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:

1003
Truth-in-lending
W2
Bank statement
Pay stubs
Appraisal
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.



Loan status at a glance
Upon creation of a loan file, PaperClip32’s Mortgage Assistant add-on module instantly tracks the status of loan documents, providing easy-to-access information every step of the way. Lock confirmation e-mails, credit reports, closing packages, fax appraisals, scanned bank account statements, and all other documents are efficiently tracked and clearly identified in the electronic file folder.

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.

Read more on PaperClip product technology