Industry e Fax Solutions
Loan Modification Automation
The average home loan creates almost 3 pounds of paperwork according to Gartner. Use an integrated e fax service with OCR functionality for indexing and workflow to eliminate manual data entry and reduce the cost.
Why Automate Loan Processing?
Simply stated, loans create paperwork, a lot of paperwork! Roughly 3 pounds per loan. This means you waste a lot of time dealing with time consuming clerical tasks like data entry for indexing purposes to ensure the loan is ready to move to the underwriter. Fortunately, you can utilize a platform based e fax integrated with OCR software to streamline loan processing which automates the paperwork processing for you. So you can focus on more important responsibilities such as improving your profitability through financial evaluation of a loan.
How It Works
Our Loan Modification processing service is designed for lenders who are frustrated with the inefficiencies of processing paper loan files received via fax. With as little as 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.
No single standard. 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.
Because this service 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. We 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.
- Reduced administrative cost per loan
- Increased cycle times for loan processing
- Requires no changes for brokers – uses existing imaging system like SharePoint
- Images prepared for secondary market
- Rapid implementation with no capital expenditures
The Results In Detail
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 post-closing 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
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. The service 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?
No Risk Offer
Don’t risk paying a large up-front investment when automating your loan process. Pay only upon successful testing and going live with the application. We charge by the transaction rather than with large setup fees, as we are only successful when we deliver on expectations. 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.
We are an outsourced solutions provider specializing in document and information management solutions integrated with fax applications. We enable our clients to benefit from cutting-edge technologies without the financial, IT, and personnel resource.
Call today for more information.
Questions? Contact a Fax Solutions
Enterprise Fax ROI Calculator
Hosted vs. In-house