Welcome to the Insanity of Loan/Mortgage Processing
Is your loan process still paper based? Are you held up by costly delays and inefficiencies? Are you losing business to your competitors who have embraced technology?
Banks today operate in a world where new competitors are threatening to steal market share, regulators and the media are looking for the slightest compliance missteps and operating budgets are being cut by the day. Streamlining and tightening processes is one way for banks to improve their position and face these challenges.
The time it takes to close a mortgage loan varies with the type of mortgage, buyer/homeowner situations, and lender processing efficiency.
Doc I Group solutions for mortgage processing enable banks, financial institutions and credit unions to dramatically transform and simplify the business critical period of information intensive customer interactions. With Doc I Group solutions, financial institutions can engage customers and brokers at their convenience, giving them the ability to submit required documents in support of the loan application—via the web, mobile device, email or in the branch. Doc I Group, and Kofax TotalAgility combine market leading capture, process management, mobile and analytics capabilities to significantly increase responsiveness to potential borrowers, improve service expectations and gain a competitive advantage with interactive workflows that expedite the loan process.
Kofax TotalAgility automatically captures, classifies, extracts and validates information through a fast, touchless process — and then inserts the “right” information into approval workflows for faster processing. The Mortgage Processing solution removes the need for error-prone manual data entry and automatically checks applications for accuracy and completeness. When processes reach a “not in good order” status, lenders can engage customers via their mobile device to submit the supporting documents and accelerate the loan process. With a simple photograph from a smartphone or tablet, the borrower can capture, submit and validate driver licenses, W-2 forms, paystubs and more to keep the process moving forward—with immediate, automated acknowledgement or confirmation back from the lender.
Engage Customers in Real-time
Meet your potential borrowers where they want to engage – mobile, web, branch, or email – and provide near real-time visibility to all your process stakeholders.
Accurately Capture Documents
Patented Kofax software ensures the accurate capture of supporting loan documents, resulting in a better user experience.
Simplify the Mortgage Process
Utilize best practices workflows to guide loan representatives and self-service customers from application through loan signing to speed processing and close loans faster.
Facilitate cross-organization collaboration through shared access to all relevant mortgage-file documents, built-in approval workflows, and streamlined exceptions management.
Accelerate Revenue and Closing Time
Capture required documents and data earlier in the process, facilitate proactive communications, provide greater process transparency and accelerate the closing of the loan and time to revenue.
Exceed Compliance Requirements While Improving Profitability
Reduce manual processing and operating costs while ensuring complete compliance, process consistency and audit ability to produce the zero defect loans your investors expect.
Are you ready to streamline your loan/mortgage process?