The Home Mortgage Disclosure Act (HMDA) requires a lot of information from both depository and non-depository lenders that can take a lot of time and energy to compile. If lenders do not disclose all of this information, it can mean civil and monetary penalties. Avoiding these penalties can mean spending valuable time doing data entry. Enterprise Content Management can help lenders organize and store this information simply, quickly, and efficiently.
Features of ECM – Scan, index, store, and manage loan-related documents for HMDA compliance. Lenders will have the documents on hand as well as electronically stored for convenience and back up purposes. PaperVision, the on demand ECM service, allows lenders to scan all of the documents into a centralized system. The scalability of the program allows for documents to be scanned and uploaded from various branch locations, rather than only in one branch. The documents also allow for searches of text within documents. All documents are translated into editable text to make it easy to change documents when necessary, but to avoid manual data entry. The ECM technology also provides features that allow for verification of all information. For example, if a field is missing, PaperVision will alert lenders to which information still needs to be updated. PapervVision also hides identifying personal information about the applicant for when the information must be made public, simplifying this task for lenders.
Benefits of ECM – ECM will help lenders boost employee productivity. Since there is less manual entry needed, less time will be spent preparing information for the HMDA. It also eliminates some human error. Instead of having to process the information twice, a lender only has to process and write out the information once, which makes paperwork errors less likely. The electronic documents that are created using ECM make it simple to disclose all of this information on the internet, while still maintaining the privacy necessary on the documents. The program is specifically created to meet HMDA specifications makes the business of lending and reporting much less of a hassle.
If you are interested in learning more about Home Mortgage Disclosure Act and Document Management, please contact Micro Records Company, Inc. by calling 877-410-SCAN or visit MicroRecord.com! Digitech Systems offers its comprehensive ECM product suite exclusively through its Value-Added Resellers, like Micro Records, a leading document imaging company that provides value pricing and quality document conversion deliverables.