November 3, 2004 -- EasyLink Services Corporation, (NASDAQ: EASY), a leading global provider of services that power the exchange of information between enterprises and their customers, today announced a suite of document management solutions to streamline and automate the data entry associated with mortgage applications and reduce overall processing costs.
EasyLink's Document Capture and Management (DCM) Service automates the collection, verification and archiving of fax and paper-based forms to seamlessly convert and move information into back-office applications and Loan Origination Systems improving processing time and reducing errors associated with the re-entering of data. The service can be used for virtually any business process handling volumes of paper or forms particularly those received via fax where manual re-entering of data from those documents into systems would normally be necessary. The mortgage industry can use the service for applications, appraisals, registration forms, rate locks, and verification of employment and income forms, to name a few.
Using EasyLink to handle the reception and handling of mortgage documents reduces the time, cost, and errors associated with manual processing. EasyLink's solution automatically converts the information from faxed forms and supporting documentation into digital images and system-ready data, (data can be converted into over 100 data formats including DU 3.x, MISMO/XML, EDI, CSV, or proprietary), typically within 30 minutes or less and with 99.5% or better data accuracy. EasyLink also offers secure and efficient image database access to received documents as an alternative to slow and costly paper filing procedures common in the industry today.
"In today's tightening loan marketplace, banks and mortgage companies are seeking new ways to reduce costs and streamline processes, and getting a loan processed and approved quickly can be the difference between winning and losing a customer" said Colin Clare, Vice President European Sales, EasyLink. "EasyLink offers a full spectrum of services to help mortgage companies become more competitive by reducing the costs, errors, and delays associated with the widespread manual business processes in their industry."
Proven in the financial industry with more than 20 years of service, EasyLink counts 20 of the world's top 30 financial institutions and more than 600 worldwide as clients, primarily in the commercial banking sector. EasyLink began to focus on mortgage opportunities within the past few years, starting with Production Messaging and Integrated Desktop Messaging offerings.