White Paper | August 9, 2007

Close More Loans With Data Capture: A Reality For The Lending Marketplace By Jeffrey Welan, AnyDoc Software

Source: AnyDoc Software

Click Here To Download:
Article: Data Capture

Right now, loan processing staff may be handling the same paper document multiple times before a loan is closed. In the mailroom, employees may be assigned exclusively to opening packages containing documents related to multiple loans. After manually separating and sorting the documents by loan packet, employees have to insert separator or patch pages to segregate individual loan packets and different document types within a loan – marking the beginning and ending of a document and identifying the type of document such as an appraisal/1004 or HUD form. All of this must be done before physically routing stacks of documents to processors to perform the tedious manual data entry needed to get the data into the backend system.

Add to that the amount of time touch labor requires, including manual data entry of key fields such as loan number, parcel number or social security number, etc., and the chance for error is multiplied and critical documents may be misplaced, slowing down the workflow. Each time a document is physically handled or a data entry error must be corrected, rising costs and delays affect the bottom line – including qualified loan closings.

With the possibility of an average loan file containing nearly 200 different types of documents (not counting pages!) that frequently vary in format, processors have to slow down to hunt for the desired information. Valuable time may be wasted while a processor searches through different formats of a document looking for data such as annual income or loan number.

Click Here To Download:
Article: Data Capture


Jeffrey Welan is vice president of North American sales for AnyDoc Software. Welan has been a part of the AnyDoc Software team for more than a decade, first as business development manager for the Southeastern United States, and later as director of North America Sales before being promoted to vice president. In his current role, he is responsible for the promotion of new and emerging technologies in the North American division. Along with providing oversight to AnyDoc Software's reseller partners, Welan also builds executive-level relationships with key client accounts in a variety of industries including the financial, healthcare and manufacturing markets.