When a mortgage company in Las Vegas hired a new CIO, one of his first mandates was to find a way to eliminate a growing backlog of files in the Post Closing Department. Despite having a hosted document imaging solution, the department’s seven employees found it impossible to keep up with the growing volume of documents associated with about $1.1 billion in loans per year. Since the mortgage lender sells its mortgages to investors, the growing stacks of documents represented unrecognized income and lost interest.
After evaluating about 20 ECM providers, the mortgage lender chose an updated document imaging solution that combines integrated document management, business process management and records management in a single web-enabled application.
Another compelling feature of the document imaging solution was eMortgage Delivery, which allows mortgage lenders to create customized loan packages and index information required by investors. The document imaging solution also offers a script that supports the electronic transfer of the loan documents for the mortgage lender’s largest investor, Countrywide Loans. The script automates the process for gathering all of the documents Countrywide requires (and none of those it doesn’t) and presents them in the investor’s preferred order.
For more information about document imaging solutions, continue to visit our blog or contact OSAM Document Solutions, Inc.