CLEVELAND, May 16, 2017 /PRNewswire/ -- Colonial Savings, F.A., a leading retail lender that serves residential mortgage customers in the U.S. through its credit union division, CU Members Mortgage, has implemented ShareBase by Hyland to evolve its mortgage lending processes and support new compliance standards. Combining ShareBase – an enterprise cloud-based file-sharing product – with its OnBase by Hyland enterprise information platform, Colonial has achieved greater external sharing and collaboration among its more than 500 credit union customers to complete Home Mortgage Disclosure Act (HMDA) reports.
Already using OnBase to manage documents internally and present information to credit unions through an online portal, Colonial Savings decided to take a new approach to HMDA reporting. After evaluating its existing file-sharing options, Colonial Savings selected ShareBase, cloud-based file sharing, working closely with longtime solution provider Integrated Document Technologies (IDT) of Itasca, IL.
"We needed a solution that would be easy to implement because of the changes and new regulations affecting the industry," said Marcia Wilson, vice president of imaging at Colonial Savings. "We saw the potential of ShareBase at Hyland's CommunityLIVE user conference, and soon after selected and implemented the solution with the help of IDT. A majority of the credit unions we serve had never performed their own HMDA reporting, so we wanted to make the process as simple and intuitive as possible."
Colonial Savings' credit union customers now have secure, 24-hour access to their respective loan-related documents, as well as the ability to share files externally with other third parties – such as title companies and investors. By combining ShareBase with its OnBase workflow automation capabilities, Colonial Savings achieves a fully automated sharing solution that extends its existing OnBase system.
"Connecting ShareBase with OnBase has been a game changer for Colonial Savings' operation because of the increased automation, visibility, security and control of the solution – minimizing tedious manual work," said Michelle Shapiro, financial services solution marketing manager at Hyland. "The real-time availability to view, manage and report on documents has helped its credit unions take ownership of the HMDA process."
"Our credit unions have been very pleased with the process. One was able to take 164 loans, consisting of 11,000 documents, and finish reporting in less than 24 hours," Wilson said.
There has been so much success utilizing ShareBase to improve HMDA processes that Colonial Savings and IDT are exploring other areas across the institution that can also benefit from secure, enterprise cloud-based sharing. For more information about the benefits of enterprise-class cloud-based file-sharing, visit ShareBase.com.
About ShareBase by Hyland
ShareBase, an enterprise cloud-based sharing product, provides a secure, IT-approved platform to easily share information inside and outside the organization. Specifically designed for corporate use, ShareBase provides information governance to IT administrators by enabling them to closely control user access and permissions while creating an audit trail of user activity. When used in conjunction with OnBase, Hyland's industry leading enterprise information platform, sharing content outside of OnBase becomes an automated part of your business processes, reducing bottlenecks through seamless collaboration. For more information, please visit ShareBase.com.
Integrated Document Technologies (IDT) helps companies eliminate paper at its source, offering consulting services and a full line of content management, data and image capture and process automation products including hardware and software systems and Internet-based electronic solutions. Since 1992, IDT has put its sole focus on creating customized document management solutions for companies in diverse industries, serving as a one-stop resource for design, integration and long-term system support. With system installations nationwide, IDT's expertise as a system designer and integrator continues to expand as new document management technologies become available. Contact IDT at 630.875.1100 or visit www.idt-inc.com.
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