Project information

  • Category: Technology and Business Process
  • Client: FireFighters First Credit Union
  • Project date: from 2018
  • Project URL: Loan origination System

Business Case:

  • Credit union was struggling to manage storage of the loan documents in a secured location
  • Audits were taking too long due to document retrieval management from storage
  • Missing documents
  • Cost was getting higher than expected to store documents, transport back and forth
  • No transparent view on the progress and/or status on the loan
  • Labor cost was too high
  • Taking longer than expected for the closing loans

      High Level Summary of Scope of Work:

    1. Streamline real estate document management process by creating a secured and centralized document repository that is accessible by members, third party vendors and internal staff
    2. Create a paperless mortgage environment process
    3. Provide borrowers the capability to access their mortgage loan status
    4. Create a secondary digital repository for closed loan documents outside of LOS for redundancy and accessibility 
    5. Utilize existing LOS document portal functionality to enable borrowers and internal staff to upload and download loan documents
    6. Create docs integration between POS and LOS
    7. Ensure all loan documents are in digital format except for documents that require wet signature (Deed of Trust & Note))
    8. LOS/POS notification/alert and status functionality to create borrower loan status
    9. Evaluate third party vendors’ capability for seamless document integration
    10. Integrate LOS/POS cloud storage with secondary Repository for new closed loans 
    11. Provide borrowers the capability to access their mortgage loan status
    12. Tools: MortgageBot POS, MortgageBot LOS, ImageFlow, DocExchange, IDS, DocSign, etc
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