Getting more bang for your buck

Republic Mortgage Home Loans

Founded in 1983, Republic Mortgage manages both retail and wholesale divisions from offices in Salt Lake City, Utah.

The Challenge

Until late last year, Republic Mortgage Home Loans had been distributing loan documents via hardcopy paper and overnight express. “Our biggest concerns initially were decreasing our delivery time and costs: no more overnight packages or runners, no closing delays because of missing documents,” said Michael Brumble, VP of Technology at Republic. Mike initially looked at an email-to-broker solution, evaluating the per-transaction costs, risks and the feasibility of building and implementing his own approach. He tried SwiftSend LoanDocs® on his own for a few days to better understand how SwiftSend would complement his current LOS system.

The Solution

Using SwiftSend quickly convinced Mike that this was exactly what Republic needed. He had looked at other systems, and SwiftSend gave them more. For instance, with Republic’s LOS system, document processors could not preview documents on-screen before sending or printing; SwiftSend gives both senders and recipients previewing capability. Email was not only insecure, but also lacked any automatic confirmation; SwiftSend provides both secure transmission and verifiable return receipts that are easily accessible to senders. Republic also liked SwiftSend’s small document file size, the support for receivers, the true representation of documents on the print side, and the ease of use. “We wanted to do things fast and SwiftSend provided us with a quick and easy implementation,” Mike said. “SwiftSend met or exceeded every deadline that we had.”

The Results

Management decided to roll out SwiftSend first in Republic’s wholesale division, New Line Mortgage, which underwrites and closes nearly a thousand loans a month with broker customers. Republic realized all of its goals in moving to an electronic document delivery system; over half of its packages are now delivered electronically, and the percentage increases each month. “Since each of our loan packages is about 100 pages long, you can imagine how many pounds of paper and how much manpower we save by getting hundreds of packages out of the mail.”