Mortgage Banker Cuts Loan Cycle In Half With Document Imaging

Secured Funding is a mortgage banker specializing in home equity that processes approximately 7,500 loan inquiries each month. Of these initial requests, about 1,200 become approved loan contracts, each requiring the handling, creation, and storage of as many as 80 to 100 document types. In total, the company processes almost 400,000 pages of loan-related documents each month.

The sheer volume of paper required tedious hours of faxing, photocopying, sorting, tracking, retrieving from file cabinets, and walking or mailing back and forth. In addition to impeding efficiency and slowing processes, the enormous volume of paper resulted in high storage costs. All of the paper from previous and current loans filled rows of file cabinets until they were sent off-site to a storage facility. Three full-time employees were required to manage the stored documents, retrieving files when necessary to send to investors who purchased loans or to comply with government audits.

Secured Funding needed a document imaging solution to cut the loan origination cycle. Secured Funding chose Portford Solutions Group (PSG), a document management service provider with expertise in the mortgage industry. PSG offered Secured Funding a solution based on ApplicationXtender from EMC Documentum, Ascent Capture imaging software from Kofax, and PSG's own document capture system. PSG integrated ApplicationXtender with Secured Funding's loan origination system, called RiLOS, and with its underwriting system, called SelectQual.

Within weeks, PSG was able to implement the first phase of a paperless, electronic loan origination system for Secured Funding, using ApplicationXtender to define, configure, and deploy content management applications. The company immediately began scanning all archived loan documents into the new system.

With the document imaging solution, Secured Funding can process the growing volume of loan files without having to hire additional staff or pay overtime.