The Two Faces Of Imaging

Jun 05, 2014
Mike Bridges

Imaging remains the most dominate electronic format for eliminating paper. Paper cost $1.30 per page cradle to grave. Paper scanned to image cost ~ $0.30 per page. By scanning paper as soon as you can, will save a dollar per page.

 E-Signing never produces paper and in the mortgage industry, its application can make for a paperless transaction. Adoption of E-Signing or E-Closing remains in single digits. In addition, most of the paperwork that produced the underwriting to closing process came in as paper, faxed or imaged and is sent via email.

One of the biggest challenges E-Signing has had to face is non-reputation whereby the electronic document is secured in such a way that if tampered with, it can quickly be determined.

Imaged documents should have the same process ensuring that if altered it too can be quickly determined. E-Signed or imaged, contract documents must be securely managed from criminals working identity thief as well as remaining above reproach for originally.

Best practices for maintaining images can go far beyond just protecting them; let’s see what else can be done.

PaperClip provides two applications for imaged documents with tremendous efficiency gains. PaperClip develops Document Recognition technology where it “Finger Prints” every page just like CSI. Therefore if pages are questioned, they are submitted to the Finger Print Library and quickly identified to who they belong to (associated metadata).

Closing Event – PaperClip captures the closing documents on their way out the door to the closing table. This big PDF closing document is then finger printed and stored. After the closing when the documents are scanned, PaperClip can compare it with the original PDF and identify whom it belongs to, missing pages, re assemble pages for the desired stacking order and detect some fraud all before it reaches post-closing and servicing.

Secondary Market – When these loans are bundled for selling into the Secondary Market, both the seller and buyer can collect the necessary documents and present them to the original pages ensuring the buyer has the original documentation supporting the loan. In addition, reports can be generated on what documents or pages are missing.

Electronic document manage has a role in reducing cost and process improvements. Remember, we can process electrons better, faster and cheaper than atoms.

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