DocFinity and the Loan Processing Solution

To stay viable, loan processors must speed the lending process while decreasing costs. Hastening credit and loan decisioning, and managing risks for mortgage, consumer, and commercial lending institutions can be costly in terms of time and resources. It often results in massive amounts of paper and processing delays.

Optical Image Technology’s (OIT) DocFinity suite of document management software simplifies and automates the lending process. DocFinity manages advance disclosures, pre-qualification, origination, document preparation, processing, loan tracking, underwriting, commitment, and more, while streamlining the lending process and lowering costs. DocFinity helps you produce easy, thorough audit trails and simplifies compliance measures for Gramm Leach Bliley, Sarbanes-Oxley, and other federal and industry regulations.

Applications, supporting documentation, and other materials can be electronically routed via e-mails, faxes, or over the Web, at which point they are stored in a central repository that can be searched and accessed electronically. Documents can be launched into a workflow for signatures, approvals, or further processing. Processing that takes weeks, or even months in a paper-based system, can be reduced to days with DocFinity. DocFinity even automates compliance measures to comply with Gramm Leach Bliley and Sarbanes-Oxley.

The DocFinity Loan Processing Solution consists of several components, which you can build upon as you grow.

• The DocFinity Core enables electronic capture and management of documents, pre-printed forms, e-mails, faxes, and images. It aids with updating of files by electronic transmissions, faxes, phone calls, and paper submissions.
• Workflow tracks, files and automates case assignment by type, officer, volume, and other attributes. It streamlines procedures from processing to closing.
• XML FormFLOW provides for electronic creation, indexing, storage, and routing of loan applications and other forms. It also decreases processing time by enabling online applications and other forms to be uploaded and placed into an automated workflow.
• Hierarchical Storage Manager (HSM) helps to facilitate compliance by automating your retention schedule; and automatically backing-up all your vital information.
• Reports streamlines system management by generating real-time reports, enabling administrators and managers to monitor employees’ workflows and to view audit trail statistics.

For additional information about DocFinity solutions for loan processing, please contact us at info@docfinity.com.