Home Loan Lender scans loan applications with EzeScan

The Business Challenge

A Home Loan Lender was faced with processing loan applications. Each application consists of about 25 separate sections. The Home Loan Lender already had an efficient paper based system, but with the growth of their business the shear volume of paper requiring storage was starting to take over the office floor space.

The company decided to implement an EDMS (Electronic Document Management System) to solve the problem of dealing with paper documents. They soon discovered that they were some issues associated with Scanning that no one had thought of during the EDMS selection process. The main problems were that the scanning solution provided with the EDMS system was a document scanning solution (i.e. scan 1 document at a time), and that in the EDMS system the 25 parts of the original loan application were likely to become 25 separate electronic documents.

The client needed a more flexible scanning solution to work with their EDMS system. Due to the limitations of the document scanning solutions, the EDMS vendor approached Outback Imaging to see whether we could help solve the client’s issues.

The EzeScan Solution

Outback Imaging designed a solution for the client based around its EzeScan PRO, KFI and UPLOAD modules. This new solution uses a new digital copier (with inbuilt copy, print, scan and fax capability).

The new system utilises electronic images throughout the entire process, rather than paper documents. Incoming documents are now scanned in batches (using PRO), indexed (using KFI) and archived (using UPLOAD) into the EDMS system. Updates or additions to loan applications awaiting approval can now be electronically pre-pended or appended to existing documents in the EDMS system.

If the 25 sections arrive as one document then that document is simply scanned and saved into the EDMS as one document. But if the sections 1 through 25 arrive bit by bit then they are simply scanned and added to the existing document as they arrive. In either case 1 home loan application (consisting of 25 or more separate sections) is now stored in the EDMS system as 1 electronic document.

The client now has a system that closely mirrors how it’s original paper based system worked yet it is now all controlled by the EDMS system.

The Value

Once the loan applications have been scanned there are numerous benefits to the client. Document security is improved since access to each home loan application is now tightly controlled by the EDMS system. This is much more secure than placing the documents in filing cabinets or archive boxes.

Multiple loan approvers can view the documents at the same time (if required) without having to make copies. Scanned loan applications are saved into the EDMS system in PDF format. They can then be readily viewed on any PC loaded with Acrobat Reader. The time taken to process loan applications has been dramatically reduced (no more time spent looking for files, misplacing files)

The servicing of loan application telephone enquiries is vastly improved as the Customer Service Reps can now deal with an enquiry in real time (since the loan application paperwork is now online) without the need to locate the hardcopy and then call the client back. Expensive office floor space and storage has been reclaimed. Once loans have been approved the physical hardcopy documents can be sent off site for cheaper long term storage.

For this client the EzeScan Solution provides tangible benefits with regards to cost savings and productivity increases.