Viva mortgage management
To improve its home mortgage processing, a large Nevada mortgage company has implemented an enterprise content management system from Hyland Software. Republic Mortgage, headquartered in Las Vegas, awarded the contract to OSAM, a Hyland Software solution provider.
Homes in the Las Vegas area have rapidly appreciated in the past couple years, causing an increase in the volume of loans originated and a daunting amount of paperwork for Republic Mortgage's loan-closing department. According to a recent press release from Hyland, as loans arrived, the whole file was photocopied, scanned and processed, while the original file had to be stored to comply with state regulations. After review, Republic would sell the loans to investors, distributing paper loan portfolios with high shipping and labor costs.
To help save time and money related to the lending process, OSAM integrated Hyland's OnBase software into Republic's existing environment, improving imaging, storage, retrieval and delivery capabilities. The OnBase Web client was deployed to provide easy access to loan documents any time and anywhere. The loan files are exported to investors using a new OnBase eMortgage delivery module.
"Republic expects to realize a ROI of a little over 11 months and a two-year savings of approximately $230,000," says Republic CIO R. Spencer Van Pelt. "This savings has made this installation a complete success."