Lenders, is scanning loan files the bane of your existence?

michael's picture

Unless you are one of the rare few that has eSignature for every type of loan, there’s no getting around the need to turn paper loan documents into digital assets early in the process if you want high-performing processes.  Unfortunately, the processes that I’ve seen in place leave much to be desired when it comes to efficiency.  Quite often lenders are morphed into operational clerks sorting documents, printing or handwriting barcode coversheets, scanning and committing batches, and logging critical items sent to central loan ops in case they “get lost” in the courier bag.
Another common process design is that everything is scanned in the back office a month after the loan closes, eliminating any chance for automated workflows.  Workflow requires documents to be separated and while barcoding is common, the value of barcodes is greatest only if they’re already on the documents.  Effort and money is wasted when time is spent creating paper barcode sheets that are printed, scanned and shredded.  Many, if not all, documentation system providers can put useful barcodes on the documents as they are created.  A big reason for the efficiency gains realized by mortgage lenders using Encompass and others is this use of barcodes to automagically classify and index documents.
But what if your documents don’t have or never will have barcodes?  Ideally, you’d like to just drop the paper ones into a scanner and the electronic files into a folder and let a computer figure it out.  That’s exactly what Agile Classifier does.
With our mind-blowing solution, you can throw a pile of papers into a scanner and get back documents separated and classified without needing barcodes.  For electronic documents, simply save a multi-page, multi-document PDF to a folder and the separation occurs without manually identifying document breakpoints, and the separate documents are put together and named into individual PDF files.
While this capability is a boon to front-office lenders and central scanners, an even bigger benefit comes in the post-closing QA processes.  No longer does a human have to stare and compare data on loan approval documents to the data on the closing documents to the data on the core servicing system.  A by-product of Agile Classifier is data processed by Agile Insights.  This revolutionary solution distills the document’s contents into the important terms for electronic comparison.  We’ll know electronically and instantly that the Credit Approval Document said prime plus 2%, the Promissory Note said prime plus 2%, and the servicing system says prime plus 20% and kick that out as an exception. 
How much time is wasted today uncovering 1% exceptions when checking 100% of documents?
With Agile Banking's Classifier and Insights, you can:

  • Eliminate wasted effort
  • Get more accurate results
  • Work faster digitally
    Faster, cheaper, better.
    What’s not to like about that?
    Contact me for a demo.