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Docutech Insights

The Importance of Dynamic Doc Packages

Posted by Shannon Barrow on Jul 6, 2017 9:00:00 AM

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As production expenses per loan rise to the highest level ever and lenders continue to strive to not only digitize but streamline their operations, dynamic document packages are increasingly important.

 

The reasons lenders should consider moving toward using dynamically generated electronic documents and away from static forms and scanned documents continues to grow. However, the core reasons are the ability to efficiently create dynamic document packages for any loan origination product to optimize operations, improve compliance and deliver the best customer experience.

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Streamline processes

As a leader in the document business for more than 25 years, Docutech has witnessed a consistent and growing theme in the RFP process. In every case for at least the last 10 years, the ability to streamline processes by providing dynamic documents has been one of the key requirements lenders are seeking. And they’re right to demand it.

 

Docutech was the first to leverage a truly dynamic, digital document generation engine. Rather than utilizing a static library of forms, by integrating with leading loan origination systems, every appropriate data field is imported, defaulted or automatically populated through rules-based intelligence. The old x-y coordinate-based templates that made paper documents possible involve an expansive template re-design every time a new form is required – this simply doesn’t align with the speed and demands of business today.

 

Dynamic docs enable lenders to:

 

  • Close more deals, faster
  • Optimize lending document operations
  • Reduce costs
  • Customize documents, quickly
  • Make changes faster, and with more ease across all documents
  • Improve compliance via a complete audit trail

 

Improve data accuracy

The importance of data accuracy is fundamental to streamlining processes, reducing costs and improving compliance.

Docutech’s dynamically generated documents feature a complete set of data integrity checks to improve your compliance by warning you if something isn’t quite right in your data. These integrity checks can be customized, added or removed to fit business rules, language and significance level. Docutech even guarantees document accuracy.

 

Data accuracy is further improved through a complete audit trail via LOS Pushback. Pre-defined events can trigger data returned to an LOS through this functionality; event data, loan data and documents can be returned automatically to the LOS when a lender or borrower completes an action. This allows a loan officer to know exactly where the loan is in the process.

 

Improve investor purchase

Ultimately, all of the documents – the right documents – will have to be bundled up, stacked in the right order and delivered to the investor. Having the flexibility to accommodate changes is vital.

 

Historically, when it was discovered that a borrower didn’t qualify for a certain loan program or that a different investor was a better fit, the document set was tossed and a new one was generated to meet the needs of the new transaction. With today’s dynamically generated document sets, that’s no longer the case.

 

Today, when something changes, the doc set can be adjusted immediately, giving the lender certainty that when the loan closes the right documents will get signed and stacked for delivery to the investor.

 

The power dynamic documents can offer the modern lending enterprise can revolutionize your processes.

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Topics: Dynamically Generated electronic documents, Dynamic Doc Packages