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Micro Records: The Mortgage Industry and Technology

The mortgage industry is not only full of detailed paperwork, but it is also regulated by the Federal Reserve Board and the Home Mortgage Disclosure Act (HMDA) of 1975, which requires lending agencies to collect and disclose all information about housing-related loans and applications. Any violation of the HMDA may subject the lender to administrative sanctions, such as civil money penalties. Because of this, lenders that must comply with HMDA need a content management system to manage information electronically, facilitate data reporting, ensure records are complete and accurate, and disclose data in a secure format.

This is all possible with DigiTech Systems’  affordable, easy-to-use Enterprise Content Management (ECM) systems, such as ImageSilo and PaperVision Enterprise, that assist lenders by:

•         Enabling the scanning, indexing, storing, and electronic management of loan-related documents.

•         Quickly convert paper documents to electronic files.

•         Indexing and organizing paper documents in a centralized ECM system.

•         Improving efficiency.

•         Simplifying information management and disclosure.

•         Integrating multiple data systems.

•         Automating document routing.

•         Allowing easy retrieval of email messages.

•         Helping to verify reports.

•         Fully complying with HMDA requirements.

•         Simplifying HMDA report distribution.

As you can see, there are tons of advantages to utilizing ImageSilo and PaperVision Enterprise in the mortgage industry. After utilizing our DigiTech Systems services, you will wonder how you ever did business without us! So if you would like to learn more, please contact Micro Records Company, Inc. by calling 877-410-SCAN or visit MicroRecord.com!

Since 1964, Micro Records Company has been providing quality document conversion and full records management solutions to our diverse client base, which includes government, insurance, utilities, education, legal, hospitals and banks.

Micro Records is a leading document scanning services company that provides value pricing and quality document conversion deliverables. We offer document scanning, imaging and indexing services that provides “Best Value” for enabling organizations to successfully utilize the true value of information contained in paper files, resulting in increased productivity, performance and profits.

We use the latest technology to ensure our clients receive the highest quality records management solutions.

You can also follow us on FacebookTwitterLinkedInGoogle+, and YouTube as well!

This entry was posted on Friday, March 2nd, 2012 at 8:30 pm. Both comments and pings are currently closed.