SunTrust Goes Paperless with Pyramid Tool

SunTrust Mortgage wanted to reengineer its business to increase efficiency, standardize processes and handle increased volume. The route they chose was to start at the back-end of the process with post-closing review, and to strive for a truly paperless environment.

The SunTrust mortgage division originates loans through 214 locations, maintains relationships with nearly 10,000 correspondents and brokers across 49 states and services loans in every state plus the District of Columbia. SunTrust initially partnered with another vendor to develop and implement an imaging solution. However, SunTrust found it was achieving only a 10% imaging rate with that solution.

As a result, SunTrust engaged Pyramid Solutions here and deployed the Pyramid Loan eXpeditor to handle post-closing workflows. With the guidance and support of Pyramid Solutions, SunTrust, with its other strategic vendor partners, successfully made the move to the Kofax Ascent Capture solution for document capture and to business software paragon FileNet, an IBM Company, for enterprise content and business process management. For reports, SunTrust leveraged its existing Cognos reporting tool. The solutions from Pyramid helped SunTrust better tie together imaging and document management within the specific context of the mortgage process.

"Simply, we had a business issue and looked at different solution providers," Marvin Watts, executive vice president/operations and servicing manager of SunTrust reported. "When we brought several vendors in to do due diligence. We liked Pyramid's expertise in the mortgage area. They were one of the few vendors in the space that had more end-to-end functionality.

"They quickly brought the right expertise to bear. They got their piece correct and helped us with the data capture. We have a more formalized process now with several walkthroughs. We didn't have all of our requirements going into the implementation, which slowed us down at first.

"But in comparison, we had a very manual effort before pyramid," noted Mr. Watts. "We tried to apply technology but with the wrong provider. We've been able to grow our volume and process more efficiently with Pyramid. We've been more speedy with our cycle time. It's also cleaner. We've seen a 40% volume increase. Post closing used to take us 15 days and we've cut that down to just a few days."

Pyramid Solutions specializes in designing and implementing enterprise content management and business process management solutions. PLX is the centerpiece of Pyramid's financial service product platform. PLX takes advantage of the full range of FileNet platform functionality. The system pulls key data from a lender's LOS and other point solutions and moves all content into the digital domain. Then it manages and automates post-closing processing and loan sale export to the secondary market.

But sometimes when moving to a paperless environment there is internal resistance to change. "The buy in was plainly the notion that this is the new tool that we will use," stressed Mr. Watts. "We started training from there. We did remedial training once we noticed pockets of resistance. The tool was quickly adopted once the users realized the value.

"Lenders ought to invest in imaging and workflow engines because imaging by itself is not a value add. You need to layer OCR technology and restructure you're process to leverage this technology in order to get the big win. In this paper-based industry you need to move toward imaging to cut cost," he concluded. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.bondbuyer.com/ http://www.sourcemedia.com/