Creating New Paperless Workflows
Many lenders and servicers are talking about having implemented a "paperless" environment, which is often true in the sense of document management (generating, scanning, cataloging and some e-signatures on documents). But a review of their operations will typically reveal that a lot of their day-to-day workflow or processes are often still paper-intensive. Processes that require the sign-off of a procedure, the approval of a submitted appraisal or the release of funds are still report- and paper-driven. Secondly, if the signoff does occur electronically it exists outside of the systems that are used to manage the assets. This can create a disconnection between activity processed in the systems and the associated approval of that activity.
Once documentation has gone "paperless", organizations should begin to review their internal processes and identify workflow that integrates online approvals with daily processes and procedures. What occurs as a result is a streamlined process that integrates the appropriate reviews and approvals of the process into the workflow of the individual tasks.
For example, a user sets up a batch of tax payments to be sent to a tax authority. Within the batch, certain payments will cause advances to be made to the escrow account. Integration of workflow for online approvals could exist as follows:
- Authorization of advances (negative escrow) for specific payments
- Secondary review and verification of the setup of the payments
- Approval to release the payments, subject to one or more signatures based upon the amount of the batch
An integrated electronic process flow reduces time wasted on tracking and comparing electronic versions of documents and provides for a more efficient approach to creating a complete picture and audit of the function.
SS&C's straight-through loan management system, LMS, lets you integrate approvals directly into the workflow of your operations. Whether it is online approval of the underwriting of a loan, approval of a pending construction advance, or the release of tax payments, LMS provides a complete audit trail of the process. SS&C personnel can perform detailed business process analysis to structure and maximize workflow integration.
Want more information on LMS? Download our brochure, request more information or a demonstration or email us at email@example.com.