Reviewing a collection of documents to ensure they were properly processed can be an extremely difficult and time-consuming task for companies that do not have an efficient output management system. That was the challenge faced by a number of large financial institutions involved in mortgage servicing following a directive from the Office of the Comptroller of the Currency.
That agency directed the largest players in mortgage servicing to review their foreclosure documents and make sure no faulty documents had been signed and submitted. The request came after two of the financial institutions admitted staff members had signed affidavits without a notary present and without reviewing the information contained within the document.
One of the financial institutions required to review its foreclosure documents had previously worked with Systemware on an output management system that handled the request with ease. One day, a request for the review of 280 documents came in. Using the old system, the company would have taken two weeks to go through the documents and provide the requested information. With the Systemware output management system, it took 10 minutes.
By implementing a solid output management system from Systemware, the company increased its efficiency and its ability to access multiple documents quickly. Document access became immediate. This allowed the company to easily comply with regulations and requests from government agencies and has increased the efficiency of the staff, allowing the company to cut costs and still maintain an effective, efficient service to its customers and to those regulatory agencies with which it deals on a regular basis.
Turning two weeks of work into a 10-minute task is what effective output management systems is all about.