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Press release from PR Newswire

DocVelocity Announces Upgrade to Document Recognition Platform

Monday, June 25, 2012

DocVelocity Announces Upgrade to Document Recognition Platform10:51 EDT Monday, June 25, 2012New Enhancement Offers Multiple BenefitsTROY, Mich., June 25, 2012 /PRNewswire/ -- DocVelocity, a Web-based paperless processing system for mortgage originators, has announced a new Auto Document Recognition (ADR) platform that brings multiple benefits to customers.The new platform supports color images, keeps documents in stacking order, and recognizes documents at a more granular level. Automated document recognition empowers DocVelocity customers to spend more time underwriting loans and less time manually indexing and organizing loan files. The end result is they can use their employees' skills more effectively. "We are excited to provide more tools to reduce our customers' need to manually index documents and to improve their experience with DocVelocity," said Jason Dufner, director, Product Development, at DocVelocity. "This upgrade also reflects our continuing commitment to invest in and add value to DocVelocity." About DocVelocity DocVelocity is a Web-based paperless processing system for mortgage bankers and brokers developed by Paperless Office Solutions, Inc., a wholly owned subsidiary of Flagstar Bancorp, Inc.® (NYSE: FBC). For more information, please call (877) 362-8356 or visit Flagstar Bancorp, Inc. Flagstar Bancorp (NYSE:FBC) is the parent of Flagstar Bank,® which is a full-service financial services company offering a range of products and services to consumers, businesses, and homeowners. With $14.0 billion in total assets at March 31, 2012, Flagstar is the largest publicly held savings bank headquartered in the Midwest. As of March 31, 2012, Flagstar operated 113 branches in Michigan, 28 home loan centers in 13 states, and a total of four commercial banking offices in Massachusetts, Connecticut, and Rhode Island. Flagstar originates loans nationwide. For more information, please visit DocVelocityFor further information: Susan Bergesen, +1-248-312-6237