Streamlining Home Loan Processes
In the realm of home loan finance, mortgage & finance companies must provide tailored solutions to homeowners to sustain a competitive advantage. However, legacy companies are found to be grappling with the inefficiencies of manual physical document management and reliance on file servers. Handling applicant documents manually, coupled with the cumbersome process of scanning and managing files on servers, creates bottlenecks and challenges. In their quest for operational excellence, such organizations need a transformative solution, leading them to implement an advanced system to manage their information and documents – Centris®, ViDoc’s breakthrough solution. This case study delves into the specific pain points addressed by Centris, with a spotlight on the impactful integration of eSign, Document Metadata, Advanced Search options and workflow automation.
Challenges
- Pain Point: Struggle with the sheer volume of physical documents, resulting in processing delays, errors, and a significant drain on resources.
- Pain Point: The process of manually scanning documents and managing them on file servers proves time-consuming and error-prone, hampering the efficiency of document retrieval.
- Pain Point: The reliance on physical documents and file servers raises concerns about data security, posing a risk to sensitive customer information and regulatory compliance.
How Centris Solves the Problem
- Centris: Seamlessly integrated eSign capabilities, revolutionize the document approval process. This not only eliminates the need for physical signatures but also accelerates the entire loan processing timeline, reducing loan approval times significantly.
- Centris: Adaptive Metadata categorizes and organizes various document types associated with loan applications. This streamlines the processing pipeline, reducing manual intervention and ensuring loan applicant documents are easily traceable.
- Centris: With advanced search options and OCR, the organization gains the ability to swiftly retrieve specific documents. This feature significantly reduces the time spent searching for information, improving response times to customer inquiries and internal queries.
- Centris: Workflow automation to streamline processes, from document submission to approval and disbursement – Automation reduces manual intervention, minimises errors, and ensures a consistent and efficient workflow.
Results Acheived:
- The implementation of the Centris results in streamlined document processing, significantly reducing approval times, and operational costs.
- Robust security features of Centris not only safeguard sensitive customer data but also mitigate risks and instil confidence among loan applicants and stakeholders.
- Advanced search options facilitate rapid retrieval of documents, eliminating the delays associated with manual searching and enhancing overall process efficiency.
- Workflow automation ensures a standardized and efficient process, reducing the chances of errors and providing a seamless experience for both customers and internal teams in the loan application and approval journey.
The above case study outlines transition from manual document management and file servers to advanced Centris® and showcases the transformative power of technology in the home loan finance sector. By addressing specific pain points through features like eSign, document tagging, and advanced search options, organizations cannot only increase efficiency but also position themselves ahead of the industry in leveraging technology for agile operations and enhanced customer service
