In today’s highly competitive and rapidly changing mortgage market, lenders are forced to deal with ever-increasing costs to originate loans and constantly changing regulations, which add to the mountains of paper that need to be processed. To stay competitive in this market, lenders must find ways to maximize operational efficiencies.
One way for lenders to maximize operational efficiencies is to automate their document-driven business processes. But the challenge is that, historically, the process of implementing document management technology has been labor intensive, costly and time consuming. Lenders of all sizes can now deploy document management solutions within weeks by harnessing best practices from lender deployments across the country and eliminate duplicate and labor-intensive activities.
Traditional document management technology implementations are often costly and time consuming, because the technology requires configuration and customization by each lender. However, by selecting an experienced document management technology provider, lenders can overcome these challenges by utilizing a preconfigured methodology that focuses on rapid deployment with immediate operational efficiency gains and ROI throughout the loan lifecycle.
This preconfigured methodology ensures that each lender’s deployment is swifter and more streamlined, unlike traditional roll outs. By leveraging preconfigured document management software, lenders can quickly automate business processes throughout every step of the mortgage lending process while supporting retail, wholesale and correspondent lending operations.
The combination of a preconfigured methodology with advanced technology significantly reduces the cycle time from origination to closing. As a result, lenders will gain increases in production and operational efficiencies resulting in better service levels. These better service levels improve customer satisfaction, attract and retain talented operations teams and grow realtor and builder relationships.
Deployment of the preconfigured document management solution simplifies document review, collaboration and condition management throughout the loan lifecycle. Because lenders are not starting with a blank canvas, they can quickly focus their attention on configuring the presentation of documents to different groups of users within their operations to optimize document retrieval, viewing and approval.
With traditional document management implementations, the burden of creating and managing electronic loan delivery profiles has been placed squarely on the lender. By utilizing the preconfigured implementation methodology, this major pain point is eliminated. Lenders can immediately deploy one-click electronic loan delivery that improves secondary market execution and significantly minimizes suspense issues and lock expiration penalties.
Lenders that implement preconfigured document management methodologies can readily turn their focus to leveraging additional capabilities that further optimize their operations including: automated document recognition and indexing using optical character recognition (OCR), rule-based workflow and tasking, customizable web portals for third party originators and borrowers and deeper integrations with other technology partners.
When done right, preconfigured document management technology is designed to reduce lenders’ dependency on paper, generate greater operational efficiency, increase productivity, facilitate collaboration and improve customer and staff satisfaction.
“Our previous document management provider notified us that they were sunsetting their product. Due to our growth and other high priority projects, our staff had limited time and/or resources to implement a new document management solution in time for our busy spring home buying season,” said Jill Quinn, executive vice president of operations at Philadelphia Mortgage Advisors. “We selected VirPack for their experience, advanced technology and preconfigured methodologies based on best practices that enabled us to gain immediate ROI and provided operational efficiency with the goal of closing more loans with existing staff.”
About The Author
Kelli Himebaugh is a member of the Executive Team at PROGRESS in Lending and is National Account Executive at VirPack, a leading provider of document management and delivery technology to the mortgage banking and financial services industries. She is also a member of the Executive Team at PROGRESS in Lending Association. Kelli is a proven sales leader with more than 20 years of housing finance experience and 10 years of mortgage technology experience. Kelli can be reached at email@example.com.