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Study Finds Value in Post-Closing Automation: 'Lenders need an enterprise-wide, integrated approach.'.(by Hyland Software)
NEW YORK -- A new study, "Closing the Door on Paper-Based Processes," concludes that lenders must focus on improving operational efficiency as the industry's outlook for revenue growth becomes more challenging.
Specifically, the white paper, prepared on behalf of Hyland Software, concludes, "Paper-based processing is the single biggest operational headache faced by lenders, particularly in the final stages of the mortgage process."
While content and document management initiatives have focused mostly on loan origination, the white paper claims that lenders could benefit substantially from automation of the paper-intensive processes that occur after a loan has been closed and shipped to an investor. Hyland Software is a vendor active in the post-closing and shipping segment of the business.
Lenders need an "enterprise-wide, integrated approach to content and process management" that can support a hybrid environment, so that electronic mortgage lending can be blended into an operation.
The paper cites MISMO (the Mortgage Industry Standards Maintenance Organization) and the electronic ...
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