to electronically ship • Company wanted to operate business files to our investors, and it has made a huge GEM Mortgage management embraced the more efficiently and cost-effectively difference in our staffing and overall efficiency. idea of a paperless solution and chose to The Solution Additionally, we were able to reallocate initially roll BlitzDocs out at the corporate • BlitzDocs Collaboration Suite provided resources in our shipping department.” level. After a process-mapping session and new electronic collaboration for better, workflow consideration, a representative came Another benefit has been turnaround time. faster processing out to provide in-depth training to corporate Branches can now guarantee overnight service • Enabled immediate access to loan files employees on the solution. Then we developed because they no longer have to physically send for underwriting and closing a rollout plan to get the solution out to underwriting files. Scanning and imaging has The Results branches. To ensure buy-in, we supplied branch also allowed GEM Mortgage to reduce the • Seamlessly solved document storage managers with scanners and we held either number of copy machines in the office from issues group or individual training sessions. After we 10 to three, providing tremendous savings in left, the branch had a week to get on board and maintenance, supplies and monthly copier fees. • Reduced number of copiers for its files were required to be imaged from that Management at GEM Mortgage believes that substantial savings in maintenance, point on. It took us about 120 days to get all because of BlitzDocs solutions, the company supplies and monthly fees the branches up and using the solution. is able to provide a higher level of customer • Improved turnaround times and service to its clients. Once a client has signed responsiveness for better customer “At first, some branches struggled with the its documents, GEM Mortgage can have the service idea of change. But once they used it for a few appropriate person review the documents • Created new paperless technology weeks, they realized the tremendous advantage: immediately. “It’s definitely a value because efficiencies that were greatly time savings and efficiencies. These branches not many people at our level of competition are appreciated by employees are now the biggest proponents.” Now when doing this.” a new branch is opened, it is provided with a scanner and set up on the solution from the beginning. Best of all, use of BlitzDocs paperless The Future solutions is now a key selling tool to recruit new GEM Mortgage is strategically positioning branches. With the solution fully implemented, itself to provide electronic closing, although files from canceled and brokered-out files are the company believes there are obstacles to kept in the BlitzDocs electronic loan folders as overcome first. GEM Mortgage believes in the well as a monthly report to verify that all loan importance of staying abreast of technology numbers created in the operating systems have and is comfortable with imaged files and an associated BlitzDocs folder. electronic transfers because, according to management, the industry will end up there and the company must be ready to easily provide those capabilities. With BlitzDocs Collaboration Suite, GEM Mortgage has taken the first critical step, bringing it a competitive advantage through the use of paperless technology.

About Xerox Services. Xerox Corporation is a world leader in business process, information technology and document outsourcing services. Our unique combination of industry expertise and delivery capabilities helps you reduce costs, streamline operational processes and grow revenue while clearing the way for you to focus on what you do best: your real business. For more information on how we help mortgage companies, visit www.xerox.com.