Launched in 1995, Union Capital Mortgage (UC) is a private mortgage bank serving residential homeowners. It is a small- to medium-sized company located in Willoughby Hills, Ohio, and conducts business in Pennsylvania, New York, Florida and Ohio. Its recent gains in the highly competitive mortgage arena have been attributed to the timeliness of its services, thanks in part to help from HP.
UC elected to differentiate itself in the very intense mortgage banking industry by improving the expediency of its communication with customers.
Tip: Small businesses can often benefit from task centers that put scanners, printers, and other tools of a small document management system together in one place.
Challenges
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Reduce loan processing time to stay competitive.
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Increase number of return customers.
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Remove space limitations due to federal requirement to store mortgage documents for five years, and financial records for UC and its customers for seven years.
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Eliminate significant time drains for UC employees:
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Copying and preparing loan files for shipment to investors (125-500 pages) took 1.5 hrs;
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Sending and receiving large mortgage documents (55-60 pages) to/from borrowers via fax was a frustrating, error-prone experience; and
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Sharing large documents (150-250 pages) between dispersed offices.
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Improve time-consuming and expensive task of archiving and retrieving documents from storage.
Solution
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Partnership with MCPc for systems integration services.
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ApplicationXtender® from Documentum - a document management application for archiving and managing loan details as well as other documents from other workflow proccesses.
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HP Scanjet 8200 series scanners for fast, cost-effective capture of large existing mortgage files.
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HP LaserJet 4100 series mfps for capture of new mortgage files as they are being created, for sending and receiving electronic files from external parties such as customers, title companies, etc., and for ongoing copying, printing, faxing and scanning functionality.
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HP AutoStore software for optimized routing of captured data into AplicatioXtender, and to consolidfate and organize forms used by various workgroups.
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HP digital media for onsite backup.
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HP DVD raid system for offsite disaster recovery storage.
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HP Care Pack support services.
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HP Proliant server.
Results
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Reduces loan processing time by over 60 percent:
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17 day average turnaround from the previous 55 days;
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Bolsters business, improves relations with investors;
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The percentage of returning borrowers is increasing; and
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Allows UC to do more business, because it can turn it around almost two times faster than any competitor in the local area.
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Dramatically improved employee productivity:
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Streamlined paper-handling processes (e.g., 20 times faster at preparing loan files, from 1.5 hours to 5 minutes);
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Locating and retrieving a document now takes three to five minutes versus five to seven days; and
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Quick, easy sharing of information between offices has been enabled.
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Significantly reduced operating costs:
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$43,000 savings in the first year;
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Eliminated costs associated with paper-handling, offsite storage facility, couriers, multiple fax lines, fax machines, toner and paper supplies; and
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Break-even achieved in 28 months.
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Improved compliance, security, and data protection:
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Enabled easy, cost-effective compliance while eliminating the clutter of boxes and paperwork;
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Protects the integrity of data by "locking" document content into unalterable records; and
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Multiple backup and recovery systems in place.
Success story: Rapid Freightways
Founded in 1973, Rapid Freightways Inc. has grown 500 percent over the past four years. Today, it provides the most extensive trucking and distribution services in the western United States, while maintaining exemplary, on-time, damage-free deliveries, with accurate documentation every time.
Challenges
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Broaden the scanned data input function across more people within the company.
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Reduce the risk of incorrect imaging.
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Streamline existing business processes.
Solution
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HP Scanjet 8290
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LibertyNET document management
Results
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The Scanjet 8290's ease-of-use enables the imaging work to be spread across many employees.
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Additional security and backup to ensure mission-critical scanning functions can always occur.
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More efficient, reduced file sizes with no compromise in image quality.
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Reduced costs through improved document management.
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Employees motivated to provide additional information above minimal requirements.
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