More than a Loan Origination System
For the past several years, most technology investments in the mortgage industry have been focused on upgrading or enhancing Loan Origination Systems (LOS). This is understandable given the costs associated with processing the ever-increasing size of loan packages. These upgrades also have the opportunity for significant and immediate ROI by implementing solutions such as Intelligent Document Capture (IDC), which can automatically classify loan documents and extract data from HUD-1, GFE, and others.
While these technology investments have been extremely beneficial to many in the industry, they have also ignored the growing problem of content chaos in banks and other mortgage companies outside of the LOS. From our discussions with leaders in the industry at a series of events over the past 12 months, we’ve heard about two specific areas where they are most focused—and why they need more than an LOS.
Borrower Document Chaos
During the origination phase of a loan application, a large amount of borrower supporting documentation is required—from paystubs to 1040s to other financial information. Traditionally this information has come through a mailroom model, as paper or perhaps scanned documentation, often in conjunction with a mortgage broker.
What has changed? Everything.
Today, documents come into the organization via borrower portals or websites, as email attachments, or in the latest trend–mobile capture. This growing complexity in the source and type of information has led many in the industry to seek a content hub to centralize collection and processing of these documents, with features such as:
- Case Management Functionality
- Email Integration
- Advanced Workflow/BPM
- Content Security
- View/Annotate/Redact
- Actionable Analytics/BI
Similar to the ROI opportunity that existed previously in automating the processing of loan packages, many see a chance for significant cost savings through automation at the front-end of loan applications.
Solving SharePoint, Shared Drives, and More…
Just last week, a representative from one of the world’s largest mortgage banks approached our booth at an industry event. What brought him in? The messaging around “Solving SharePoint”. But the concerns were not associated with their LOS in any way. His comment was, “Do you know how many people we have that aren’t involved in loan processing directly?” From HR to legal to procurement/contracts, every mortgage company has substantial amounts of their own internal content, with needs including:
- Document and Records Management
- Internal and External Collaboration
- Content Security
- BPM/Workflow
- Federated Search
- And more…
As with the example above, many of these organizations are looking to solve the content chaos associated with finding, managing, securing, and storing information that is currently in:
- SharePoint
- Shared Drives/File Shares
- Dropbox/Box.Net
- Legacy ECM Systems
Ideally, these companies would love to find a single content platform that could address both these internal and borrower-facing use cases, allowing a technology investment to deliver a stronger ROI. Fortunately this is possible today through a modern, open ECM system that can function as this content hub—integrating with everything from borrower portals and email systems to SharePoint.
Want to learn more? Come see us at booth 316 this week at MBA Tech.
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