CLEVELAND–Hyland has launched a new solution it said it aimed at helping lenders better automate the lending process. OnBase Loan Document Tracking connects information from disparate systems and provides lenders with greater visibility and control by creating a single application that manages the documentation requirements involved in all phases of the lending life cycle, the company said.
“OnBase Loan Document Tracking assists lenders in providing the best customer experience by delivering a complete view of required information and documents, ensuring organizations stay compliant with industry regulations,” Hyland stated.
The company added that with OnBase Loan Document Tracking, lenders gain digital access to all loan-related information from a central location, empowering loan processers with the right information at the right time throughout the loan cycle to provide higher-level service to loan applicants and ultimately close loans faster.
‘A Complete View’
“The solution, which was built in collaboration with existing OnBase customers, tracks the different documents needed for multiple loan types,” said Steve Comer, director of financial services and insurance sales. “By initiating the tracking process from the moment of application and consolidating the information into a single system, employees gain a complete view of prospect pipeline and the active loan lifecycle to run real-time reports and gain greater knowledge of the entire health of the lending portfolio.”
Once the loan process begins, automatic notifications track which documents are received, missing or expired – assisting lenders in their compliance efforts, Hyland said.
“By proactively notifying the lender of required or missing documents, Hyland’s Loan Document Tracking solution helps ensure compliance throughout the loan lifecycle, informing loan officers what information needs collected,” Comer said, adding that because information is immediately available, auditors also gain a unique view of the loan file, with itemized lists of which items were completed and why other items were not.