Home
What’s New
Industry Highlights
Resources
Interactive Corner
Contact UsINDUSTRY HIGHLIGHTS
Quarter 3 – 2008
With the average loan file comprised of 460 documents at closing, no wonder mortgage companies are looking to go paperless. Electronically filing loan documents makes them easier to retrieve, review and share with clients, business partners and other branches. Factor in shipping and storage fees for these paper leviathans, and going paperless could be a monetary necessity.
A Paperless Success Story
How much money can cutting down the daily amount of deliverables and paper waste save a company? Banner Bank successfully switched to an electronic loan filing system in 2006. Since then, they have saved $3,000–$5,000 a month in overnight delivery charges.
But First, the Back Story
Two years ago, Banner Bank was sending loan files overnight between their underwriting offices in Washington, Oregon and Idaho. The volume of files sent back and forth made their delivery costs skyrocket. And as fast as overnight delivery can be, it still takes one day; they always had to factor that additional time into their turnaround times. Plus, invariably, a file got lost.
A common misconception in the mortgage industry is that transitioning to paperless is expensive and difficult. However, Banner Bank knew that they had to do something to increase automation in their workflow. But where to start? Where to find the technology resources and know-how to get a paperless system up and running?
A Paper Problem and a Technology Solution
Dean Dardzinski
“Technology issues can be overwhelming to a lender,” commented Dean Dardzinski, the sales manager for MGIC in the Pacific Northwest. Dean understood the issues that Banner Bank faced, as he worked with them on their mortgage insurance needs. He introduced them to Trio, an electronic document imaging, archival and delivery system. Trio is a product of eMagic, an MGIC company.
Only 60 Days to Implement
Many businesses looking to reduce expenses on IT resources don’t realize the benefits of seeking outside resources to create and maintain technology that improves their workflow. “Trio was exactly what they needed. It took only 60 days to implement the system. We set it up for them. They didn’t need to use their own in-house IT resources. And they realized savings in the first month it was operating.” Dean said.
Additional Efficiencies
Scott Dickinson
Scott Dickinson, eMagic sales manager, noted that Banner Bank experienced other benefits beyond shipping cost savings, such as security in electronic document archival, tracking file activity, and automation within their business workflow.
“For one, the process was more efficient. They didn’t have to wait a day for a file delivery. Anyone can now access a file from anywhere in seconds, which is great for a geographically dispersed company like Banner Bank. They also didn’t have to spend any more time looking for lost files,” Scott explained.
The technology audit trail provided through Trio has also been a valuable tool for management at Banner Bank. “They can see who waited until the last minute to submit, cancel, remove or add information to a loan file. Trio tracks all the action with a particular loan file, so you know who did what when,” Scott said.
With paperless solutions like eMagic Trio, overnight delivery charges and hours of searching through stacks of archived files will become the ways of the past.
Have a success story you'd like to share? Submit it! If we use it, we'll award you with some eMagic and MGIC gifts.
For more information on Trio, contact your eMagic Sales Manager.
A customer is the most important visitor on our premises; he is not dependent on us. We are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him a favor by serving him. He is doing us a favor by giving us an opportunity to do so. 
