500 – According to the Mortgage Bankers Association, that’s the average number of pages in a mortgage application file. A lending institution with thousands of loan files pays mounting printing costs, worker wages and storage fees to keep all of this paper organized and make sure the information it contains gets into the loan origination system (LOS).
But removing paper is only the beginning. True optimization requires start-to-finish mortgage automation that gives you full control of your mortgage document imaging, processing, communications and information transfers.
Unlike mortgage lending software point solutions, OnBase by Hyland is a platform solution that includes:
Complex mortgage industry regulations require lenders to keep applications and documents up to date and provide complete audit trails.
OnBase enables lenders to easily store and quickly access required information at a moment’s notice. Lenders can also give auditors restricted access to selected documents in OnBase.
The last thing your mortgage customer wants is to face clunky processes for submitting their documents or stacks of paper to review and sign.
OnBase makes uploading information simple and secure with industry leading intelligent capture that accurately extracts data from even the most complicated documents and gets the information where it needs to go in your mortgage lending software. And integration with Outlook means you can connect to OnBase and initiate uploads from within your email client, as well as easily send notifications and links to secure forms to borrowers.
Closing loans quickly is great customer service, and it also allows your mortgage lending institution to originate more loans and make better profits.
OnBase mortgage lending solutions shorten the loan approval cycle time by optimizing processing from start to finish. Loan documents flow through intelligent capture and workflow processes and missing or inaccurate information is quickly flagged. Borrowers get the notifications they need to make sure they have a complete loan application and can easily fill in any blanks.
Manually stacking loan documents according to servicer requirements takes too much time and leaves too much room for missing information and errors.
OnBase allows originators to digitally customize document stacking order and securely transmit the information, eliminating the costs associated with printing and shipping paper documents. The ability to package and ship more loans electronically equals more profit for your lending institution.