Hyland launches automated lending process solution
The solution connects information from disparate systems and provides lenders with greater visibility and control by creating a single application.
June 26, 2019 / 07:03 PM IST
Hyland, a content services provider for the financial services industry, launched a new solution to help lenders better automate the lending process, OnBase Loan Document Tracking. This solution 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 solution, which was built in collaboration with existing OnBase customers, tracks the different documents needed for multiple loan types. 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," said Steve Comer, director of financial services and insurance sales at Hyland.
Once the loan process begins, automatic notifications track which documents are received, missing or expired – assisting lenders in their compliance efforts.
"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. 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.