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Konica Minolta ECM Blog

Reduce the Stacks of Paper in Your Mortgage Process

Posted by Dan Termale on Fri, Apr 29, 2016 @ 09:05 AM

dreamstime_1210096_4.jpgFor anyone who works in mortgage lending or who has ever purchased or sold a home, then you know the lengthy paper driven process that comes with it. That daunting stack of papers that you need to sign until you can no longer feel your hand, remember that? It’s called the closing process and it can be a very time consuming slow experience. If you have ever thought ''There’s gotta be a better way to do this'' — after all it is 2016, the age of the mobile and paperless technologies — then you are correct! There is a better, more efficient way to streamline your mortgage lending and closing processes.  

There are Enterprise Content Management (ECM) solutions that specialize in streamlining processes like mortgage lending and closing processes. An ECM solution will not only shorten the lending cycle, but it will also make your processes more cost effective. This is the direction that most industries are heading, so it’s important to stay competitive.

These solutions enable lenders to capture documents and information electronically, automating the manual, time-consuming processes throughout the entire mortgage process. Instead of having to track down documents, your staff can focus on more value added tasks while increasing and improving customer service.  

Here’s how an ECM solution streamlines your mortgage processes:

  • Origination - Provides several mechanisms for capturing, indexing and storing literally any type of document format. These solutions verify that documents are complete and automatically route your loan applications and all supporting documents to the underwriter. 
  • Underwriting - Once in the system, underwriters have immediate access to all loan documents from either home or office.  This automates the review and routing of completed loan documents to determine risk and expedite the loan closing process.
  • Post Closing and Audit - Workflow capabilities enforce that an institution's procedures and policies are followed every time and ensures that all documents have been prepared completely and accurately so your compliance standards are always met. 
  • Shipping and Delivery - This simplifies the shipping and delivery process by providing secure, immediate online access to loan documentation for review by potential investors.
  • Servicing - Customer service can now provide immediate updates to customers and investors regarding the status of an application or loan portfolio at any point in the loan process. 

dreamstime_xl_27654163.jpgWhen people say, “Time is Money” they’re absolutely right. The time you and your staff spend on manual tasks like sorting through papers and files, the more expensive your business process becomes. It should be about efficiency and excellent customer experiences. The faster you’re able to process refinances and modifications, the more time you’ll have to spend on new mortgages bringing you additional revenue.

The center of any good business model is always the customer. Everything you do should have the customer experience in mind. Taking care of them and being able to provide them with the highest level of service and attention should be one of your top goals. Whatever you need to do in order to make customer service and new business opportunities your top priorities, then you should do it.

With an ECM solution, the system automatically checks and verifies that you have all of the information needed to start and finish the process. If you’re missing something, then you will be notified immediately. This is much better than finding out you’re missing a document once you’re far along in the process, right? You can set up workflow timers and reminders to keep your loan approvers on top of every new loan that’s ready to be reviewed, which helps to keep process time quick and costs low, and much more.

So stop spending so much time on processing your loans and start spending more time helping customers and pursuing new business opportunities!

If you have any questions, contact us. We’re here to help.

Tags: Document Management, Paperless Office, ECM, Mobile Solutions, Workflow, Mortgages, go paperless

Exploring OnBase's Digital Mailroom - Part One

Posted by Dan Termale on Fri, Oct 10, 2014 @ 02:22 PM

mailroom (1)OnBase solutions seemingly have no limits. They can help streamline government workflows, better manage the education sector, and now can even help streamline the processing of mortgage loans. Like many sectors of society, the business of processing mortgages is a system overrun with paper, often making it strenuous and time consuming to get anything done. However, with OnBase’s Enterprise Content Managment (ECM) system processing mortgage loans can be a breeze because these EDMS’s have softened the impact of managing volumes of paper in many businesses.

The way that the mortgage sector currently operates is by using loan origination software (such as Calyx or possibly proprietary corporate software) to manage and track many aspects of the loan process. Dependent on information gathered from the borrower, this type of software often generates hundreds of pages of documents including requests for information, verifications and consolidated reports. Paper is produced, handled and ultimately still must be managed. The human factor plays a huge role in processing the paper associated with every loan.

OnBase can help better manage this over abundance of paperwork with one of it’s electronic document management system tool, Digital Mailroom (DMR). DMR scans your paper files, identifies the document types (classification), finds key words such as name, loan numbers, social security numbers, etc. and reads this off the page (indexing).

