Electronic document processing technologies are now in significant demand in the financial services industry. The financial industry relies heavily on the distribution of customer and business related information in a printed format.  Fast and efficient information and electronic document processing is key to the success of a company.

Current Procedures
Financial institutions receive mortgage packages via mail. During the loan process they need to correspond to the customer and or loan broker.  Processors create stipulation sheets to complete the loan.  These stipulations are being sent via facsimile and must be manually delivered to the processor.

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Closing packages are sent overnight to the title company for closings.  When last minute changes are made, the closing usually needs to be rescheduled or the changed document is sent via facsimile to the title company.  The changed document is printed and a cover page is generated and manually faxed.

Many financial institutions are utilizing a third party to fax daily rate sheets multiple times a day when the market is volatile. 

Problems
• Received faxes are not always reaching the intended destination.
• Changes that are made generally create delays and additional labor.
• Additional resources are needed to send updated information to customers at an extra expense. 
• Paying a third party to broadcast fax daily rate sheets.

Click here for information about how an electronic document processing system can benefit your financial services organization.