Flagstar's electronic document technologies save millions of pieces of paper each year and support "green" sustainability. They eliminate ancillary costs such as fuel consumed to ship packages of paper mortgage documents, toner cartridges used to print documents and the petroleum plastics used to make the cartridges, as well as the energy consumed in producing paper and transporting it through the supply chain. The end result is a clear and substantial contribution to energy efficiency and natural resource conservation.

Statistically, over 400,000 loans were registered electronically with Flagstar in 2009 and of those, more than 200,000 were underwritten and nearly 130,000 closed. The average loan file when processed, unwritten and closed on paper requires an average of 250 pages (including applications, underwriting documents, closing packages, disclosures and other documents). If all the loans closed by Flagstar in 2009 were processed on paper, this would amount to 32.5 million pieces of paper. When factoring in loans that were registered or underwritten, but did not close, and loans processed by Flagstar's DocVelocity system, the total paper usage would be even higher. Since Flagstar's technologies have moved most loan processing steps off paper and onto electronic documents, Flagstar is eliminating millions of pieces of paper that would otherwise be consumed.

Flagstar is a leader in technology innovation, leveraging paperless technology through the following portals:

  • Our Loantrac system - A 100 percent paperless underwriting process that allows for electronic delivery of a mortgage loan.
  • DocVelocity - Our own paperless processing service for mortgage bankers and brokers.
  • eClosings - A paperless closing process where customers click through imaged documents and leave the closing with all their documents on a flash drive or a CD.

Today, paperless technologies are an integral part of our business practices, supported by both a cultural commitment and the demonstrated cost- and time-savings we have been able to reap (and pass on to our customers) by vastly reducing paper in our mortgage operations.

It is important to note that our paperless innovations have not come from a sudden rush to become "green" - rather they have been a hallmark of our company since the 1990s.