Digital MailroomThe Digital Mailroom solution is extremely beneficial because it eliminates nearly 90% of the doc prep time and labor typically associated with scanning documents. It stores the document images in online systems and then automatically links the images to your loan origination software. Originators, processors, underwriters, closers and managers can instantly access images. Furthermore, data and images are automatically recognized and extracted, then made available online.

This technology "auto-classifies" scanned images by electronically identifying document types in the same way a human would, looking for structure, sequence, and content. It recognizes the first pages of documents such as loan applications, appraisals, insurance forms, credit reports, tax returns versus subsequent pages, and more. It detects that all the pages exist for a given document type and flag exceptions for a person to handle.

Then, based on the document type recognized, DMR applies indexing rules to locate and extract data from the scanned documents. It works with the structured documents such as mortgage notes, credit reports, tax returns and loan applicants.

This aspect of DMR reduces data entry time for a typical 250 page file by nearly 60-80%.

These are only some of the benefits of OnBase’s digital mailroom. Stay tuned for our Exploring OnBase’s Digital Mailroom - Part Two. Click here to ask us a question!

Tags: Document Management, Paperless Office, OnBase, ECM, Workflow, Mortgages

The Mortgage Process Is Going Paperless

Posted by Cindy Bialy on Wed, Sep 24, 2014 @ 09:37 AM

How do mortgage leaders enable the paperless loan process today?  Organizations utilize OnBase to optimize and streamline the full range of mortgage operations, including:

  • Origination
  • Underwriting
  • Post-Closing and Audit
  • Shipping and Delivery
  • Servicing

OnBase is a configurable, scalable enterprise content management (ECM) solution that can be deployed to meet an institution's specific mortgage processing requirements now and into the future.  The open architecture of the system enables seamless integration with existing Loan Origination Systems, third party lending software, as well as other applications (accounting, human resources) to leverage their capabilities and existing technology investments.

ORIGINATION

mortgage process

OnBase provides several mechanisms for capturing, indexing, and storing literally any type of document format - paper, email, fax, PDF, and word processed documents.  OnBase imaging converts paper documents such as loan applications, Good Faith estimates, employment forms, pay stubs, w-2's, bank statements, and disclosures to digital images that are securely stored in the OnBase repository for future retrievals and processing.  Once the application is in the system, workflow verifies that documents and associated data are complete and automatically routes the loan application and supporting documents to the underwriter.

UNDERWRITING

Once in the system, underwriters have immediate access to all loan documents.  All documents can be stored in a virtual folder, providing the underwriter with all the necessary information to make better, accurate decisions.  Workflow automates the review and routing of completed loan documents to determine risk and expedite the loan closing process.  Provisions are automatically routed to designated underwriters and an email notification is sent indicating that special attention is required.

POST-CLOSING AND AUDIT

mortgage

Workflow enforces and organization's procedure and policies, ensuring all documents have been prepared completely and accurately and that compliance standards are always met. Workflow timers guarantee promptness in completing the closing process.  Once closed, and signatures are completed, all remaining documents such as the Note, Deed, Title Insurance, and Hazard Insurance are captured and stored in OnBase for long-term archival. 

SHIPPING & DELIVERY

OnBase simplifies the Shipping and Delivery process by providing secure, immediate online access to loan documentation for review by potential investors.  Once funding is secured, OnBase makes certain that commitments made to investors are fulfilled within specified deadlines.  Contractual agreements with investors, commitment letters and communications between the shipper and investor are captured and properly managed within the system.  The preparation and delivery of loan documents is facilitated by providing the shipper with access to all related loan documents.  Workflow automatically sorts and prints loan files in the order the investor prefers.

SERVICING

A single, easy-to-use interface provides access to all relevant loan portfolio documents, improving Loan Administrator productivity and overall customer service.  a customer service representative can now provide immediate updates to customers and investors regarding the status of an application or loan portfolio at any point in the loan process.  No longer is there a need to manually look for the document in question.  The customer service representative can fax, email or print a document or entire portfolio directly from the desktop.

Interested to learn more?  Visit our mortgage website page or Contact Us today if you have any questions!

Tags: OnBase, OnBase workflow, Workflow, Mortgages

How To Streamline Your Mortgage Lending Processes with ECM

Posted by Dan Termale on Fri, Feb 07, 2014 @ 11:00 AM

Mortgage ProcessingFor anyone who works in mortgage lending or for anyone who has ever purchased or sold a home, then you know the lengthy paper driven process that comes with it. That daunting large stack of papers that you need to sign until you can no longer feel your hand, remember that? It’s called the closing process and it can be a very time consuming slow experience. If you have ever thought ''There’s gotta be a better way to do this,'' after all it is 2014, the age of the mobile device and the iPad, then you were correct! There is a better more efficient way to streamline your mortgage lending and closing processes.  

