Products
TriTek Solutions specializes in the delivery of customized ECM solutions, providing a wide array of applications and utilities in addition to its extensive portfolio of business services. TriTek offers a suite of foundation software products that incorporate common, universal functionality. This allows focused implementation efforts specific to each customer's needs, significantly reducing the time and cost of implementing customized solutions.
Loan Services BPM Template
Reduce transaction costs and increase operational efficiencies by streamlining processes in your loan servicing value chain.
Business Challenges
While commercial and consumer loan interest rates garner the majority of attention in the press, efficient loan servicing remains the key to profitability for lenders over the long term. Many lenders continue to struggle with manual processes and outdated legacy systems that cut into operating margins in every area of loan servicing.
A manual loans processing model prevents lenders from implementing rules-based workflows to achieve consistency in applying account and loan servicing guidelines. Performance reports are manually created from log reports completed by loan processors. Work is distributed physically to employees using bins, folders or stacks. Without real-time transaction statistics for the number of loans processed and actual employee productivity, managers cannot fully implement load-balancing of work. Faced with increasing regulatory requirements to protect borrower and account information, managers are unable to guarantee compliance and might be subject to fines as a result of unauthorized access to or distribution of information.
Typical challenges in loan processing may include:
- Processors spend time more time searching for documents than they do reviewing them.
- Quality assurance standards are inconsistent.
- FDIC audits stretch on for weeks disrupting normal operations.
- Performance reports must be generated using Excel spread sheets and manual data entry.
- Dozens of disconnected systems require constant IT maintenance.
The Solution
The Loan Services template addresses these and other inefficiencies across the loan servicing value chain by automating the four basic loan servicing functions: loan documentation review, loan operations, quality assurance, and closed-loan processing. This solution provides a transaction processing application framework built on leading Enterprise Content Management (ECM) and Business Process Management (BPM) platforms, delivering a highly configurable user-friendly interface, a robust background framework, and custom processing capabilities.
The Loan Services template enables managers to automate workflow within their organizations, distributing tasks in a structured, queue-based environment that integrates effectively with legacy systems, and efficiently manages exceptions—dramatically shortening loan processing cycle time, increasing productivity, and lowering costs. Supervisors can check the work load for each queue and the productivity of processors in real time. Loan processors can only access queues that are pertinent to their individual or shared responsibilities. Task lists are embedded in work item screens to improve efficiency and can be customized to accommodate specific state regulations.
The Loan Services template also increases the objectivity and accuracy of auditing and quality assurance efforts. Internal auditors are presented with a work item, randomly selected by the system. Exception task lists are attached to each item and customized to the particular task such as document approval, loan operations, quality assurance, or closed-loan processing. The system captures the processor’s responses to each question on the list so the auditor can evaluate whether the task lists were used correctly.
Value Proposition
All loan servicing organizations face common challenges, but each organization has a unique risk, productivity, and efficiency profile. TriTek leverages leading ECM and BPM platforms to addresses these challenges and provide clients demonstrable results:
- Boost overall efficiency by 20 percent
- Reduce exception item review by 40 percent
- Cut FDIC audits from two weeks to one day
- Eliminate Sarbanes-Oxley infractions
- Increase QA ratings to 99 percent
- Modify step-by-step processing guides in less than one hour
- Improve customer service ratings and maintain them above 90 percent
For more information
To find out how our Industry Templates can speed up your BPM solution implementation, contact us at products@triteksol.com