By: Dennis Moore
The number and types of documents you are required to collect throughout the year is growing, as is the complexity of requests to deliver the information to internal and external parties in specific formats. Many firms still report that their processes are largely manual. It takes a lot of time and resources to manually manage emails and paper, re-enter and transform data into required formats for upload/reporting purposes, and manage slow approval processes.
In addition, paper-based processes introduce inherent risk and inefficiencies into your loan operations. Documents can get lost, data is difficult to validate and must be rekeyed, and documents can be submitted with incomplete information. Missing documents and inaccurate or incomplete information increases your exposure and costs your organization time and money.
Leveraging an automated workflow tool drives efficiencies and enables your staff to focus on more value-added tasks like analysis and customer service. Flexibility is also important in meeting the diverse needs of the consumers of that information, whether internal management, a regulatory body, or your clients and investors.
The Precision LM loan servicing software from SS&C provides an integrated data aggregation and workflow automation module called E-Correspondent. Key features include:
- Automating the delivery, completion, processing, and tracking of documents.
- Transforming paper documents into web-based forms that can be completed online.
- Enforcing data validation and dependency rules.
- Automating the review and approval processes and generating notifications.
- Providing management visibility and reporting for all activities.
SS&C Technologies, Inc. (NASDAQ: SSNC) is an independent provider of loan management software and outsourcing services to the global financial services industry, including more than 60 of the top life insurance companies, multifamily lenders, servicers, banks, and mortgage REITs. The unique Precision LM software from SS&C integrates origination, servicing, asset management, and reporting into a single application, improving efficiency and enhancing operational control. Precision LM is built on the latest technology, offering a highly automated and flexible solution with unrestricted access to data through executive dashboards, web-based reporting, and mobile applications.
Learn more about Precision LM here.