PaperClip offers three services for the Mortgage Industry; Loan Due Diligence Platform, vcf4Compliance, a D3P document vault and Virtual Loan Folder.
Loan Due Diligence Platform is for multiple organizations (Selling Lender, Buying Lender, Regulators, Servicing, etc.) needing to collaborate or the loan documentation and its review and comments. Users can add loan documents anytime; users can review and comment appropriately in a unique way, PaperClip Compliant Annotation.
PaperClip Compliant Annotation (PCA) is unique because it allows users to annotate TIFF images directly on the screen. No more printing out to paper, annotating and scanning back in. PCA allows through user privileges the ability to use Sticky Notes, Highlighting, Text Box, Rubber Stamps and Signatures directly on the image. These annotations are tracked via the PaperClip Auditing system down to the before and after page of the annotation. All changes made to the file are tracked and by whom. Compliance would rather know who made changes and what they were for a complete change of custody. Documents taken out of the system, modified and returned does not meet the goal of transparency. Many times you have to paper out a loan and with the PCA model, all annotations are on the paper, just where the auditor want to see them. PCA is the most user friendly approach and compliance has a process with integrity.
Companies can bulk load electronic documents through various interfaces via our Package Translator System (PTS). The PTS takes a day to configure and test with various document management solutions. PaperClip today has experience with over 12 different document management systems (e.g. DST/AWD, FileNet, Documentum, IBM, etc.). PaperClip automatically imports over 133,000 documents a day supporting over 250 companies.
PaperClip’s The Capture Place web service is a great tool for third party capture. Users can scan, import or print into the browser and send to the platform for automatic filing and users can be alerted via email upon its arrival. eM4 email can encrypt emails for easy drag & drop insertion to the loan folder.
Document Recognition (DocRec) can take a document and search a large repository looking for duplicates or reduce the accuracy and find close matches; finding the needle in the hay stack. This service processes hundreds of thousands of pages daily to assemble insurance applications for correct submission and document typing greatly improving the efficiency of processing.
Whatever your role in Loan Due Diligence, the PaperClip approach gives you efficient, secure, user friendly, compliance friendly, disinterested third party and most of all affordable pricing.
Paperless document management - the easy way
With PaperClip Incorporated, brokers, loan officers, and/or loan processors start by creating an electronic loan folder within PaperClip32, a software application locally installed on their computers or centrally accessible via the Internet. Each electronic loan folder is linked directly to the user’s current loan origination software, and can be easily identified and tracked by the loan number, borrower’s name, property address, and other key fields.
Convenient access to data
As with paper loan folders, the electronic loan folder becomes the central repository for all documents, including:
- Bank statement
- Pay stubs
- Title work
- Notice to homebuyer
This central repository for documents can be accessed from multiple applications and locations, enabling concurrent users to access and work in the same loan folder simultaneously.
Now, instead of printing electronic documents, loan documents are maintained in their original digital format, effortlessly transforming a traditionally paper-based process into a paperless one. That is, when a fax comes in, it is electronically routed to the intended electronic loan file without ever being printed. E-mails and electronic documents are easily filed, and paper documents are quickly scanned to produce a digital replica.
No more incomplete files
PaperClip provides an intuitive, staged approach that ensures that required documents are submitted, processed, validated and approved before the loan is closed. At first, documents are received from multiple sources, and are automatically placed in the appropriate electronic loan folder and labeled as “Received”. Instead of a serial process of routing a document from one entity to the next, permitted users have concurrent and instant access to all loan documents electronically and can search, retrieve, and review documents from within this repository.
Paperless document delivery
Whether users are receiving or sending documents, PaperClip's Internet eXpress Suite document delivery service enables users and their trading partners, branch offices and field offices to efficiently exchange electronic documents. This document delivery service ensures the secure transmission of document packages, and enables users to easily track transmitted documents.
Archiving made easy
Whether or not a loan was originated and processed electronically, PaperClip provides the tools to securely and efficiently store signed closing documents and supporting documentation. The technology eliminates the need for costly storage and cumbersome document retrieval.
Did you know?
Today, approximately 80 percent of the documents that comprise a mortgage file exist in electronic format. Appraisals usually come as a PDF file; flood certificates are submitted as a Word document, HTML file or PDF file; credit reports are sent as an HTML document or PDF file; and closing packages arrive as a PCL file.
The remaining 20 percent of documents exist in paper format or arrive electronically via fax server and are printed upon receipt.
Instead of printing and manually filing these documents, PaperClip enables users to keep documents in their native electronic format and file them in virtual filing cabinets that mimic a company’s current filing systems. And documents that are received in printed format can be easily input into PaperClip via a scanner.