SunTrust Goes Paperless with Pyramid Tool: 'We've seen a 40% volume increase. Post closing used to take us 15 days and we've cut that down to just a few days.'.

DETROIT -- SunTrust Mortgage wanted to reengineer its business to increase efficiency, standardize processes and handle increased volume. The route they chose was to start at the back-end of the process with post-closing review, and to strive for a truly paperless environment.

The SunTrust mortgage division originates loans through 214 locations, maintains relationships with nearly 10,000 correspondents and brokers across 49 states and services loans in every state plus the District of Columbia. SunTrust initially partnered with another vendor to develop and implement an imaging solution. However, SunTrust found it was achieving only a 10% imaging rate with that solution.

As a result, SunTrust engaged Pyramid Solutions here and deployed the Pyramid Loan eXpeditor to handle post-closing workflows. With the guidance and support of Pyramid Solutions, SunTrust, with its other strategic vendor partners, successfully made the move to the Kofax Ascent Capture solution for document capture and to business software paragon FileNet, an IBM Company, for enterprise content and business process management. For reports, SunTrust leveraged its existing Cognos reporting tool. The solutions from Pyramid helped SunTrust better tie together imaging and document management within the specific context of the mortgage process.

"Simply, we had a business issue and looked at different solution providers," Marvin Watts, executive vice president/operations and servicing manager of SunTrust reported. "When we brought several vendors in to do due diligence. We liked Pyramid's expertise in the mortgage area. They were one of the few vendors in the space that had more end-to-end functionality.

"They quickly brought the right expertise to bear. They got their piece correct and helped us with the data capture. We have a more formalized process now with several walkthroughs. We didn't have all of our requirements going into the implementation, ...