Mortgage Industry is always looking to reduce loan life cycle time by automating manual processes and eliminating lag times for processes such as borrower on-boarding, loan origination and servicing, compliance and all processes that deal with manual workflows. Document Management using ECM tools for Mortgage Industry is the best way to standardize and organize all information within a mortgage bank and making it easy to access.
Benefits of ECM Tools
Productivity: A streamlined ECM enhances productivity and services by automating workflow management to allocate right resources/tasks to the right person.
Storage costs: An ECM solution eliminates redundant or out-of-date copies/versions of content which directly leads to a reduction in storage requirements.
Decision Making: ECM tools enhance the quality of lending decisions since the right information is always available at the right time.
Collaboration: ECM tools improve teamwork and collaboration with the file sharing and library services managed within a networked repository.
Regulatory Compliance: ECM features also include converting documents from paper to electronic form and then store them with controlled access as well as maintaining an auditable record of all the changes to the documents.
Customer Service: ECM tools enhance borrower experience and customer service by providing information for instant resolution of customer queries.
Business Process Optimization: Analytic features within ECM tools help to identify inefficiencies and therefor optimize business processes and work procedures.
Essential Functionalities of ECM Tools
Document management
Record Management and file archiving
Content Analytics
Content Publishing & Creation
Imaging & capture features for paper based documents
Web content management
Social Content Management
Compliance with regulations features
Integration with other enterprise applications
Defensible Disposal of information that is no longer needed
Delivery component to dispense information at request
Top ECM Tools for Mortgage Industry
IBM FileNet Content Manager provides organizations with flexible container based deployment options, enhanced security capabilities such as role based redaction, together with automation and collaboration capabilities required to improve the customer experience and employee productivity.
Laserfiche is a top ECM tool for content management, business process automation and productivity-boosting analytics.
OnBase is a flexible enterprise content management (ECM) solution that helps organizations manage documents and data to streamline business operations.
M-Files unlike traditional ECM systems or content services platforms unifies systems, data and content across the organization without disturbing existing systems and processes or requiring data migration.
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