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Special Reports
Electronic Documents
Lydian Data Services is Approved QC Provider for BlitzDocs Network
Worries increase Lydian's business.
By James Comtois
In order to minimize the risks of buying and selling mortgage loans, Lydian Data
Services here, a provider of mortgage process outsourcing and mortgage transaction management services, has become
an Advectis BlitzDocs Certified Quality Control and Due Diligence Provider.
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.
Lydian Data Services, a wholly owned subsidiary of Lydian Trust Co. 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 institutional lenders and investment banks. Through its open-architecture
platform and leveraging the Mortgage Connectivity Hub, Lydian Data Services improves its clients' operational efficiencies
and service delivery.
The company has focused on post-closing, quality control, conduit services, fulfillment
services (including wholesale and retail processing) and travel team due diligence.
Advectis Inc. provides the Web-based BlitzDocs Collaboration Suite, which offers
electronic document collaboration to the mortgage industry. The 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% of loans purchased in the secondary market.
Now, as a BlitzDocs Certified Quality Control and Due Diligence Provider, Lydian
Data Services can 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," said Brian Fitzpatrick,
president of Lydian Technology Group and executive vice president of product management and marketing for Lydian
Data Services.
Mr. Fitzpatrick added that as a BlitzDocs Certified Quality Control and Due Diligence
Provider, Lydian makes it easy for lenders and investors to cost-efficiently leverage outsourced quality control
and due diligence services. When companies electronically submit loans to Lydian, they can reduce the cost and
time associated with the process.
BlitzDocs automatically maps document types, names and stacking orders between
parties, while allowing anytime, anywhere access to electronic loan folders as well as provide stipulations management
and automatic bidirectional synchronization of electronic documents between all active mortgage participants.
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