Loan Process Challenge
Mortgage loan officers of any regional or community bank will manage a multitude of active loan applications at any given time. As part of the approval process, applicants need to provide supporting documentation such as payroll documents, income statements, photo IDs, bank statements, construction plans, etc. much of which is sensitive.
Each month, anywhere from hundreds to hundreds of thousands of documents, most of which contain personal confidential information, will be exchanged. Due to ever-tightening industry regulations plus document size limitations, email is no longer a safe or viable option. Some alternative delivery methods, such as using fax, using a courier, or driving to a local branch to deliver these documents, are not necessarily timely or convenient. Conventional file transfer methods, such as FTP are generally not a practical solution since the AdHoc nature, user authentication requirements, and the potential for file misdirects and misplacements could all slow down the approval process and could result in information being inappropriately shared.
A Proven, Simple Solution
DataExpress Open Platform’s Impulse component allows each loan officer to send an email containing an easy to use link to their clients. When completed, the loan officer receives an email notification whenever a file has been uploaded by an applicant at which time they can simply download the documents to their desktop and continue an email dialogue with applicants while ensuring the confidential documents remain secure and easily manageable. Since the files are always encrypted in transit they comply with industry and bank security regulations. Detailed activity reporting for all file movement is available for verification and accountability purposes.
Benefits and Results
- Faster processing of loans, which leads to increased business potential
- Departmental efficiency – no shared file directory folders – each loan officer has their own account
- Increased security – no sharing of information with anyone other than personal loan officer
- Reduced dependency on email for the delivery of large files and documents, easing the load on the email servers
- DXOP standard features accurately track and account for all activity related to transferring files and documents
- Complies with industry regulations
- Easy setup and use
- Can be hosted in-house or outsourced for management
- Offers customers more convenience by not having to find a fax machine, pay for a courier, or drive to a local bank branch