OCIE® Helps Protect Lenders and Servicers as CFPB Protects Borrowers

OCIE Helps Protect Your Business Investment

If the CFPB is focused on consumer protection then who is looking out for America’s lenders and mortgage servicers? OCIE Better Enterprise Content Management Solutions puts enterprise-caliber tools into the hands of lenders and servicers to help protect them from CFPB regulations. Businesses that use OCIE as their digital content archive and delivery system are prepared at any given time with a complete audit trail of communication between lenders, borrowers and vendors when fully utilizing OCIE’s capabilities.

Communications between lenders, borrowers and vendors today are all digital content in some form or another and they pass between systems to be delivered to the intended party. OCIE fits in the middle of these parties and archives all incoming and outgoing communication directed to the service. The OCIE ECM service stores content that is readily available and never off-loaded  providing fast, efficient access to the archived content. If an audit is required then your business has a clear audit history to provide to regulators.

With all of the talk about consumer protection and penalties for non-compliance, think of OCIE as “business protection”. You can rest assured that you have an affordable method of digital content management when needed.

There are many other capabilities included with OCIE besides being a compliance tool. OCIE is an affordable alternative expensive MSP report costs for instance. “It’s Your Information… Use It Wisely^®” is OCIE’s motto. Use your archived OCIE reports to generate your MSP reports at a fraction of the cost. OCIE doesn’t charge for CPU time and we provide the tools and training your office administration needs to gather those reports on their own. We can even show you how the process can be automated. OCIE is capable of even more solutions for your business needs.

Check out our website at www.ocie.net or call our office and request a free estimate or demonstration.

OCIE® Automated Payoff Processing That Really Pays Off

The complex new CFPB mortgage servicing regulations are costing servicers valuable time, money and agent attention in order to achieve compliance. Servicing companies respond by placing more value on technology to efficiently streamline operations and reduce operating costs. Where some might recommend older technologies like facsimilies to provide cost effective solutions, Donnell Systems offers OCIE for better enterprise content management and delivery.

Lenders, servicers and closing agents are accustomed to payoff statement delivery to borrowers through facsimile but may not know that these same statements can be delivered even faster through digital transfer. Having an automated statement delivered through email or even SMS is also more secure and confidential. To assist servicers in auditing those statements could also be tracked and that information entered into OCIE as confirmation that it was received. See if their “older technology” or “facsimile” can do that.

Providing borrowers and title companies with a self-service method to automatically process payoff quote requests is one of the many OCIE capabilities. Using OCIE borrowers and their agents can request a payoff quote from their servicer any time that includes all the traditional payoff information pertaining to unpaid principal, interest, fees and associated costs, as well as actual payment instructions. If the servicer has the information available in their system and can provide that information digitally then OCIE can deliver and track it within reason. Auditors can be shown the time and date it was delivered and to whom should have received it.

This mundane process of sending payoff statements and answering requests is a routine transaction for closing agents. By automating this process servicers become more effective and efficient in their customer service. The servicer saves money because of the automation and they also realize a more efficient and controlled method of delivery. Their customer service representatives can then focus more on providing better customer service as intended.

 OCIE has plenty of features to help mortgage servicers manage their business-critical digital content and keep their company compliant. Features like process automation, document archive, custom reporting and various security and delivery options. Did you also know that OCIE is a great MSP reporting alternative? We can show you how you could save even more using your OCIE archived digital content rather than rely on expensive MSP reports for the same data. Check out our website at www.ocie.net and give us a call to request a free estimate or demonstration.

OCIE® Business Continuity and Disaster Preparedness Strategy

It can cost your business substantially when business is disrupted by unforeseen disasters. Lost revenues plus extra expenses means reduced profits for sometimes lengthy periods of time. Insurance does not cover all costs and cannot replace customers that turn to your competition to keep their businesses going. A business continuity plan to continue business is essential. Development of a business continuity plan includes these four steps:

1. Conduct a business impact analysis to identify time-sensitive or critical business functions, processes and documentation along with the resources to support them.
2. Identify, document, and implement to recover critical business functions and processes.
3. Organize a business continuity team and compile a business continuity plan to manage any business disruption.
4. Conduct training for the business continuity team and testing and exercises to evaluate recovery strategies and the plan.

One of the most critical components to your business continuity plan is to have your business critical documents and digital content stored in a secure archive. This is where Donnell Systems can help with their OCIE Enterprise Content Management solution. OCIE is a set of enterprise-caliber tools for collecting, archiving and delivering digital content. It is simple enough for basic office personnel to operate and powerful enough to build reports from archived content through data mining and transformation tools. OCIE improves workflow performance, solves processing issues, and increases productivity and profitability in highly-regulated industries.

To prepare for a disaster and to add to your business continuity plan, consider OCIE Enterprise Content Management Solutions. Archive your business critical digital content in OCIE so you have it ready when needed. OCIE can enhance your disaster preparedness strategy and help save your business when and if that time comes. Visit our website www.OCIE.net for more information and to contact Donnell Systems.

