Flagstar Sells DocVelocity to Capsilon

Posted by Orb Staff on February 15, 2013 No Comments
Categories : Residential Mortgage

13302_dollar_circle_bw Flagstar Sells DocVelocity to Capsilon Troy, Mich.-based Flagstar Bancorp Inc. has agreed to sell the assets and operations of DocVelocity, its document imaging business for mortgage lenders, to Capsilon, a San Francisco-based provider of cloud-based document sharing, imaging and collaboration solutions for mortgage lenders. Terms of the transaction were not made public.

Capsilon developed much of the technology that DocVelocity has marketed and sold since 2007, and Flagstar has used it to provide paperless mortgage processing to its wholesale customers. Following the transaction, Flagstar will continue to use the DocVelocity service.

‘DocVelocity has played an important part in establishing and solidifying Flagstar's position as a leader in paperless mortgage processing for our customers,’ says Jason Dufner, senior vice president of change management at Flagstar. ‘That's a differentiator in the marketplace that we intend to maintain.’

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