Imaging Reduces Post-Closing Burden.(OnBase technology for imaging)(mortgage services)

Westlake, OH -- There has been a lot of talk about imaging as a tool to going paperless, but beyond just getting rid of the paper there are other uses for this technology that can equal big return on investment for the user.

"We're using OnBase in post-closing for workflow and imaging," said Tony Woodall, vice president, business technology officer at Opteum. "We import docs directly in OnBase to automate post-closing to reduce paper consumption and output. Eventually we want to deliver all of our loans electronically to all our investors.

"We're working with several investors to work electronically right now," he noted. "They're very interested in being able to do electronic delivery. The industry is headed in this direction and our investors are ready to jump on the bandwagon.

"Also, one of our goals is to be able to lower cost," said Mr. Woodall. "In order to survive you have to reduce cost. Some of our largest costs came from being a paper shop. Based on our analysis we think we'll save $12,000 per branch, per month. We've talked to several branches and they're realizing savings of $5,000 a branch today. We're also reducing the size need for our actual office by using imaging instead of storing paper."

"Imaging is the primary component that the industry is looking for," added Jason King, director of financial services solutions at Hyland Software. "Paper is pain. Anytime you introduce paper you introduce a roadblock to efficiency. Second, using imaging to get docs out to partners and investors is key. We've seen a 50% increase in our sales around imaging year ...