Hyland Seeks Servicing Benefit from Post-Closing Automation
Hyland Software does a lot more than just help lenders scan documents into computers, company executives told MSN last week.
Today, Hyland puts its focus on enterprise content management. And the company's key product, the OnBase software suite, is designed to help lenders manage data and documents from a variety of sources and formats.
The goal is to help lenders not only originate loans more efficiently, but also board them onto servicing systems and conduct quality control reviews with greater automation of those processes.
Jason King, director of the financial services group at Hyland, said that enterprise content management - ECM in technology circles - will help lenders better integrate loan servicing with their loan origination channels. For one thing, ECM can allow text-based data from a servicing system to be stored and indexed for easy retrieval.
"Ten years ago we were purely known as an imaging company," Mr. King said. "Now it's more business process-centric."
As such, Hyland is stepping up its emphasis on the post-loan-closing aspect of the OnBase product suite.
At the end of the loan process, Hyland's software helps lenders audit each page of the loan package before the loan is shopped off to the secondary market. The entire package is checked for data accuracy and compliance with investor requirements.
In the past, a lender's staff typically performed the audits manually using a checklist. The process often took around 45 minutes per loan file, Mr. King said.
OnBase allows the loan package to be scanned, stored and indexed before it gets to the person performing the audit function, so it can be presented in an interface with an electronic checklist. That allows the audit to be completed in five to 10 minutes, Mr. King said.
And since imaged documents and forms are being moved around rather than hard copies, workflow can proceed more smoothly.
"It translates into doing more loans more quickly with fewer people."
That's the approach Hyland has taken in developing the OnBase suite. The software development was driven by the principle that lenders need ECM to facilitate better throughput.
"How do you enable and facilitate better throughput to use solutions? We can put some intelligence behind the solution."
OnBase can be licensed for in-house installation or it can be provided as a Software as a Service feature, meaning that Hyland hosts the product on its servicers and clients access OnBase electronically.
"In the last two years we've seen people more readily adopting the Software as a Service model," Mr. King said.
Typically, he said, mortgage lenders call with a "pain point" in their business that they think can be fixed with ECM. Hyland seeks to find ways that OnBase can help.
In today's market, Mr. King said that lenders don't want systems that require special program to be integrated with their existing loan origination and servicing technology. That puts more pressure on companies like Hyland to make sure they have readymade integration to existing systems.
Mr. King also said that acceptance of electronic documents as a loan document of record has increased.
David Vege, Hyland's marketing director, said the OnBase suite has been developed entirely internally by the company.
"We've never gone out and acquired any other technology. OnBase is completely natively developed, which is kind of unique." (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com