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Look familiar? It doesn't have to. All too often the ability to locate documents (hard copy and/or electronic) quickly and easily can be a very difficult task...
Not any more. |
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Testimonial |
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 Julie Krause,
Vice President:
“DocuWare is great. Our employees no longer need to spend, what amounted to hours, hunting for information or pulling files. The only problem we have now is getting used to not having all the paper lying around. The time DocuWare has saved us can be redirected into processing more loans and providing our customers with better service.” |
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The Tasks |
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 Improve document retrieval time and customer service
Reallocate resources toward revenue generating activities
Meet record retention regulations
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Home > Products > Document Management Solutions > Mortgage
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Since implementing DocuWare, Mann Mortgage increased loan processing capacity by 25% without adding employees, boosting revenue and profits. The company was also able to eliminate $60,000 a year in document processing costs by storing loan files digitally. Reduced document retrieval time allows Mann’s employees to focus on their core competencies, instead of mundane tasks, increasing job satisfaction and lowering employee turnover costs. The solution has also streamlined operations into one seamless system and helped the company be more efficient and serve its customers better.
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| Solution Requirements |
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Work Process
When a potential homeowner applies for a mortgage, the applicant and loan information is entered into the company’s mortgage software program at any one of the branch offices. The information travels across the company’s WAN and resides in a database at the corporate office. Hard copy loan applications and additional documents are sent to the corporate office for further processing and underwriting. After the loan is closed, the mortgage is usually sold within five business days. A copy of every loan is kept on file and the original documents are forwarded to the new lien holder. The company incurred large shipping bills from transferring all the loan documents to the corporate office for storage. Completed loan files were only accessed when a mortgage was refinanced or to meet government mandated internal audits of 10% of the loans per month.
Solution Requirements
Mann Mortgage wanted to find a digital solution that would eliminate the need to store paper documents and allow them to regain some office space. The company needed to make pulling files for audits easier and provide better distribution of information. They also wanted a solution that would allow them to quickly search for files and parts of files. By moving to a digital system, Mann Mortgage hoped to reduce document processing costs associated with copying so much information.
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| The Solution |
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Today, after a loan has been closed, a coversheet is printed from the company’s mortgage software, which contains the loan ID number and type of file. The loan file is then scanned and indexing is done automatically using DocuWare’s RECOGNTION module that uses Optical Character Recognition or OCR technology to read the information from the coversheet and fill in two of the index fields. The loan ID number index field is used as a matchcode to fill in the remaining index fields with information residing in an SQL database stored in the mortgage software.
When final documents are received, a coversheet is printed with the loan ID number and file type = FINAL DOCS. The documents are then scanned and indexed automatically. By storing the final documents this way Mann Mortgage employees are able to electronically search for parts of the file.
Today, everyone in Mann Mortgage have access to the loan files stored in DocuWare. Paper files are kept in one location until shipped to the new lien holder and — day to day review of the files is done using DocuWare. The company is working backwards to capture old information and store it in DocuWare
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User Benefits
On an individual level, processing center employees now have a powerful new tool to help them do their jobs better, increasing job satisfaction and lowering employee turnover. DocuWare makes it easy to pull parts of documents and verify that “final docs“ have been received.
“DocuWare is great. Our employees no longer need to spend, what amounted to hours, hunting for information or pulling files. The only problem we have now is getting used to not having all the paper lying around. The time DocuWare has saved us can be redirected into processing more loans and providing our customers with better service,“ said Julie Krause, Vice President for Mann Mortgage.
Department Benefits
For those who process or underwrite the loans, DocuWare helps manage workflow, allowing employees to review files digitally and keep the hard copy securely stored until it is sent to the new lien holder, streamlining access to information and allowing the department to run smoother. Today, Mann Mortgage provides its customers with better customer service because loan documents can be accessed quickly and inquiries answered immediately. This results in strong customer recommendations and increases business.
Pulling 20 loan files each month for auditing purposes used to take a few hours and refiling the documents seemed to take even longer. As more and more loan files are stored in DocuWare the process of pulling information for auditors is becoming faster and faster.
Corporate Benefits
On a corporate level, implementing DocuWare has made Mann Mortgage’s corporate office almost paperless. File cabinets have been removed and office space has been gained. Now that copies of loan files are transferred to the corporate office electronically, loan processing has become one seamless operation no matter where the documents were processed, improving customer service.
Copying and storing upwards of 6,000 loan files a year was costing Mann Mortgage close to $60,000 a year in paper, photocopier maintenance and shipping between offices. Moving to electronic document management eliminated these recurring costs.
Since implementing DocuWare, document retrieval is 97% faster, increasing Mann Mortgage’s capacity to process more loans without adding personnel. A year and a half after the system was implemented; the combination of increased capacity and record setting low mortgage rates allowed Mann to process twice as many loans as the year before. Mann Mortgage realized a return on its investment in approximately five months.
In conclusion, reducing costs and streamlining operations helped Mann Mortgage increase the volume of loans it is able to process, resulting in more revenue,higher profits and better customer service. DocuWare has helped the company maintain its vision of being in the people business, not the banking business and has improved the home buying experience for Mann’s customers.
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94928
TEL: 707.584.3995 | FAX: 707.584.3915 |
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