(2005-03-24)
Hyland Software, Inc., developer of the OnBase* enterprise content management (ECM) software suite, has been named by Republic Mortgage LLC, the largest employee-owned mortgage company in Nevada with $1.1 billion originated in 2004, as the organization's provider of ECM technologies. Republic, headquartered in Las Vegas, NV, awarded the contract to OSAM, a provider of innovative records management solutions and a Hyland Software authorized OnBase solution provider, as its integration management company for the project.
Due to the rapid appreciation of homes in the Las Vegas region in 2003 and 2004 and the ensuing increased volume of loans originated, Republic struggled with the amount of paper in its loan closing department. As loans arrived, the entire file was photocopied, scanned and processed while the original file remained for storage due to state regulatory compliance. After review, Republic Mortgage would sell the loans to investors, distributing paper loan portfolios with high shipping and labor costs.
To help save time and reduce costs associated with the lending process, OSAM integrated OnBase into Republic's existing environment, which led to improved imaging, storage, retrieval and delivery capabilities. The OnBase web client was deployed for easy access to loan documents anytime, anywhere. The loan files are exported to investors using the new OnBase eMortgage delivery module from Hyland Software, deployed by OSAM.
"Republic expects to realize a ROI of a little over 11 months and a two-year savings of approximately $230,000 due to the installation of OnBase," said Republic's Chief Information Officer, R. Spencer Van Pelt. "This savings, coupled with OSAM's phenomenal customer service, has made this installation a complete success."
"Ensuring that the electronic documents met the specific requirements of Republic, yet are generic enough to be universally acceptable by other lenders, was a key component of this solution," said OSAM President Ron Thompson, Jr. "We were able to break the loan documents down in such a way that individual lenders are also able to get loan documents in the format required."
"OnBase provides lenders with the ability to scan paper loan documents, store them in electronic format and deliver the electronic loan documents and index information to an investor," said Jason King, industry manager for Lending Solutions at Hyland Software. "The result will be increased cost savings for lenders who would normally send paper loan files to investors. The costs for making multiple copies of loan documents, as well as a large portion of the overnight shipping fees, are eliminated, not to mention the time savings involved with immediate delivery of the electronic loan documents and data."
About Republic Mortgage, LLC
Headquartered in Las Vegas, Republic Mortgage, LLC, is Nevada's largest employee owned mortgage company with $1.1 billion in originated loans in 2004. Established in 1988, Republic is committed to quality customer service and setting a high standard in the mortgage industry. Republic, which has additional Nevada offices in Henderson and Pahrump and Arizona locations in Scottsdale, Phoenix and Tucson, supports In-House Processing, Underwriting and Funding Services. For more information, please visit www.republicmortgage.com.
About OSAM
Founded in 1912, OSAM, Inc. delivers business-to-business state of the art information management solutions, from standalone to enterprise-wide, in markets that include Financial, Healthcare, Government, Manufacturing and Education. OSAM, headquartered in Phoenix, provides an expertise in the area of document management that is based on a long history of dedication to its core competency. Whether it's electronic, microfilm/fiche or paper filing systems, OSAM prides itself on its ability to recommend solutions that best fulfill customers' needs and provide exceptional support for those solutions. OSAM -- "Bringing the Power of Tomorrow to Business Today." For more information, please visit www.osaminc.com or contact OSAM President Ron Thompson, Jr., at 1-800-279-6726 or ronjr@osaminc.com.
About Hyland Software
Hyland Software, established in 1991, provides rapidly deployable enterprise content management software. Hyland develops OnBase, enterprise-class software that combines integrated document management, business process management and records management in a single application. OnBase allows organizations to manage digital content, including scanned paper documents, faxes, print streams, application files, electronic forms, web content, multi-media files, and emails. OnBase is used by businesses and government agencies to automate business processes, reduce the time and cost of performing important business functions, improve organizational efficiency and address the need for regulatory compliance through the management, control and sharing of digital content with employees, business partners, customers and other constituencies. Visit www.onbase.com for more information.
Contact:
> Alven M. Weil
> PR Manager
> Hyland Software, Inc.
> 28500 Clemens Road
> Westlake, OH 44145
> Direct: 440.788.5887
> Cell: 216.526.9837
> Fax: 440.788.5987
> alven.weil@onbase.com
> www.onbase.com