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Loan Modification Automation

A Heavy Load

It's a simple fact: loans create paperwork. A lot of paperwork? Roughly 2.8 pounds per loan. Which means you waste a lot of time dealing with trivial clerical tasks like data entry. Fortunately, OCR ECM for loan processing automates the paperwork processing for you. So you can focus on more important responsibilities such as improving your profitability.

A New Approach

Our Loan Modification processing service is designed for lenders who are frustrated with the inefficiencies of processing paper loan files received via fax. With a 1 hour turn around time, our service returns your loan files as images, sorted by document type and loan number. Now you can automatically display the images relevant to each screen in your underwriting software without having to rifle through stacks of paper.

Advantages of Eliminate 2.8 summarized:

• Shorten processing time - cut days out of underwriting
• More loans processed per employee
• Requires no changes for brokers - uses existing imaging system
• Images prepared for secondary market

A Broken Promise

We?ve all heard the promises of e-mortgage technologies. Unfortunately, earlier attempts at loan automation forced you and your brokers to use specific software for all submissions. Until the day when all brokers adopt a single standard, loans will continue to require paperwork.

Our Advantage

Because Eliminate 2.8 works with your existing underwriting software, there?s no need to wait for the industry to change. You can automate your loan processes right now. Eliminate 2.8 can be fully implemented in as little as 30 days, with no capital investment required. You only pay for the number of loan files processed. Simply submit loan files the way you always have. The only difference is the faster turnaround time, improved indexing and lower costs.

Key features of Eliminate 2.8 summarized:

• Works with any underwriting system
• Uses your existing imaging system(s)
• Requires no changes to broker submission process - most brokers only notice faster turn around time
• Can be fully implemented in as little as 30 days
• No large capital investment - lenders pay by the number
of loan files processed
• 100% Processed in our secure facilities
• No sorting, barcodes or separator sheets

Administrative Cost Reduction

Because we sort your loan files into document types, you can instantly find whatever document type is required. And all the images for that loan can be brought up on screen simultaneously. Which means you no longer have to thumb through stacks of paper to find information.

• Eliminate slow paperwork
• Process more loans per day, per employee
• Shorten underwriting by eliminating redundant, clerical tasks
• Realize prior investments in automated systems without waiting for e-mortgage

Immediate Results

Administrative Cost Reduction

Because we sort your loan files into document types, you can instantly find whatever document type is required. And all the images for that loan can be brought up on screen simultaneously. Which means you no longer have to thumb through stacks of paper to find information.

• Eliminate slow paperwork
• Process more loans per day, per employee
• Shorten underwriting by eliminating redundant, clerical tasks
• Realize prior investments in automated systems without waiting for the e-mortgage

Organizational Cost Reduction

Because your loan files are already prepared for the secondary market, you can sell your loans days or weeks faster. By eliminating even a single day from the loan-selling process, imagine the millions your organization could save. In addition, we can automate any document or fax that is added to the loan file, including postclosing documents. Which means shortly after the loan closes:

• Loan files can be burned to CD/DVD and made available to the secondary market
• Loan files are sorted by document type so buyers can easily perform due-diligence

Increased Revenues

Competing for broker business can be challenging. Offering competitive rates may not be a sustainable strategy. Brokers want reliable, fast service whether they are a small, experienced broker or a high volume shop. Eliminate 2.8 can help solidify relationships by offering a shortened turn around time (potentially one day) and doesn?t require brokers to change existing processes as a condition of doing business. Imagine the increased revenue by answering the following:

• Would removing a day from the processing cycle enable you to sign more active brokers?
• Would your existing brokers do more business with you?

Our Promise

Don?t risk paying a large up-front investment when automating your loan process. We will not ask for business we haven?t earned. We charge by the transaction rather than with large setup fees, as we are only successful when we deliver on expectations. And when we deliver accurately and within an hour of receipt, we know our customers will continue to use our service. Our success is your success

Typical Implementation Features:

• One-hour turn around time-tuned to match your production schedule.
• 99.5% or greater accuracy guarantee.
• Low setup fees-payable after first production transaction.
• $6.00 - $7.00 per loan file (typically 200-250 pages).
• All pages in loan file are sorted into 16 document types.

About Us

We are an outsourced solutions provider specializing in document and information management solutions. We enable our clients to benefit from cutting-edge technologies without the financial, IT, and personnel resources traditionally required.

Our services create efficiencies that generate savings in operating budgets. We are paid with a portion of these savings. Call today for more information.

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