| Situation
To quickly make information available
to its distributed workforce and reduce
cycle times, one of the country’s
top ten online originators of home loans
implemented the OnBase integrated document
management solution. Processing about
$7 billion in loans annually, the lender
deployed COLD processing, e-mail capture,
document imaging, workflow and remote
access and printing capabilities fully
integrated with its LOS (loan origination
system).
Leading Mortgage Lender Streamlines
Loan Processing
A top 10 online originator of mortgage
loans closed more than $7 billion in home
loans in 2002, making it one of the largest
home lenders in the United States. A direct
lender in all 50 states, the company has
nearly 20 years of experience, employs
more than 1,200 mortgage professionals
and has been named “Best of the
Web” by Forbes, Money and PC magazines
for its online capabilities.
Increase Operational Efficiencies
This mortgage lender wanted to increase
operational efficiencies by implementing
a document management system that would
integrate and communicate easily with
its existing loan origination system (LOS).
The company wanted to provide quick access
to crucial loan information to employees
in a variety of locations. The ideal solution
would create a system that would streamline
processes while remaining flexible enough
to accommodate different situations.
Reduce Cycle Times
To reduce cycle times, the lender wanted
to automatically route loan files to the
appropriate person/department for review.
Regardless of how the information was
received (e.g. fax, e-mail, paper), the
company required a system that would accurately
sort and forward information as well as
satisfy all federal, state, local and
internal rules and regulations. Another
goal was to automate the process of printing
and sorting of files for investors.
Solution – Productivity
and Cost Efficiency
Following an extensive needs analysis,
this mortgage lender partnered with an
authorized reseller of OnBase, an enterprise
content management software solution from
Hyland Software, Inc.
From loan origination through post-closing,
the lender automated the entire process
and fully integrated OnBase with its LOS
within a six-month period. Using three
Kodak 3590C color document scanners and
two Kodak 9520D high volume scanners,
the mortgage lender now scans more than
4,000 loan documents per hour, ranging
in length from one to twelve pages.
The documents are automatically indexed
using bar code technology. The system
manages not only scanned and imported
documents but also COLD processes reports
generated by the company’s legacy
systems.
These documents can be automatically
routed and processed for review and approval
using OnBase’s Workflow and E-Forms
modules. Remote employees can access the
OnBase repository and workflow by using
the OnBase Web Server module.
Not only does the system support the
printing of files for investors, but by
using the Virtual Print Driver module,
reports can automatically be printed directly
to remote locations based on keywords.
The OnBase solution is used by workers
in Originations, Underwriting, Post-Close
Audit Review and Shipping.
Client Benefit
The OnBase solution delivered a 100%
increase in productivity and speed for
post-closing processes. Time spent locating
needed loan files and/or loan documents
was reduced by 90%, empowering the lender’s
customer service operations by enabling
immediate response to requests.
- 100% increase in speed of post-closing
processes
- 90% reduction in time spent looking
for documents
- Dramatically improved customer service
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