Network Funding Reduces Shipping and Loan Processing Costs with DataTrac EDM
Lender eliminates $2000 in monthly shipping charges, 1.5 days of labor per file
Company
Network Funding, LP, is a medium-sized correspondent mortgage lender based in Houston, Texas.
Challenge
After noticing the mortgage industry’s shift to paper free environments, and learning more about the resulting efficiencies, Network Funding began evaluating electronic document management solutions that could integrate with DataTrac and DataTrac Web, the lender’s core loan processing platform and web-based interface, respectively.
“We knew it wasn’t going to be long before ‘paperless’ became the industry standard,” said Mary Granato, investor relations manager for Network Funding. “Further, we were certain that electronic document technology would give us a competitive advantage by helping us attract talented, experienced originators and by establishing Network Funding as an industry leader.”
Solution
Network Funding selected DataTrac EDM, Del Mar DataTrac’s electronic document management solution designed to fit the needs of small to medium mortgage lenders.
Results
Since its implementation, DataTrac EDM has provided Network Funding with a paperless means of imaging, archiving, retrieving, and distributing all documents associated with loans files. As a result of its seamless integration with DataTrac and DataTrac Web, DataTrac EDM was quickly deployed. This instantly provided Network Funding’s staff with quick, cross-organizational access to loan files in real-time, from any location in its affiliate branch system.
“The usability is even better than we had imagined and the deployment was incredibly smooth,” said Granato. “DataTrac EDM was quickly up and running at all branches and we never experienced any lapse in the ability to fund loans.”
In addition to DataTrac EDM’s successful implementation and user-friendly interface, Network Funding was impressed by the benefits the system provided for the price.
“The cost of DataTrac EDM was very affordable compared to the other technologies we explored,” said Granato. “Plus, DataTrac EDM saves us more than $2,000 each month on shipping charges alone – that is about equal to half the cost of a full-time employee. The price point compared with the overall savings that DataTrac EDM provides further confirms that our decision to go paperless with this particular technology was truly the right one.”
Granato noted that DataTrac EDM’s return on investment (ROI) goes beyond just the savings in shipping. Other efficiencies provided by DataTrac EDM include significant time and cost savings throughout the organization and with its originators, improved loan status tracking, and easier transmission of loan information to secondary market investors.
“This technology is a great fit for our operation and the originators we work with because, with everything being sent online, we save a tremendous amount of time and money that would have otherwise been spent printing and shipping documents overnight,” said Granato. “With DataTrac EDM, once an application is uploaded, it can be instantly assigned to an underwriter in any of our offices and reviewed in under ten minutes. Because of the efficiencies provided by the system, we now save a minimum of one and a half days of labor per file – from shipping to accounting.”
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