GMAC Builds A Better Loan Process
General Motors, known for its trucks and cars, also operates one of the largest commercial finance businesses in the industry. The company's financial group, GMAC Commercial Mortgage Corp., is one of the leading global providers of financing programs for commercial property real estate.
The Horsham, Pa.-based company provides loans ranging from property acquisition and construction to refinancing and renovation for properties such as general office, industrial, retail, apartments and healthcare. The worldwide operation processes hundreds of thousands of documents at its 60 regional locations throughout the U.S. and at office sites in Europe.
To streamline the processing of loan documents and to provide access to these documents to employees in an anytime/anywhere operating scenario, the commercial mortgage group instituted a distributed document capture system with the goal of shifting to an electronic document processing operation. Ascent Capture from Kofax is a key component of the company's paperless objective, performing critical document and data capture tasks and, as a result, significantly enhancing the company's commercial loan process.
The Challenge
Each day GMAC Commercial Mortgage processes more than 100,000 loan documents related to a wide assortment of income-producing properties. As the largest commercial mortgage underwriter in the U.S., the company elected to improve overall operating efficiency by consolidating its documentation processing at a single location. The company handles a variety of document types, including Excel spreadsheets, e-mail text, Acrobat PDFs and AS/400-generated reports.
"We have 60 origination offices servicing 47,000 loans and are the largest providers of Fanny Mae, Freddy Mac and FHA loans," said Larry Hoffman, GMAC Commercial Mortgage director of imaging and workflow. "We also provide escrow administration, client relations, asset administration and service monitoring, payment processing, risk management and investor and IRS reporting."
Prior to implementing a document capture solution with Ascent Capture, the company stored information in both electronic and paper formats which exacerbated the difficulties with document search and retrieval.
"GMAC Commercial Mortgage processes 3,591 document types and 30 different index fields, making it a very complicated document management environment," Hoffman said. "Today, 90 percent of all documents received are scanned the same day with less than 24-hour turnaround."
The Solution
GMAC Commercial Mortgage deployed Kofax Ascent Capture, a flexible scanning and automated indexing solution for documents, at locations worldwide. Ascent Capture automatically identifies forms and performs highly accurate recognition of handwriting (ICR), machine print (OCR), check marks (OMR) and bar codes to extract even the toughest data from scanned images. Ascent Capture manages the process, indexes and validates the captured content, and then releases it seamlessly through a library of custom integration modules developed for all major document and content management systems.
Ascent Capture enables GMAC Commercial Mortgage to move paper documents from its remote offices directly to the company's central workflow system without incurring the time and cost of shipping hard-copy documents. The company centrally administers remote scan locations and schedules data transfer in off-peak hours to better leverage available network bandwidth.
With Ascent Capture, GMAC Commercial Mortgage can scan and index content from the company's imaging centers in Horsham; San Francisco; Pasadena, Calif.; Chicago; New York; Vienna, Va.; Richmond, Va.; Birmingham, Ala.; Mullingar, Ireland and Paris.
GMAC Commercial Mortgage paired Ascent Capture with Hyland Software's OnBase, which serves as the enterprise software framework that combines document imaging, COLD/ERM, document management, and workflow into a single Web-enabled application.
GMAC Commercial Mortgage also found Ascent Capture's easy-to-use customization features highly beneficial in creating an integrated document and data management solution to meet their enterprise requirements. The customization features make it easy for GMAC Commercial Mortgage to react to changes in the document management environment.
The Bottom Line - ROI
With the implementation of Ascent Capture, GMAC Commercial Mortgage is now processing more than 16 million pages electronically per year. Document imaging technology enables the company to process loan documents more quickly, usually within 24 hours. According to Hoffman, GMAC Commercial Mortgage is expected to be paper-free by the end of 2002.
"Thanks to document imaging technology, GMAC Commercial Mortgage has achieved tremendous payoffs in loan processing speed and operational efficiency," Hoffman said.
The Horsham, Pa.-based company provides loans ranging from property acquisition and construction to refinancing and renovation for properties such as general office, industrial, retail, apartments and healthcare. The worldwide operation processes hundreds of thousands of documents at its 60 regional locations throughout the U.S. and at office sites in Europe.
To streamline the processing of loan documents and to provide access to these documents to employees in an anytime/anywhere operating scenario, the commercial mortgage group instituted a distributed document capture system with the goal of shifting to an electronic document processing operation. Ascent Capture from Kofax is a key component of the company's paperless objective, performing critical document and data capture tasks and, as a result, significantly enhancing the company's commercial loan process.
The Challenge
Each day GMAC Commercial Mortgage processes more than 100,000 loan documents related to a wide assortment of income-producing properties. As the largest commercial mortgage underwriter in the U.S., the company elected to improve overall operating efficiency by consolidating its documentation processing at a single location. The company handles a variety of document types, including Excel spreadsheets, e-mail text, Acrobat PDFs and AS/400-generated reports.
"We have 60 origination offices servicing 47,000 loans and are the largest providers of Fanny Mae, Freddy Mac and FHA loans," said Larry Hoffman, GMAC Commercial Mortgage director of imaging and workflow. "We also provide escrow administration, client relations, asset administration and service monitoring, payment processing, risk management and investor and IRS reporting."
Prior to implementing a document capture solution with Ascent Capture, the company stored information in both electronic and paper formats which exacerbated the difficulties with document search and retrieval.
"GMAC Commercial Mortgage processes 3,591 document types and 30 different index fields, making it a very complicated document management environment," Hoffman said. "Today, 90 percent of all documents received are scanned the same day with less than 24-hour turnaround."
The Solution
GMAC Commercial Mortgage deployed Kofax Ascent Capture, a flexible scanning and automated indexing solution for documents, at locations worldwide. Ascent Capture automatically identifies forms and performs highly accurate recognition of handwriting (ICR), machine print (OCR), check marks (OMR) and bar codes to extract even the toughest data from scanned images. Ascent Capture manages the process, indexes and validates the captured content, and then releases it seamlessly through a library of custom integration modules developed for all major document and content management systems.
Ascent Capture enables GMAC Commercial Mortgage to move paper documents from its remote offices directly to the company's central workflow system without incurring the time and cost of shipping hard-copy documents. The company centrally administers remote scan locations and schedules data transfer in off-peak hours to better leverage available network bandwidth.
With Ascent Capture, GMAC Commercial Mortgage can scan and index content from the company's imaging centers in Horsham; San Francisco; Pasadena, Calif.; Chicago; New York; Vienna, Va.; Richmond, Va.; Birmingham, Ala.; Mullingar, Ireland and Paris.
GMAC Commercial Mortgage paired Ascent Capture with Hyland Software's OnBase, which serves as the enterprise software framework that combines document imaging, COLD/ERM, document management, and workflow into a single Web-enabled application.
GMAC Commercial Mortgage also found Ascent Capture's easy-to-use customization features highly beneficial in creating an integrated document and data management solution to meet their enterprise requirements. The customization features make it easy for GMAC Commercial Mortgage to react to changes in the document management environment.
The Bottom Line - ROI
With the implementation of Ascent Capture, GMAC Commercial Mortgage is now processing more than 16 million pages electronically per year. Document imaging technology enables the company to process loan documents more quickly, usually within 24 hours. According to Hoffman, GMAC Commercial Mortgage is expected to be paper-free by the end of 2002.
"Thanks to document imaging technology, GMAC Commercial Mortgage has achieved tremendous payoffs in loan processing speed and operational efficiency," Hoffman said.