The Problem: The mortgage process is known for being fragmented from a technology perspective.
Users have to re-key data at a multitude of different phases and much of a loan's progress relies on manual, time-consuming delivery to the next stage of the workflow.
One of the responsibilities of an organization includes compliance with an increasing number of mandated regulations and audit requirements. The mortgage loan process requires a tremendous amount of coordination between both paper and electronic documents.
As a result of the efficiencies gained through the use of technology and automation, the cost of obtaining a mortgage has decreased. Consumers have been encouraged to refinance when rates drop only slightly, as opposed to several years ago. Previously, refinancing was only considered an option if the rate dropped by at least 2%. This was, in large part, due to the cost and hassle of refinancing.
When interest rates drop, or remain affordable, the number of mortgage applications increase dramatically. As a result, the organization may realize a high demand for new or refinanced mortgages, coupled with a shortage of experienced lending officers and credit personnel. As a result of the scarcity of skilled workers, the credit risk of new mortgages may increase, as a result of potential future losses.
Solution: Shoreline Records Management combines the best of breed capture technology with leading edge document management and workflow solutions.
Our solutions provide organizations with unparalleled automation, visibility and control of the mortgage process, giving companies the ability to realize significant benefits: reduced loan application processing cycles, streamlined efficiencies including measurable savings in administrative costs and more efficient information retrieval, leading to enhanced accountability which optimizes corporate performance.
