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NetUPDATE acquires DocuTouch Corporation

REDMOND, Wash. - Security of electronic documents is on the minds of CU leaders everywhere. Recently, NetUPDATE, Inc., a software and services provider for the financial services sector, has acquired Seattle-based DocuTouch Corporation, a leader in document management and digital signatures. With the DocuTouch addition, NetUPDATE will support the ability...

By Staff Writer | Updated on August 28, 2001

REDMOND, Wash. – Security of electronic documents is on the minds of CU leaders everywhere. Recently, NetUPDATE, Inc., a software and services provider for the financial services sector, has acquired Seattle-based DocuTouch Corporation, a leader in document management and digital signatures. With the DocuTouch addition, NetUPDATE will support the ability to securely store, route, collaborate on and digitally sign everyday business documents. The DocuTouch tools will first appear as part of NetUPDATE’s initial product, LoanUPDATEsm, the `Virtual Loan Assistant’. The solution targets inefficiencies in the $1.5-trillion Mortgage Industry. According to industry analysts, the entire mortgage process takes 30-45 days to complete. It can involve more than 100 documents and over 40 participants. In addition, all the participants use a multitude of communication channels such as e-mail, fax, postal mail, and courier, further complicating and lengthening the process. “All the inefficiencies in the mortgage process lead to overhead costs from $2,000 to $3,000 per loan,” said Tom Gonser, CEO and co-founder of NetUPDATE. “This year, that translates into over $28 billion in loan processing expense. By integrating the DocuTouch technology into LoanUPDATE, we will be able to greatly reduce the time and processing costs involved in closing a mortgage.”

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