Workflow Platform Helps Peelle

Over the past seven years, Peelle Management Corp., a provider of assignment, reconveyance, document retrieval, file review and imaging services, has developed workflow technology and has helped to mitigate the headaches associated with the biggest refinancing boom in history.

Dayn Pefferle, president of Peelle Technologies, said that the company's workflow system was implemented in time to help manage the heavy workload during three years of record-breaking lending volume, which in turn generated huge increases in loan boarding and payoff activity for the mortgage servicing industry to manage.

Because of imaging, the paper files "literally stay in the warehouse" while imaged photos are used to process the loan payoffs. In addition, Mr. Pefferle said Peelle's workflow prioritizes loan payoffs to reflect statutory deadlines for processing a reconveyance or lien release at the state level. Most states have statutory limits ranging form 15 to 90 days for completing reconveyance of title or a lien release, with the average being about 30 days, he said.

Ken Palmer, executive vice president of Peelle Management, said that imaging is a major technology trend in the lending industry, with many companies imaging documents at closing so as to manage them electronically thereafter.

It's a trend that also creates opportunities for Peelle.

Imaging of documents means that companies like Peelle can take those images and put them into workflow engines that allow servicers to distribute tasks utilizing those images both internally and to outside vendors, Mr. Palmer said.

"That obviously reduces their costs, because we don't have to deal with all the paper on the front end," Mr. Palmer said.

Imaging also poses some challenges, however, since Peelle typically does not need the entire loan file. Transmitting and working with a 100-page-imaged document takes more time than managing just those documents needed for specific servicing tasks.

He said that if brought in early when a lender decides to implement imaging, Peelle can make recommendations that make the sharing of files with a vendor more efficient.

Peelle's own use of imaging allowed it to handle the huge increases in reconveyance work that came when refinancing surged in recent years without suffering any decrease in its compliance rate for submitting recording documents, Mr. Palmer said.

In addition to prioritizing payoff requests by statutory deadline, clients of Peelle can also choose to prioritize work from states that have particularly high penalties for failing to record a release on time. Imaging cuts down on document retrieval time, so that it's easier to meet the deadlines, he said.

Mr. Palmer said this prioritization would be "virtually impossible" in a paper-driven workflow environment. And electronic imaging eases other back-office needs as well.

"Having the image means we have no more storage issues. As soon as the image has been verified and entered, we no longer need to store the document," he said.

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