OnBase is the leading Enterprise Content Management system (ECM) in the market that specializes in streamlining processes like Mortgage Lending and closing processes. OnBase will not only shorten the lending cycle, but it will also make your processes more cost effective. This the direction that most industries are heading so it’s important to stay competitive. OnBase enables lenders to capture documents and information electronically, automating the manual, time consuming processes throughout the entire mortgage process. Instead of having to track down documents, your staff can focus on more value added tasks while increasing and improving customer service.  

Here are some ways that an ECM system like OnBase works to streamline your mortgage processes:

  • Origination - OnBase provides several mechanisms for capturing, indexing and storing literally any type of document format.  OnBase Workflow verifies that documents are complete and automatically routes the loan application and all supporting documents to the underwriter.
  • Underwriting - Once in the system, underwriters have immediate access to all loan documents from either home or office.  OnBase Workflow automates the review and routing of completed loan documents to determine risk and expedite the loan closing process.
  • Post Closing and Audit - OnBase Workflow enforces and institution's procedures and policies, ensuring all documents have been prepared completely and accurately and that compliance standards are always met.
  • Shipping and Delivery - OnBase simplifies the Shipping and Delivery process by providing secure, immediate online access to loan documentation for review by potential investors.
  • Servicing - Customer Service can now provide immediate updates to customers and investors regarding the status of an application or loan portfolio at any point in the loan process 

Time is MoneyWhen people say “Time is Money” they are absolutely right. The time you and your staff spend on manual tasks like sorting through papers and files the more expensive your business process becomes. It should be about efficiency and excellent customer experiences. The faster you are able to process refinances and modifications, means you will have more time  to spend on new mortgages bringing you new revenue. The center of any good business model is always the customer. Everything you do should have the customer experience in mind. Taking care of your customers and being able to provide them with the highest level of service and attention should be one of your top goals. Whatever you need to do in order to make customer service and new business opportunities your top priorities, then do it.

improve customer serviceWith an ECM solution the system automatically checks and verifies that you have all of the information needed to start and finish the process. If you are missing something then you will be notified immediately. This is much better than finding out you are missing a document once you are far along in the process, right? You can set up workflow timers and reminders to keep your loan approvers on top of every new loan that is ready to be reviewed which helps to keep process time quick and costs low and much more.

Stop spending so much time on processing your loans and start spending more time helping customers and going after new business opportunities! Learn more today!

Tags: Document Management, Paperless Office, BPM, OnBase, ECM, Workflow, Smart Process Apps, Mortgages

Automate Your Mortgage Lending Process with OnBase

Posted by Dan Termale on Mon, Jul 29, 2013 @ 02:36 PM

Mortgage Paperwork

Have you purchased or sold a home recently or in the past? If you have, then you will probably remember the big stack of papers that you had to sign during your closing process. Beginning with the origination and underwriting stages through post-close and audit processes having a content management solution, like OnBase, will not only shorten the lending cycle, but will also make it more cost effective as well. This is the direction the industry is heading in so it's important to stay competitive and embrace this necessary technology. OnBase enables lenders to capture documents and information electronically and automate the manual, time consuming processes throughout the entire mortgage process. Instead of having to track down documents, your staff can focus on more value added tasks and put more time into improving customer service.

The old saying, " Time is Money" , is still absolutely true. The more time your staff has to spend on manual tasks like sorting through papers and files the more it costs to finish your business processes. The faster you are able to process refinances and modifications, the faster and more time you will have to spend on getting new mortgages which means more profits for you. Taking care of your customers and being able to provide them with the highest level of service and attention should be one of your top goals. Whatever you need to do in order to make customer service and new business opportunities on top of your priorities list, you should do. With OnBase the system automatically makes sure that you have all of the needed information and then starts to route the loan approval process immediately. You can set up workflow timers and reminders to keep your loan approvers on top of every new loan that is ready to be reviewed which helps to keep process time quick and costs low. 

