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.

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