|
|
Contact: |
Suzy Tuck |
Lender goes paperless within a month of signing up and quickly achieves ROI
March 23, 2005, Hasbrouck Heights, New Jersey - PaperClip Incorporated, a leading developer of integrated document management and paperless loan processing solutions, has announced that Security Atlantic, the largest FHA lender in New Jersey and Alt-A specialist who also operates in Pennsylvania, New York, Connecticut, Massachusetts, Georgia, and Florida, is leveraging PaperClip's all-inclusive, web-based VirtualLoanFolder™ solution. VirtualLoanFolder™ offers borrowers, originators, service providers and lenders an innovative paperless processing solution which includes conditions/trail document clearing, document management, workflow, and secure document delivery integrated with their current hardware and software.
Security Atlantic turned to PaperClip Incorporated in order to quickly and painlessly eliminate paper from its environment. "PaperClip's VirtualLoanFolder™ equipped us with the tools to go paperless within a month of signing up. The speed and ease of use of the technology has been beyond compare, and we've achieved return on investment in the first month of use" , explains Samuel Lamparello, CMB and President of Security Atlantic.
Processing paperless loans was a top priority for Security Atlantic, who saw it as essential in maintaining a competitive edge. "We wanted to maintain and grow our leadership position. We knew that we could not do it by processing labor-intensive paper-based loans" , adds Samuel Lamparello. "We tried going paperless without outside help by simply scanning paperwork and manually filing it, but that didn't work at all. After an intense search, we found that PaperClip Incorporated equipped us with the tools we needed to go paperless in a cost-efficient manner."
Today, VirtualLoanFolder™ works in concert with Security Atlantic's current software systems, adding document management, workflow, document imaging, paperless processing, and secure document delivery to current systems. Security Atlantic and its partners can easily manage all loan files from a central digital repository that all permitted users can efficiently search, retrieve, route, and deliver documents securely.
Compliance and data access are benefits also afforded by VirtualLoanFolder™. "Thanks to PaperClip Incorporated, compliance is no longer a major concern for us. Now at the point of capture we can know when a document is missing from a file, which is invaluable. We can also access documentation electronically, which is far better than a storage facility or an electronic file which may or may not have the file that we are looking for" , adds Samuel Lamparello.
VirtualLoanFolder™ includes secure document delivery through PaperClip's Internet eXpress delivery service. "The total solution facilitates paperless mortgage processing and secure document exchange from origination to the secondary market, and further automates and enhances Security Atlantic's entire business process" , explains T.J. Gill, Vice President of Mortgage Products at PaperClip Incorporated.
"Any way you look at it, PaperClip offers an extremely cost-effective way to go paperless. The breadth of functionality comes at a fraction of the cost of other readily available technologies. We'd recommend it to anyone" , explains Bill Hannon, Technology Manager at Security Atlantic.
About PaperClip Incorporated.
PaperClip Incorporated develops and markets software products that organize, manage and communicate documents, images and workflow for a wide range of users. Established in 1991, PaperClip has a customer base that includes small and mid-size organizations as well as Fortune 1000 multi-nationals. PaperClip markets its products through an international network of authorized PaperClip resellers. For further information, please contact PaperClip at (800) 9293503 or (201) 329-6300, or visit www.PaperClip.com. Public Symbol: PCLP.
###
PaperClip and PaperClip32 are registered trademarks of PaperClip Incorporated. All other named products mentioned in this release may have been identified by trademarks or registered trademarks of their respective holder.