LAGUNA HILLS, CA - Acris Solutions, a web-based provider of electronic imaging, document management and loan delivery solutions for the mortgage industry, announces the enhancement of its flagship product, Acris Paperless Solutions, to provide new sophistication in mortgage process workflow for lenders of all sizes. Making the announcement at the Mortgage Bankers Association annual conference at San Francisco’s Moscone Center, Acris Solutions president Richard Johnston describes the new workflow capability as an important control and security measure for companies making the transition from paper-based processes to image-based lending.
“It’s not a question of ‘if’ lenders are going to make the transition to image-based lending, but a question of ‘when,’” Johnston says. “With all the lenders that have left the scene, it has become clear that those who survive and thrive are going to be the companies that embrace efficiency. Embracing efficiency in the 21st century means moving toward a paperless business model-- and doing so in the best possible manner.” That includes making certain that steps are taken in the process to maintain control of the workflow steps to avoid duplication of effort and keep service levels high. One of the great strengths of electronic document management (EDM) is the ability of more than one person to work on the file at the same time, but this availability of file documentation can lead to confusion unless the proper safeguards are in place.
“This new electronic workflow feature allows processors and underwriters to lock specific documents into a ‘view only’ mode,” he explains. “A unique permissions control designates the user authorized to mark the document as ‘final’ or ‘approved for funding’ and shows the status for the benefit of others working on the loan. This avoids confusion and puts everyone immediately on the same page.” In addition to improving efficient workflow, security is enhanced, as only the designated persons can make authorized changes, an important safeguard lacking in some EDM environments.
As the loan processor performs his or her stage of the process, for example, they would be designated as the person who ‘owns’ the file. This new workflow feature provides the processor with the ability to manage the dynamic checklist of documents needed for completion of the loan. The checklist is viewable to all users but is managed only by the authorized users. As a new version of the checklist is created, it automatically supersedes the prior version and only the most recent version is viewable. “We’re solving an important problem here in the evolution of paperless lending systems” says Johnston. “Lenders have improved functionality with their image-based processes without giving up security and accountability. Loans move more rapidly through the system to a quicker closing, giving borrowers a better experience and giving the lender a competitive advantage.”
In addition to these new loan progress review features, Acris Solutions has developed five new back office management modules for the Acris Paperless Solutions environment. Specific modules have been created for Human Resources, which includes payroll, benefits, and performance reviews, as well as for Investor Management, Vendor Management, Broker Management, and Compliance. Each of these new modules has unique controls and security features designed to make these functional areas more streamlined and efficient.
