SwiftSend eLoanFolder®

The typical loan folder is a collection of paper documents that originate from a variety of sources and are presented in a wide variety of formats. Mortgage lenders are inundated by a flood of incoming faxed and emailed information. Furthermore, most eMail, whether used to gather PDF or Word files or to accept faxes from a fax service bureau, does not meet Gramm-Leach-Bliley requirements for protecting consumer information. Current processes make it difficult to gather everything required for closing in one place in a timely manner. And when the loan is funded, there is still no easy way to ensure it is complete and make it available to investors.

SwiftSend eLoanFolder® addresses all of these issues and more. It provides a centralized electronic repository for collecting, organizing, and distributing all documents related to a given loan. It is easy to set up, easy to use, and will return immediate savings and benefits. eLoanFolder simply revolutionizes mortgage processing.

SwiftSend eLoanFolder is an integral part of SwiftSend LoanDocs, the premier secure Internet document delivery service. The inherent relationship between eLoanFolder and document delivery in SwiftSend not only ensures that your organization will find it easy to use, but, more importantly, the relationship enables and simplifies the secure interaction with brokers, title companies, attorneys, appraisers, investors, and others. eLoanFolder is unique in its combination of simplicity, power, and flexibility in supporting the wide variety of access needs of users both within and external to your organization. Other folder-like products based upon imaging systems are designed for a closed group of users within the same organization. They do not easily support the wide range of people, organizations and locations required for processing mortgages.

Overview

SwiftSend eLoanFolder allows customers to create eFolders for their loan documents. An eFolder is a centralized electronic repository hosted on SwiftSend's secure servers and accessed through a secure Internet connection. The eFolder can contain in electronic form any document that a traditional paper loan folder might contain: Disclosures, applications, and compliance documents printed from the LOS; photocopies sent in from the borrower; PDF files emailed from the appraiser; faxes from borrowers or third parties; printed Word files or Excel spreadsheets from other departments. Any document that can be printed, scanned, faxed, or uploaded electronically can be stored in an eFolder.

Applications

eLoanFolder can be an invaluable tool in helping mortgage companies reduce unnecessary paper in their workflow and shorten the elapsed time it takes to close a loan. Some examples:

Applications and Disclosures
Users can set up an eFolder for a borrower when the application is taken. The disclosure can be added to the eFolder as soon as it is created and SwiftSent to the borrower or printed and mailed by SwiftSend. A fax cover page including an Upload Permit can be added to the disclosure package with instructions to fax the signed disclosure back to the eFolder. When the fax of the signed disclosure is received by eLoanFolder, the Lender is notified of its arrival and the fax is automatically placed in the correct eFolder based on the Upload Permit on the fax cover page. The lender then has a signed disclosure back in their eFolder days sooner than if they had waited on the disclosure and signature to be mailed and returned.

Documentation and Verification
Today, when a user applies for a loan, they start by collecting the paper documents required for underwriting, such as W-2s, pay stubs, and bank statements. They then either bring the paper documents in to the lender who makes copies of the documents, files them and logs them in, or they fax them to the lender, again requiring manual processing by the lender. With eLoanFolder, lenders can create an eFolder for the borrower and SwiftSend the borrower a fax cover page that serves as an Upload Permit for their eFolder. As the borrower assembles the underwriting documents, they can fax the documents along with the cover page directly to their eFolder. This eliminates all of the manual paper processing by the lender and dramatically streamlines the approval process.

Underwriting
Often there is a delay in the loan processing workflow while credit packages are sent to underwriters for sign off. Typically processors and loan officers will wait until the credit package is complete and then send a paper folder containing the documents to the underwriters. eLoanFolder can eliminate this delay and the manual processing associated with it. Loan officers can submit partial or complete credit packages to underwriting, who can start reviewing the package immediately. As soon as the last document is received from the borrower, the underwriter has almost instant access to the complete package, and can respond much more quickly.

Post Closing
Since virtually all of the loan documents are already in the eFolder, lenders can simply scan the signed closing documents into the eFolder and have a complete file ready for archive. As an optional part of the eLoanFolder service, lenders can elect to have SwiftSend archive eFolder contents to a DVD for offline, long-term storage or export the entire eFolder contents to an external imaging system.

Implementation

There is no hardware to install with eLoanFolder. The only required software is SwiftSend Publisher 3.0, the latest generation of SwiftSend package builders and virtual printers, and SwiftView, the primary document viewer. Implementation is strictly a matter of configuration and training.

For more information, contact SwiftSend Sales, at 800-304-5941, option 1 or email SwiftSend Sales.