Small Lenders and Servicers Should Be Concerned About CFPB Too

OCIE Helps Protect Your Business Investment

New rules like the “Ability to Repay” rule, promoted by the Consumer Finance Protection Bureau (CFPB), is written to deter what the government considers “risky features”. Risky features such as loans allowing for interest-only payments or negative amortization. In general the new standards do not allow for points or fees charged to a borrower to add up to more than 3% of the loan amount either. These are only a few examples too.

With all of these new rules and the expense of implementation and tracking, small lenders can be overwhelmed by the costs and extra work involved in maintaining compliance. It is because of the overwhelming need that we offer our solution.

Donnell Systems, Inc. provides OCIE®, their Enterprise Content Management Solution , for collecting, archiving and delivering all digital interactions between borrowers, lenders and vendors. OCIE has a unique set of enterprise-caliber tools for content management, process automation and delivery that make it suitable for protecting your organization and satisfying compliance demands.

Small lenders and servicers can now afford to protect themselves when they cannot afford to neglect regulators or their customers. Donnell makes it affordable with OCIE ECM Solutions.

Note: If you are a lender, we suggest that you audit your affairs for Reg Z and General CFPB compliance. This in the long run is a lot less expensive than defending allegations brought by the CFPB and paying both penalties and attorneys.

Visit our website www.OCIE.net for OCIE Better Enterprise Content Management Solutions for business.

Building a Pro-Active Consumer Protection Strategy for Mortgage Servicing

OCIE Helps Protect Your Business Investment

Mortgage servicing and real estate markets are recovering gradually and pressures are mounting for executives to place consumers and their interests’ front and center in mortgage transactions.

Previous regulations weren't satisfactory. Traditionally, regulators based approval on mortgage originators’ credit decisions compared against the government housing agencies’ underwriting guidelines. This approval sought to ensure the safety and soundness of the banking system.

While this traditional approval is still in effect, consumer protection has been added to the mix. Consumer Finance Protection Bureau (CFPB) states that lenders must pay more attention to ensuring high levels of customer satisfaction without compromising consumer protection.

The CFPB has made it clear that they will hold lenders responsible for the actions of their employees, contractors and vendors, with substantial fines for violations. Avoiding such fines requires a deep understanding of the new rules and having a good system in place to track all correspondence, documentation and transactions between borrowers, lenders and vendors.

OCIE® is an Enterprise Content Management solution that not only archives those correspondences, documents and transactions but also helps automate workflow and make processes smooth, efficient and compliant. OCIE has a unique set of enterprise-caliber tools for content management, process automation and delivery that make it suitable for consumer protection. Or should we say business protection as well?

Not only should businesses be focused on consumer protection to satisfy new regulations, they should also focus on protecting themselves as well. Having the right system in place to track all interaction between the borrower, lender and vendor is essential in today’s mortgage servicing industry. With that in mind, is your organization ready?

Visit our website www.OCIE.net for OCIE Better Enterprise Content Management Solutions for business.

Increase Productivity Through Better Office Workflow

Does it seem like nothing ever gets done around your office? Do projects sit idle waiting for someone to put them into production? Are there tedious tasks you perform that take up a good portion of your day? You may be the victim of poor business work flow practices.

Let’s define work flow for business. Workflow is simple the flow of work throughout a business. Good workflow practice means that jobs or projects get completed quickly and move efficiently from person to person seamlessly upon approval at each stage. In an office with bad workflow, jobs get stuck between one stage or another and completion schedules aren't met on time. Projects can sit idle and make it feel like nothing ever gets done.

So how can productivity be increased and workflow improved? It just so happens that Donnell Systems provides a good answer in OCIE® Enterprise Content Management. Using OCIE many of the daily routines in business like various accounting, reporting, and customer service tasks can be automated freeing up employees to focus on other business tasks. OCIE can be integrated with your existing business workflow and Donnell developers can find efficient and effective ways to improve that workflow so your business is more productive and profitable.

Here are a few more reasons to automate your workflow using OCIE ECM tools. Automating helps identify and eliminate errors before further tasks are complete. OCIE can be set up to halt progress temporarily and alert the right individual for further review. When you automate repeat jobs or repetitive tasks through OCIE scripts can be run against the information or data elements archived to validate, combine, arrange, transform and deliver results to the next individual or stage in work flow. Automating and improving workflow in business helps reduce costs in labor and provides quicker customer service as well.

So, whether you’re taking on new clients, selling more products or handling more customer service requests, by increasing productivity through better workflow in your business, you will notice happier and more effective employees.

To learn more about OCIE, click here to visit our website [ www.OCIE.net ] or give an OCIE representative the chance to learn more about your company and its needs by calling 800-232-3776.

Department of the Navy and OCIE Legacy System Support Services

Donnell Systems used it’s OCIE archive and legacy system support service to help the Department of the Navy offline and retire thousands of legacy applications. Instead of keeping legacy hardware and software supported for more than 2 years they opted to transition all historical information to Donnell’s OCIE archive. The OCIE archive provides enterprise-caliber tools for secure access, custom reporting, data extraction and transformation. OCIE became a valuable extension of their Information Technology and free their staff to focus on conversion priorities. Visit http://www.ocie.net/navsea.html for more about OCIE Legacy System Support.

Armywide supply system launches conversion effort

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