Leading Lender Streamlines Electronic Loan Processing And Improves Overall Mortgage Process By Over 40%


Background

One of the world’s leading mortgage lenders, with diversified businesses including banking, capital markets and insurance, sought a solution to enable faster loan processing. The lender had been processing loans by entering information from paper and electronic forms into a mortgage processing application. Handling more than $1 trillion in mortgages, with nearly $2 billion in new loans daily meant the organization was managing a staggering volume of loan documents.

While users had to thumb through paper documents, electronic loan documents were made available through a content management system and a dual-monitor workstation. One screen contained the loan processing application and a list of electronic loan documents. The other screen displayed the selected document and allowed the user to browse its contents.

The system’s legacy content management system limited scalability and performance, and a grossly underpowered document viewing application was stymieing user productivity. To retain their competitive edge in a challenging market, the lender made the decision to replace their legacy CMS with an Enterprise solution.

Challenge

Working with more than 2000 different mortgage lenders, the closed-loan purchasing division received an average of 250,000 documents per day, half of which were electronic. In examining their loan purchasing process, the lender confirmed while it took 7-9 days to close a paper document loan, electronic documents closed in just 4-5 days. The potential revenue gain in expanding their use of electronic documents was enormous – in terms of enhanced efficiency alone.

In order to realize the full productivity gains made possible by their new enterprise CMS system, the lender needed to upgrade its client document viewing application. Their list of requirements was extensive:

  • Reliable viewing for various types of electronic forms including scanned documents, faxes and emails in TIFF, JPEG and PDF formats

  • Sub-2-second access to the first page of these documents

  • A completely Web-based technology — no documents could be stored on the client’s desktop or hard disk

  • Scalable thumbnails

  • Mouse and keyboard navigation with “hot keys”

  • Rigorous load-testing requirements

Solution

After a thorough review of available options, the lender selected Snowbound Software’s VirtualViewer® high-speed viewing technology to address these complex functionality and security requirements. VirtualViewer is a powerful viewing application with full server integration that provides high-speed viewing and document processing capabilities.

Snowbound’s VirtualViewer solution supports the lender’s required document set  of PDF, TIFF and JPEG, as well as AFP, PCL, MS Office and many other important business document formats, which provides the growing lender with additional flexibility for future expansion.

The lender had little time to dedicate for the entire integration, including a time-intensive load testing process. This left little room for error when integrating the product. Because of VirtualViewer’s easy-to use API, the product integrated seamlessly with the lender’s new enterprise content management system.

Results

Replacing their legacy content management system and integrating Snowbound’s powerful VirtualViewer high-speed document and image viewer enabled the lender to achieve the high performance they required. Because VirtualViewer is completely Web-based and requires no software to be installed on the client desktop, it made it easy for the lender to achieve their security and business continuity objectives within a single, high-speed viewing application.

The viewer's server component delivers individual pages to the client — within the lender’s required sub-2-second access (even while accessing large, multi-page loan documents in various geographical locations). Now users achieve increased productivity because they can access, view, annotate, and manipulate loan documents on the fly, without ever touching the client’s local hard drive.

As a result, the lender can now import daily peak loads of more than half a million documents— delivering documents to users across the enterprise in under 2 seconds, and improving their overall mortgage processing time by more than 40 percent.

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