Mortgage Loan Document Imaging
PCLender offers significant advantages over stand-alone imaging applications. Our integrated solution identifies necessary file documentation right from loan origination and creates a "virtual" file for loan processing. This file is accessible for the life cycle of the loan and is designed to allow you to centralize or outsource key activities for processing, underwriting, or loan closing. Additionally, our unique system "views" simplify the delivery of investor files to the secondary market and offer a superior solution for file archiving.
Imaging views create a virtual loan file that identifies required documentation and sorts the images according to the user's role in the loan process. Moreover, security rights are implemented to filter documents for users to access on authorized documentation for specific loans. Online portals allow borrowers or broker partners to see outstanding document requirements and submit them online.
PCLender provides loan boarding and initial underwriting reviews for lenders who receive wholesale loan applications via fax or e-mail. Typically the lender receives a 1008, 1003, credit report, disclosures, title reports, and an appraisal as a fax or PDF file. Working from these image formats, PCLender conducts reviews for accuracy and basic underwriting issues, creates a new record within the LOS (or appends existing records), and links the images within the loan record.
On the following day the lender runs reports that identify and prioritize remaining steps based on equity, credit, income, or other relevant factors. The lender can batch-print or e-mail responses based on the characteristics of the information received. For example, if a loan is missing key documentation, the lender can communicate this to fifty brokers in one step, resulting in a higher service level and significant cost reductions.
Integrated Document Management Summary
Integrating document management within the LOS provides new levels of efficiency for loan processing, underwriting, investor delivery, and file archiving. Imaging allows lenders to create a virtual file, starting with the loan prequalification process. Documents are requested, added, and managed within each transaction based on the user’s role and responsibility within the life cycle of a loan.