Paperless Lending Made Easy Streamling the loan management process

Transcription

1 Paperless Lending Made Easy Streamling the loan management process

2 Agenda Business challenges with paper-based lending Ideal paperless lending environment Benefits of paperless lending 5 things to consider when going paperless How to get started Summary Next steps 2

3 Why Paperless Lending? Moving towards paperless will: Streamline your lending process Reduce costs, and Boost operational efficiencies 3

4 Business Challenges Processing loans is more complex Increased workload Longer approval cycles Higher operating costs More work must be completed in less time Inconvenient for borrowers 4

5 Manual Lending Process Requires documents compiled from various sources Hardcopy files add delays in the approval process Time wasted looking for misplaced or in use documents Reprints, couriers and physical storage fees drive costs higher 5

6 LOS helps provide some automation Using an LOS helps deal with some automation and electronic processing Compile loan applications electronically May include some workflow Some files still come in hard copy Eventually all files are printed and stored in hard copy 6

7 What is the ideal lending process? End-to-end processing of loan applicationsecond level No printing required Scanning solution for hardcopy documents Integration with ECM for automated uploads Entire loan application folder stored in your ECM system Integration with Online Banking to expose lending files 7

8 Paperless Lending The Process 8

9 Practical Reasons For Paperless Lending Efficiency Give people ready access & enable them to be more productive Empower them to make informed decisions Reduce costs related to content creation & storage Innovation Innovation & ability are keys to growth Higher level of security with Digital Signatures Help the organization respond to change Compliance Complying with internal policies, industry regulations & legal requirements Demonstrate that standards and procedures are in place and being followed 9

10 Practical Reasons For Paperless Lending Reduce Costs associated with printing, storage & retrieval Time wasted on manual search & retrieval Improve Information availability Information security Customer service Ensure Disaster recovery Business continuity Demonstrate regulatory compliance 10

11 Considerations for paperless lending Working with digital signatures Borrower signing process Dealing with hardcopy files Automating the upload of loan files How the borrower get their copies 11

12 How Digital Signature Works All electronic forms must have signing blocks created 12

13 How Digital Signature Works Work with your LOS provider to get digital signature-ready forms & workflow Acquire digital signature technology Configure Adobe for appropriate verification/certificate plugins 13

14 Increased Security with Digital Signatures Digital signature technology prevents altering of documents Icons show the validity of a signature 14

15 How Digital Signature Works Click on a Signature to view the Status 15

16 Increased Security with Digital Signatures Click on a Signature to view the Status 16

17 Increased Security with Digital Signatures 17

18 Effects on the Borrower Approval Interview Can affect the order of operations 2. 18

19 Effects on the Borrower Approval Interview Can affect the order of operations May require some re-design on the workstation 19

20 How to Deal with Hardcopy Files Some files still originate in hardcopy - 3rd party appraisals - Proof of income letters - Receipts, invoices, title Plan to have a capture solution Understand the workflow and how/when files are scanned & uploaded 20

21 Automate the Upload of Loan Files If you re using an LOS: - Look for Integration with your document management system - Discuss digital signature options they have developed If you re self-managing the loan forms: - look to automate the upload using hot folders - use scanning/indexing tools - Investigate your options for digital signatures 21

22 How the Borrower Gets Their Copy Be Flexible - some borrowers may insist on printed copies - Look for integration between your - Document Management system and Online Banking Be selective in which files are offered via online banking 22

23 How to Get Started You don t have to get there in 1-step Start with scanning hardcopy funded loans Decide what to do with archived files Work with all providers to prepare for additional functionality Consider Doxim s 5 Easy Steps for DM Deployment 23

24 Apply the 5 Easy Steps for DM Deployment Business Assessment Identify & prioritize Take a phased approach Benefit realization Leverage your investments 24

25 Overall Summary Paperless Lending doesn t have to be achieved in a single phase Electronically stored loan files provide many benefits Digitally signed documents are more secure Several digital signature solutions/methods A scanning & indexing solution is required for hardcopy forms Borrowers can benefit from Paperless Lending 25

26 Next Steps Include LOS system in your planning and talk to us about Doxim LOS Understand the hardware & software requirements Optimize the overall business process for paperless lending 26

27 Questions?