June2016 - Chase[ing] the Dream

TheMReport — News and strategies for the evolving mortgage marketplace.

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TH E M R EP O RT | 25 FEATURE or without barcode), image correction and cleanup, blank page removal, and double- sided scanning speed the handling and pro- cessing of loan documents, increase accuracy of the package, and eliminate the delay and errors of rekeying. Loan origination solutions need to be de- signed to simplify use, minimize user tasks, and reduce risk. Bidirectional database look- ups can auto-fill fields, speeding package completion for prior or current customers. Entire workflows can be predefined and saved to a single MFP button. Scanning functions that are fully automated can transform data into industry-specific for- mats without the user needing to know or specify any input or output settings. Also automated can be routine, error-prone tasks, such as barcode-based naming, batching, splitting, filing, and indexing of scanned documents. Validation and filtering at the point of origin ensure accurate document handling and routing, including the imme- diate routing of documents requiring wet signatures. When user action is required, visual prompts limit human error. Taking these steps means that within seconds, bankers can receive automated notifications confirming successful scans, including the total number of pages by type. They can access this information, and future updates, at any time through a History/ Status function on the MFP, and their desk- top PCs and mobile devices. 3. Accept Documents From Any Input Source Suppose a customer's proof of insurance was missing from the scanned documents. First, the loan origination system should immediately notify the loan officer of the exception, providing a barcoded cover sheet to assure the document—if available for scanning—gets correctly appended to the customer's application. But if the customer left a document at home, even that's no cause for delay. The customer can capture the needed document and fax it with a specially barcoded cover sheet that automatically connects this document to the exception. Or the customer can send the document by email, with or without the barcode identi- fier, either to a one-time address linked spe- cifically to the exception or to the banker's business email address. The system needs to be able to capture documents from any input source, including scanner, email, fax, web forms, Outlook and Notes integrations, and a mobile client. So in whatever form the information exists, it can become part of the customer's application. The banker, in turn, can receive and review the emailed document on a smart- phone and forward it to the loan origination system. From the smartphone, the banker should be able to securely access the same predefined workflows to add the customer's document, resolve the exception, and check the loan's history and status to confirm that the electronic loan package contains all required documents. The Time to Act Is Now I ncreased competition, escalating costs, changing government regulations, and simmering customer dissatisfaction provide ample reason for banks to improve the speed, efficiency, security, and simplicity of their loan origination processes. The delays, errors, and expenses of paper, in particular, need to be replaced with the quickness, accuracy, and economy of automated workflows. Further, banks that automate mortgage processes will not only be able to process more loans while saving time and money, but more importantly, they will improve the overall customer experience. Customers today want to do business with banks in the channels they are already using—online and mobile—so financial institutions need to get up to speed and meet that demand. Lenders are competing with other busi - nesses that already have newer, centralized technology in place, even some non-tradi- tional lenders like Amazon. The time to implement these changes is now. If banks don't act, they are essentially ceding business to competitors that have based their opera - tions on improved technology. CHRIS STRAMMIELLO directs the worldwide marketing and product organizations for Nuance's Document Imaging Division. Under his leadership, the division transformed from solely a desktop software focus to the document imaging industry's most complete product portfolio of desktop, enterprise and OEM offerings. Strammiello has played a strategic leadership role in the merger & acquisition and integration strategies behind Nuance adding eCopy, XSolutions and Equitrac, helping the business unit quadruple its annual revenue. Previously, Strammiello was Director of Product Management for Nuance's Productivity Division where he successfully drove growth and expansion of speech and imaging technologies. He came to Nuance in 2000 from Xerox Corporation where he held a variety of marketing and strategy positions. Strammiello holds a B.S. in Marketing from the University of Connecticut. 888.653.8357 Identify Associations Retrieve Pertinent Documents Determine Account Statuses Compliance & Complete Payment Services H O A A C C O U N T M A N A G E M E N T H O A A C C O U N T M A N A G E M E N T

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