ECM Gives Mortgage Lenders a Competitive Advantage
As the economy grows stronger, customer demand increases for lending services. Third quarter 2011 commercial and multifamily mortgage loan originations were 98 percent higher than during the same period in 2010 year and 10 percent higher than the second quarter of 2011, according to the Mortgage Bankers Association.
Inevitably, this increase leads to greater competition among lending organizations. Healthy for the industry, great for customers. But a challenge for the mortgage provider that can’t compete.
One way lending organizations can gain an advantage is through a strategic enterprise content management (ECM) solution, like OnBase, from Hyland Software. ECM solutions, sometimes generically called document management, helps organizations ease the burden of shipping paper loan documents from multiple branch locations to one or more central underwriting locations, which often delays the lending approval process and increases operational expenses.
Mortgage lending software solutions
That’s just to start. OnBase offers solutions for every stage of the mortgage lending cycle. From origination and underwriting, through post-close and audit, to servicing and shipping and delivery, OnBase not only shortens the lending cycle, but it makes it more cost effective. And when compliance becomes an issue, OnBase has you covered there, too.
Furthermore, the software solution’s open architecture enables mortgage lenders to seamlessly integrate OnBase with existing loan origination systems, third-party lending software, as well as other applications.
In order to provide employees with rapid access to documents in remote locations, a large U.S. online lender implemented an OnBase document management solution that seamlessly integrated with its loan origination system. All loan processes were streamlined and automated, from origination through shipping, while a workflow solution ensured promptness in completing the closing and post-closing/audit process.
The result? A 100 percent increase in both productivity and post-closing processes speed, as well as a 90 percent reduction in time spent searching for documents.
Decrease cycle times and increase profits
Hyland’s lending solutions decrease cycle times and increase profits, while investors and customers receive loan documentation faster and with greater accuracy, paving the way for further sales opportunities. Everything needed for loan processing, underwriting, and servicing can be found in one easy-to-access place.
This record of providing business critical technology, innovative tools and excellent customer service to lenders, servicers and other mortgage industry organizations, led Mortgage Technology magazine to name Hyland Software and OnBase, one of its Top Service Providers for 2011. This is the sixth time in eight years that Hyland and OnBase made the list.
Fast Facts
OnBase benefits include:
- No more gathering and sorting of paper loan documents
- 90 percent increase in loan audit review processing speed
- Loan conditions are quickly found and resolved
- Enables instant and secure access to documents
- Quickly funded loans
More Solutions
Find out more about how OnBase and ECM are making a difference in the work of your peers.