Lenders prepare - brighter days ahead

Our current economic climate makes it difficult to know whether to open the sun roof, or break out the umbrella. It seems like the financial forecast changes hourly; for example, July’s economic news ranged from sunny – Dow Jones surge brings new hope to end recession  -- to stormy – the U.S.’ Commercial mortgage failure at a 20-year high. 

Obviously, the recession hit mortgage lenders hard and many did not survive the storm, including industry giant Washington Mutual. But if the old adage the only certainty in life is change holds true we are destined for brighter days. And the lenders who survived need to be prepared. A potential windfall lies in wait for those who are ready, because when the clouds clear, people will be borrowing again. 

Now is the time for you to consider solutions that will expedite and streamline your loan application procedures. You can do this, without reinventing your process or completely replacing your technology, with the right viewing solutions. Recently, one of the world’s largest lending institutions cut its loan processing time in half by including a viewing solution in a system upgrade.  At the time, the company was inundated with billions of dollars in new and existing loans everyday. This translated into upwards of 300,000 new mortgages daily. The company was able to handle the workload by upgrading its operation, integrating its legacy loan application system with an ECM solution and Snowbound’s viewing application, VirtualViewer®. What used to take 7-9 days was cut down  to 4- 5. You can imagine what this meant for market share and profits!   

VirtualViewer provided an extremely fast and scalable viewing technology that enabled the company to expand its processing capabilities across multiple geographically dispersed locations -- in essence creating a loan processing enterprise that operated 24 hours a day, 7 days a week. This increased throughput considerably. VirtualViewer contributed a Java-based viewing technology that scaled easily as the deployment expanded. It also provided:

Our Page-on-Demand technology that delivered documents in less than 3 seconds, regardless of whether the content came from a repository in the east coast, the west coast or another continent.

Our unique Virtual Document module that enabled the system to automatically deliver specified pages from the various mortgage documents to the loan processor, eliminating the need to thumb through piles of paper, or tab through pages repeatedly.  

In the past, loan processing was an arduous, time-consuming and paper-intensive proposition. Today electronic document management technologies make content capture and review more efficient , greatly increasing loan processing efficiency while still allowing time for proper loan review. Bolt-on viewing technology can save you even more by allowing great scalability in output.

Whether you are augmenting an existing system, or performing a fork-lift upgrade, it’s your time to excel. Viewing technology will prepare you for the next spike in business opportunities.