This series of blog posts provides an overview of how a Las Vegas mortgage company implemented document imaging solutions to eliminate a growing backlog of files in the Post Closing Department all while reducing costs and improving the company’s bottom line. In this blog post we will continue to discuss the benefits of quality record imaging solutions.

The record imaging solution costs less than a year’s subscription with the hosted solution provider and allows for greater peace of mind. Additionally, the record imaging solution’s ability to support state and industry compliance initiatives is one of the long-term benefits of the electronic repository because it gives the mortgage lender the ability to quickly retrieve documents and view their history. Instead of pulling files in response to auditor requests, a date range can simply be entered in the software’s retrieval screen to instantly access documents. Auditors can also be provided secure browser-based access to documents via the Web Client.

The rapid appreciation of home values in Nevada has increased the stakes for mortgage lenders. Like thousands of other organizations, this mortgage lender has increased its odds of streamlining operations, reducing costs, and sharing information with employees, partners, and customers by implementing a quality record imaging solution.

For more information about record imaging solutions, continue to visit our blog or contact OSAM Document Solutions, Inc.

This series of blog posts provides an overview of how a Las Vegas mortgage company implemented document imaging solutions to eliminate a growing backlog of files in the Post Closing Department all while reducing costs and improving the company’s bottom line. In this blog post we will focus on how the document imaging solution improved the mortgage company’s bottom line.

One of the weaknesses of the previous system was slow retrieval. The new record imaging solution provides sub-second retrieval based on keywords and imposes security settings based on user roles. In addition to Post Closing, the mortgage lender has also made these scanned images available to employees in the Secondary Marketing Department, which buys sizable financial commitments. These individuals can research documents by commitment numbers, see which loans have been scanned, and run reports. In the future, the record imaging solution may also be used to manage documents associated with other business processes such as Accounts Payable, Accounts Receivable and Human Resources.

The CIO says interest payment savings in the first year are conservatively estimated at $25,000; and the net savings in the first year will probably total $68,700. Anticipated savings during the second year are expected to reach $161,000.

For more information about record imaging solutions, continue to visit our blog or contact OSAM Document Solutions, Inc.

This series of blog posts provides an overview of how a Las Vegas mortgage company implemented document imaging solutions to eliminate a growing backlog of files in the Post Closing Department all while reducing costs and improving the company’s bottom line.

Eliminated Backlog Within a Month, Reduced Staffing Requirements

The document imaging solution was implemented by an authorized document management solution provider and replaced an existing hosted application that supported the upload of images to an online archive. Low-end document scanners were replaced with two Canon U.S.A. DR-9080 document scanners, which are used to scan about 400-500 loan packages a month. Each of these files has about 250-350 pages. Individual document types are separated by bar-coded separator sheets, which are read using recognition technology. Once scanned, employees simply enter the loan number, and the document imaging solution automatically populates additional keyword values from text files generated regularly by the mortgage lender’s LOS.

The entire backlog was gone in a month. Since the elimination of the backlog, the mortgage lender has been able to maintain operations without replacing an employee who resigned and another who accepted a different position. By reducing staff from seven to five employees, the company saves an estimated $90,000 a year in wages, overtime and other benefits. Because many of the documents can now be sent electronically, the company also reduced shipping costs by $17,000 in the first year.

For more information about document imaging solutions, continue to visit our blog or contact OSAM Document Solutions, Inc.

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.