ENSURE EVERY LOAN PACKET IS IN COMPLIANCE
Mortgage applications are becoming more difficult and timely to process due to the new regulations enforced by the CFPB. The required documentation has quadrupled in size and each form must be double-checked and verified to be complete in order to meet regulatory demands. This verification process is manual, time-consuming and costly to administer. Additionally, loan processors and servicers must be able to prove their verification process is accurate when an audit occurs.
DocuLynx has created a fast and accurate document indexing solution so lenders can more quickly catalog loan documents and also identify missing documents - reducing their overall cost and time to process loans. The solution provides a full audit trail for every document processed. The solution is integrated with the loan origination process in order to provide the greatest benefit to loan originators and processors.
NOT JUST FOR COMPLIANCE. EFFICIENCY, COST REDUCTION AND SUPERIOR CUSTOMER SERVICE
- Eliminate separator pages printing, document insertion and document removal costs
- Reduce training of staff to accurately identify proper document types
- Greater accuracy of classification of document types
- Manage increased volume without adding staff
- Reduction in the time from document capture to online availability
- Distributed capture to eliminate copying and overnight shipping charges
"The average mortgage application file has now ballooned to 500 pages." David Stevens, CEO of the Mortgage Bankers Association
New rules require you to triple-check everything." Jeff Taylor of Digital Risk, a mortgage processing company
Since the housing bubble burst, file size has grown steadily and dramatically." Peter Grabel, a loan officer for Luxury Mortgage