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VirtualViewer® Improves Loan Processing Times by 40% for a Leading Mortgage Lender

 

Enterprises are continuously engaged in a process of evaluating their operations to identify opportunities for improvement. When one of the world’s leading mortgage lenders took a closer look at how it was handling documents to process applications, it quickly recognized the need to implement a solution that would allow them to scale capacity and enable faster loan processing. The company’s diversified businesses included banking, capital markets, and insurance, all of which combined to handle more than $1 trillion in mortgages, with nearly $2 billion in new loans each day.

Overview

For many years, the lender had processed applications by hand, entering information from paper and electronic forms into a mortgage processing application. While users had to thumb through paper documents, electronic loan documents were made available through a content management system and a dual-monitor workstation. One screen contained the loan processing application and a list of electronic loan documents. The other screen displayed the selected document and allowed the user to browse its contents. 

In examining their loan purchasing process, the lender discovered that while it took 7-9 days to close a paper document loan, electronic documents closed in just 4-5 days. Unfortunately, the legacy content management system limited scalability and performance, and a grossly underpowered document viewing application further impacted user productivity. The potential revenue gain in expanding their use of electronic documents was enormous – in terms of enhanced efficiency alone. To retain their competitive edge in a challenging market, the lender made the decision to replace their legacy CMS with an enterprise solution.

Challenges

But in order to realize the full productivity potential of the new enterprise CMS system, the lender also needed to upgrade its client document viewing application. The new viewer needed to provide reliable viewing for various types of electronic forms, including scanned documents, faxes, and emails in TIFF, JPEG, and PDF formats. To meet productivity demands, the first page of each document had to be accessed within two seconds. The technology also had to be entirely web-based since no documents could be stored on a client’s desktop or hard drive due to compliance constraints. From a user experience standpoint, the viewing solution also needed to provide scalable thumbnail rendering, accommodate mouse and keyboard navigation with “hot keys,” and be able to meet rigorous load-testing requirements. 

After a thorough review of available options, the lender selected Accusoft’s Java-based VirtualViewer® HTML5 viewing technology to address its complex functionality and security requirements. Critically, VirtualViewer supported the lender’s required document set of PDF, TIFF, and JPEG, as well as AFP, PCL, MS Office, and many other important business document formats, which provided the growing lender with additional flexibility for future expansion. The viewer also delivered a variety of thumbnail features, including page rotation sync, full panel view, and adjustable size options. VirtualViewer’s configurable user interface would also make it easy to implement navigation options and hot keys that enhanced productivity. 

The lender had little time to dedicate to the integration with its new enterprise CMS solution, especially since much of the integration time would be taken up by the load-testing process. Fortunately, VirtualViewer’s intuitive API made it easy to incorporate the product seamlessly while leaving plenty of time for load testing. 

Results

Replacing their legacy content management system and integrating Accusoft’s powerful VirtualViewer high-speed HTML5 viewer enabled the lender to achieve its desired performance standards. Because VirtualViewer is completely web-based and requires no software to be installed on the client’s desktop, the lender could easily roll out a scalable solution that met critical security and business continuity objectives within a single, high-speed viewing application. 

The viewer’s server component renders and delivers individual pages to the client quickly and seamlessly, well within the lender’s required sub-two-second access requirements, even when accessing large, multi-page loan documents in various geographical locations. VirtualViewer now helps to increase the mortgage lender’s productivity by allowing users to access, view, annotate, and manipulate loan documents on the fly without ever touching the client’s local hard drive.

As a result, the lender can now import daily peak loads of more than half a million documents and deliver them to users across the enterprise in under two seconds, improving their overall mortgage processing time by more than 40 percent.

About Accusoft

Founded in 1991, Accusoft is a software development company specializing in content processing, conversion, and automation solutions. From out-of-the-box and configurable applications to APIs built for developers, Accusoft software enables users to solve their most complex workflow challenges and gain insights from content in any format, on any device. Backed by 40 patents, the company’s flagship products, including Dcoubee, PrizmDoc Viewer, and ImageGear, are designed to improve productivity, provide actionable data, and deliver results that matter. The Accusoft team is dedicated to continuous innovation through customer-centric product development, new version release, and a passion for understanding industry trends that drive consumer demand. Visit us at www.accusoft.com.