  • Origination - OnBase provides several mechanisms for capturing, indexing and storing literally any type of document format.  OnBase Workflow verifies that documents are complete and automatically routes the loan application and all supporting documents to the underwriter.
  • Underwriting - Once in the system, underwriters have immediate access to all loan documents from either home or office.  OnBase Workflow automates the review and routing of completed loan documents to determine risk and expedite the loan closing process.
  • Post Closing and Audit - OnBase Workflow enforces and institution's procedures and policies, ensuring all documents have been prepared completely and accurately and that compliance standards are always met.
  • Shipping and Delivery - OnBase simplifies the Shipping and Delivery process by providing secure, immediate online access to loan documentation for review by potential investors.
  • Servicing - Customer Service can now provide immediate updates to customers and investors regarding the status of an application or loan portfolio at any point in the loan process

Stop spending so much time on processing your loans and start spending more time helping customers and going after new business opportunities! Learn more today!

Tags: ECM, OnBase workflow, Mortgages

Moving Towards a Paperless Environment - ECM for Mortgage Lending

Posted by Cindy Bialy on Mon, Apr 15, 2013 @ 11:29 AM


Mortgage SolutionsOnBase for Mortgage Lending helps lenders save time and money and streamline their processes by digitizing, standardizing and automating enterprise content management (ECM). Many steps are necessary to enable the vision of the paperless eMortgage.  An integral step in that process is converting paper documents into electronic format and we see the lending industry is moving towards a paperless environment.  But how do mortgage lenders enable the paperless loan process today?  Organizations utilize OnBase to optimize and streamline the full range of mortgage operations, including: 

  • Origination - OnBase provides several mechanisms for capturing, indexing and storing literally any type of document format.  OnBase Workflow verifies that documents are complete and automatically routes the loan application and all supporting documents to the underwriter.
  • Underwriting - Once in the system, underwriters have immediate access to all loan documents from either home or office.  OnBase Workflow automates the review and routing of completed loan documents to determine risk and expedite the loan closing process.
  • Post Closing and Audit - Onbase Workflow enforces and instituion's procedures and policies, ensuring all documents have been prepared completely and accurately and that compliance standards are always met.
  • Shipping and Delivery - OnBase simplifies the Shipping and Delivery process by providing secure, immediate online access to loan documentation for review by potential investors.
  • Servicing - Customer Service can now provide immediate updates to customers and investors regarding the status of an application or loan portfolio at any point in the loan process

OnBase is a configurable, scaleable enterprise content mangement (ECM) solution that can be deployed to meet an institution's specific mortgage processing requirements now and into the future.  The open architecture of the system enables seamless integration with existing Loan Origination Systems, as well as other applications (e.g. accounting, human resources, etc.) to leverage their capabilities and existing technology.

Read our other blog articles to learn more about Mortgage Lending and OnBase.

Tags: Document Management, Paperless Office, OnBase, ECM, OnBase workflow, Workflow, Mortgages

Mortgage Applications Need to be Paperless

Posted by Cindy Bialy on Fri, Jul 20, 2012 @ 09:37 AM

Rates are so low; I could not resist the opportunity to refinance.  I contacted the Mortgage Company I had used in the past and arranged to start my refinancing process. My packet ofmortgage paperwork arrived via FedEx and working for a Document Management Solutions company, I couldn’t help but wonder why they still process with paper.  It seems to me to make perfect sense for me to complete the forms electronically and send those forms electronically to all the different departments that would require my information.

So I was curious... how many forms came in the packet and how many pieces of paper did I need to copy in order to include my required tax forms, savings account, etc etc.  I counted 42 pieces of paper that the Mortgage Company required and over 80 pieces of paper that I needed to copy in support of those documents. This paper based system  just doesn’t make sense – there is so much time and labor savings(I didn’t even mention the obvious costs associated with copy ink and paper) to processing electronically.

To even further make me shake my head, I thought how many times are these packets copied and physically mailed to a location or department?  After researching a bit, I found that at least 4 different departments must receive a copy of this information. (Please comment if you know the exact number – I know my figure is conservative) We are already up to 488 documents just for one account.  I am cringing now at the blatant cost savings that could be had if I completed the Mortgage documents electronically and scanned my personal forms.  As I continue to think about it, I am imagining the person on the receiving end sorting through and shuffling my papers to look for missing documents and the documents they need in order to complete their portion on its way to approval.  Is it only me seeing the further costs savings in identifying missing documents automatically and notifying the person automatically of what needs to be submitted?

I have 45 days to close and, at first,  I thought that was a long time, but I am not so sure anymore.  I will let you know how I make out.  And yes, I will send a note ELECTRONICALLY to my mortgage originator and let her know there is a better way.

Tags: Document Management, Paperless Office, OnBase, Mortgages, Credit Unions