MBA Annual Convention & Expo: Mortgages, Magic and ECM
At the MBA’s 100th Annual Convention and Expo this week, I talked to many people about how to better manage paper. The sheer size of a mortgage file makes finding the right page or document extremely challenging. Multiply that by thousands of different customers or members and the task becomes almost impossible. Even for a magician.
We had the brilliant David “Magic Boy” Harris in our booth to make sure.
Manually managing all the paper contained in a loan is a nightmare. And as the demand for faster processing increases and regulations tighten, so does the lender’s headache. In addition to finding a way to manage paper, lenders must juggle compliance regulations and cries for transparent processes. Surely there is a better way than handling lengthy paper documents for the life of the loan, right?
There is. By integrating an enterprise content management (ECM) solution with a loan origination system (LOS), institutions can save on staffing, paper, storage and shipping costs. ECM helps by capturing all of the documents electronically, storing them in a central location and making them instantly available to employees with a few mouse-clicks.
Like a rabbit out of a hat
ECM allows you to capture loan documents in a variety of ways regardless of the format – paper, e-mail, fax, etc. Once in the system, electronic workflow automates the loan’s routing and decisioning, eliminating errors and decreasing processing time.
Even more amazing, automatic emails magically notify stakeholders when action on a loan is required or if documentation is expired or missing.
By integrating with the LOS, ECM keeps users in their familiar environments, easing adoption and speeding access. With the click of a button, full loan packages appear on any computer or mobile device. It’s that simple.
Smart e-folders replicate processes from the paper world to make users more comfortable. When it comes time for servicing, documents like checks, letters, reports and more are stored and associated with the original loan information – ensuring they never go missing.
Embracing e-Signatures further speeds the process. By leveraging e-Signature technology with ECM, you have the ability to sign documents and then store, access and manage them electronically.
If co-signers are off-site, they can complete the transaction from wherever they are, as long as they have access to a computer or mobile device – closing the loan faster, so you realize revenue quicker.
Integrating ECM with an LOS promotes more efficient and cost-effective lending practices. Not only does this powerful combination provide instant access to documentation, it can also accelerate reviews and approvals. Automatic audit trails and document histories also ease regulatory compliance and ensure your institution follows its defined rules and practices – every time.
So the big question is, do you believe in magic?