Bay Equity Home Loans has announced that it has completed its initiative to implement a completely paperless loan processing system. While Bay Equity’s loan processing system has been predominantly paperless for some time, the company’s electronic document management system now virtually eliminates printing hardcopies of loan documents. By not having to print hundreds of pages of paper—many of them legal-sized—on each and every loan, Bay Equity helps the environment while realizing significant financial savings. It also considerably reduces the time and man-hours necessary to take a real estate loan from application to funding.
“Loan documentation processing has always been an albatross to the real estate industry,” said Philip Mikolaj, director of information technology for Bay Equity. “Each and every loan required hundreds of pages of paper. By implementing a fully electronic and paperless system, we help the environment and save money that goes right to the bottom line. We can also better manage the entire process and minimize the time it takes to get a loan funded and closed.”
The DataTrac EDM document management software was developed by Del Mar DataTrac, a division of Ellie Mae. The software was tailored to Bay Equity’s specific needs by Mikolaj, whose deployment takes full advantage of the system’s capabilities, including:
►Up-front Submission Indexing. The new system validates that the entire loan document package was received and is ready to be submitted to loan underwriters.
►Appraisal Integration. Appraisals will automatically appear in electronic document management for UW review, with no human action required to upload appraisals to the system.
►Remote Virtual Underwriting. Loan underwriting can be done virtually, and from any operations center, allowing overflow management among operations centers.
►Document Coding. The electronic document management system will digitally generate comprehensive loan closing packages inclusive of barcodes, which, when returned, will “auto-magically” scan and index every page to its respective and appropriate category.
►Pre-funding Auditing. Loan funders can audit and run pre-funding bundles and checklists to ensure file is complete and ready for funding. (Post-closing audits can also be performed and reviewed to ensure that all documentation is ready for delivery to investors, who will accept secure electronic transfers directly.
Mikolaj joined Bay Equity earlier this year with a track record in information technology and senior level management. He has deployed similar mortgage banking software systems at more than 100 institutions nationwide. Mikolaj is based in Bay Equity’s Portland office, where he oversees Bay Equity’s corporate information technology resources.
