IBM SmartCloud Engage helps Signature Mortgage reduce loan processing time

IBM SmartCloud Engage empowers customers to complete applications online

Published on 24-Sep-2010

Validated on 28 Oct 2013

"Our customers now have the ability to electronically review and sign applications from the convenience of their homes or offices. No more time is wasted manually printing, shipping, signing, returning and verifying applications." - Bob Catlin, President, Signature Mortgage

Customer:
Signature Mortgage

Industry:
Banking

Deployment country:
United States

Solution:
Cloud Computing, SmartCloud - Solutions, Business-to-Consumer, Collaborative Innovation, Green/Sustainability

IBM Business Partner:
Silanis Technology Inc.

Overview

Signature Mortgage Corporation provides thousands of customers with creative, low-cost and hassle-free mortgage solutions. Founded in 1996, the company has closed more than USD2 billion in residential mortgages.

Business need:
To remain competitive, Signature Mortgage needed a faster and more convenient loan application process.

Solution:
Working with IBM Business Partner Silanis Technology Inc., the company implemented a cloud-based solution using Silanis e-SignLive integrated services and the IBM SmartCloud Engage social collaboration service.

Benefits:
Signature Mortgage now processes loans in less than 25 days, compared to a national average of 45 to 60 days, and loan volume has jumped more than 30 percent.

Case Study

Challenge

Signature Mortgage had a manual, paper-based application process that required customers to either go to a retail branch to sign documents or wait for documents to be couriered to their homes. Many customers found it inconvenient to go to a branch, so they opted to receive the documents via mail. During the time it took for the application package to arrive, customers would often shop around for loan products from other lenders. In order to remain competitive, Signature Mortgage needed to provide a faster and more convenient application process.

Solution
Signature Mortgage worked with IBM Business Partner Silanis Technology Inc. to implement a solution based on Silanis e-SignLive integrated services and the IBM SmartCloud™ Engage (formerly LotusLive™ Engage) social collaboration service. The solution enables customers to complete, review, initial and sign mortgage applications electronically in the cloud.

The SmartCloud Engage service delivers cloud-based, integrated web conferencing and social collaboration capabilities—including file storing and sharing, instant messaging and activity management—to simplify and improve daily business interactions with customers, partners and colleagues. Because the service is built on an open web platform, Signature Mortgage can integrate solutions from other vendors and IBM Business Partners such as Silanis, creating a seamless user experience across applications and business processes.

For example, by adding the Silanis e-SignLive services, the lender offers a simple, efficient and cost-effective way to sign completed application documents online. Signature Mortgage simply invites new customers into the e-SignRoom in the SmartCloud Engage service where digitized loan documents and disclosures are presented to the customers for their review and e-signatures. Intuitive “click-to-sign,” “click-to-initial” and “click-to-accept” arrows appear throughout the documents, prompting users to electronically sign and initial in all the right places with a click of the mouse. No software or plug-in needs to be downloaded or installed.

An executive dashboard enables Signature Mortgage to monitor the status of pending customer applications. The lender can see which customers have signed what documents and when, allowing more timely follow-up and prompt corrective action as needed to close pending applications quickly.

Benefits
· Faster loan processing with applications returned in 24 to 48 hours instead of seven to 10 days and loans closed in less than 25 days compared to a national average of 45 to 60 days
· 34-percent increase in loan volume and approximately USD30 thousand additional revenue per month
· 85-percent reduction in shipping costs for a USD1.5 thousand savings per month in hard costs

For more information
To learn more about IBM SmartCloud for Social Business service offerings, contact your IBM sales representative or IBM Business Partner, or visit: ibmcloud.com/social

Products and services used

IBM products and services that were used in this case study.

Software:
LotusLive Engage

Legal Information

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