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eGistics Exec Tells TAWPI Attendees that Image Document Management and Workflow is the ‘Next Best

8/15/2007

eGistics Exec Tells TAWPI Attendees that Image Document Management and Workflow is the ‘Next Best Thing’ to eDocument Mortgage Banking --
BOSTON, August 15, 2007 – In a presentation today at The Association for Work Process Improvement’s (TAWPI) 2007 Forums & Expo, eGistics Executive Vice President Gary Provo told attendees that image-enabled document management and workflow offers an operationally efficient and cost-effective bridge between paper-centric loan processing and eDocument mortgages. Provo presented with Tom Vogel, vice president of lending support at OceanFirst Bank, an eGistics user, and Craig Focardi, research director, at TowerGroup.

“Mortgage lending is suffering from the law of diminishing returns on paper productivity improvements. Paper has physical limitations that impact how efficiently lenders can enter, file, route, track, transport, store and retrieve mortgage documents,” Provo explained. “With full adoption of eDocument solutions years if not decades away, image-enabled document management and workflow is a critical technology that streamlines lending operations now.”

Provo noted that mortgage lending is a highly document-intensive business. There are more than 73 million residential mortgages in the United States, representing over 20 billion pages of documents, according to some estimates, and more than 1 billion mortgage remittances annually. The average residential mortgage file includes 250+ pages, Provo noted. With over 16 million new first mortgages in 2006 alone, the mortgage paper burden continues to rise.

Complicating matters, mortgage lending is built on a complex and fragmented ecosystem that includes lenders, mortgage brokers, county recorders, mortgage investors, title companies, mortgage insurers, engineers, county assessors and appraisers, property inspectors, credit rating agencies, and many more stakeholders, each with their own document requirements. The obvious answer to solving the document challenges of mortgage lending is to electronify the entire process. But this could take decades, Provo warned, as today’s mortgage lending environment relies on multiple, disparate legacy systems, offers little standardization, and has competing technology and operating priorities.

Provo said the consequences of shunning image-based document management and workflow for the status quo will doom lenders to higher costs and continued operations inefficiencies from: large piles of paper shuttled between desks; difficulty maintaining document version control; lost documents and notes; limited productivity and workflow visibility; difficulty monitoring and reporting who accessed lender information; and inevitable processing delays.

Hosted image and data archive, management and delivery through the eGistics platform enables lenders to efficiently enter, file, route, track, transport, store and retrieve documents while leveraging configurable lending-specific process automation workflows, Provo said.

About eGistics, Inc. eGistics pioneered the use of on-demand image and data archive, management and delivery services in the financial services marketplace. Today, its Infinite Digital Architecture (IDA) archives billions of images and supports mission-critical payments applications for the world’s leading financial services companies. Through its on-demand business model, eGistics has consistently delivered significant business benefits for payments applications such as retail and wholesale receivables processing, check processing/Check 21, medical payments processing (EOBs) and records management, and loan processing/management. For more information about eGistics visit www.egisticsinc.com or call 214-256-4600. “eGistics” and variations of the name are the property of eGistics, Inc., and are protected pursuant to an application filed with the United States Patent and Trademark Office.