iDatix Corporation Aims At Providing Paperless Mortgage Operations
October 23, 2007
Located in Clearwater, Florida, iDatix® Corporation offers a new approach to the paperless enterprise and understands that when it comes to enterprise solutions, organizations have unique needs and challenges with workflow analysis and business process automation. To ensure mortgage customers receive significant and measurable results, iDatix implemented its iSynergy Mortgage their end-to-end integrated solution that provides a fully scalable, modular architecture to address the core business problem of managing unstructured data.
iSynergy Mortgage streamlines end-to-end mortgage processing from loan origination and electronic delivery of mortgage files to the secondary market. Due to the iDatix’ iSynergy Mortgage recognition in the mortgage industry, Meritage Mortgage, a sub prime mortgage lender, embraced the technology to combat rising costs of the paper intensive mortgage process, reduce the paper handling process time, eliminate lost documents, and have the ability to share information across the enterprise.
Implementation Saves Costs and Increases Productivity Meritage Mortgage implemented iSynergy’s iScan along with 16 Fujitsu fi-5650C scanners throughout their Portland, Oregon, and Jacksonville, Florida, facilities. With this installment, Meritage Mortgage can now capture paper and electronic mortgage documents as received in real-time, automatically index, assign individual document types, electronically route, and simultaneously share digital mortgage documents with users responsible for mortgage processing, underwriting, reviewing, approving, and shipping. Real-time access to electronically stored documents is key for Meritage Mortgage as their customers rely on them for a quick response time.
Additionally, Meritage Mortgage can now capture documents at the beginning of the loan origination process with the ability for simultaneous access to each document within the mortgage file – allowing multiple job tasks to occur at the same time. The ability to have concurrent access to loan documents coupled with the ability to route documents electronically has dramatically reduced the time required to process and approve or deny loans.
Based on the process improvements, cost reductions from minimizing copier and fax machine use, and paper and shipping costs, Meritage Mortgage expects a 12 month return on investment since installment of the iSynergy Mortgage and Fujitsu’s fi-5650C scanners. The productivity gains and the increase in the quality of the processes will all be net gains and is a positive impact to the bottom line.
Source: iDatix® Corporation