Fidelity Working on New Version of NewImage
Fidelity National Foreclosure and Bankruptcy Solutions is working on a complete overhaul of its technology for document imaging and management for delivery over the Internet.
And Dennis Stemmle, senior vice president of technology solutions for NewTrak and NewImage Express, says that the Internet availability of document imaging services will help both large lenders and their smaller business partners. The goal is to make sure information is available to the appropriate people, at the appropriate time and in the appropriate format.
By using the Internet, Mr. Stemmle believes that imaging and electronic documents will free lenders from a "silo" approach to electronic document management.
"You still were moving paper around and having people fax stuff in to you," Mr. Stemmle said.
That "silo" approach made it difficult for lenders to integrate electronic images and documents into their business processes efficiently, he believes.
Instead, he said Fidelity will offer robust document management and imaging over the Internet using a bidirectional conduit for the flow of documents.
Fidelity plans to offer its document delivery and management service in an "application service provider" environment, so that users only need an Internet connection to participate. That makes it easier, for instance, for a mortgage broker in Idaho who might not have sophisticated document management technology to do business with a wholesale lender far away.
"Our strategy was really to come in and find out how to provide more than just an electronic file cabinet," Mr. Stemmle said.
NewImage Express is a standalone document scanning and management system.
He believes that the new incarnation of NewImage Express, which may be branded under a new name, will facilitate moving imaging closer to the point of document creation. "That's the ideal. The earlier you get the document into the system, the better off you are."
Mr. Stemmle says lenders are looking for a system where documents can be imaged and managed from one system, rather than requiring them to rely on multiple vendors.
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