iDatix Wins Innovative Leadership Award for Meritage Mortgage
Meritage Mortgage leverages iDatix® Corporation's iSynergy Business Automation Solution to Create a Paperless Mortgage Origination Environment
December 14, 2004 -- iDatix® Corporation, a leading provider of business process automation solutions for the paperless enterprise, has implemented iSynergy for Meritage Mortgage. iSynergy Mortgage is iDatix's fully integrated Enterprise Content Management and Workflow solution that has been optimized for the Mortgage industry to streamline end-to-end mortgage processing from loan origination, electronic delivery of mortgage files to the secondary Market.
As a leader in the mortgage industry, Meritage Mortgage has embraced iSynergy to combat the rising costs of the paper intensive mortgage process. Eliminating the paper significantly reduces the time to process a mortgage, eliminates lost documents, and provides the ability to share information across the enterprise. Meritage will gain the benefit of significant cost savings and business process improvements from the adoption of iSynergy with 16 fi-5650C Fujitsu scanners. Meritage Mortgage can now capture paper and electronic mortgage documents in real time as they are received, automatically index, assign individual document types, electronically route, and simultaneously share digital mortgage documents with groups/users responsible for processing, underwriting, reviewing, approving and shipping.
Meritage Mortgage implemented a distributed capture model, deploying several scanners in their facilities in Portland, OR and Jacksonville, FL. The Fujitsu fi-5650C scanners driven by iScan, iSynergy's encounter-based scanning interface was chosen as the solutions for capturing paper documents. "iDatix recommended the Fujitsu scanners for Meritage, because they produce a quality product that are very dependable, have the ability to handle a variety of document sizes, and most importantly, produce superior image quality. This is paramount to the success of our character recognition technology for automated indexing," said Mike Kuhnsman, Vice President, iDatix Corporation.
Capturing documents at the beginning of Loan Origination provides the ability for simultaneous access to each document within the mortgage file, allowing multiple job tasks to occur concurrently. Utilizing an electronic mortgage file, Meritage is preserving the critical continuity of the mortgage file without the expense of creating multiple copies. The manual paper-based process was very sequential, labor intensive and costly due to the amount of paper, toner and inefficient use of resources. With iSynergy, Underwriting can work on a portion of the loan, while Appraisal review can check the appraisal; during the same time, the broker coordinators and account executives are working with the brokers. The ability to have concurrent access to loan documents coupled with the ability to route documents electronically has dramatically reduced the time required to process and approve or deny loans. Additionally, loan applications are retrieved by customer service in real time, providing immediate response to customer questions.
Based on the process improvements and reduction in costs resulting from the utilization of the iSynergy Mortgage solution and Fujitsu scanners, a 12-month return on investment is expected. The 12-month ROI for the project has been justified in the reduction in copiers, fax machines, paper and shipping costs. The productivity gains and the increase in the quality of the processes will be all net gains.
About iDatix®
iDatix Corporation, privately held and based in the Tampa Bay area, develops and installs business process automation solutions providing dramatic and measurable results. The company's flagship product suite, iSynergy, has been specifically designed to leverage unique technology components to automate the collection, processing, storage, and retrieval of both paper and electronic documents: an end-to-end, workflow-enabled solution truly unmatched in the industry. Recent implementations of iSynergy Mortgage include Market Street Mortgage, NetBank/RBMG, and Mortgage Investors Corporation. For more information, visit www.idatix.com.
About Fujitsu
Fujitsu is a leading provider of customer-focused IT and communications solutions for the global marketplace. Pace-setting technologies, high-reliability/performance computing and telecommunications platforms, plus a worldwide corps of systems and services experts uniquely position Fujitsu to deliver comprehensive solutions that open up infinite possibilities for its customers' success. Headquartered in Tokyo, Fujitsu Limited (TSE:6702) reported consolidated revenues of 4.7 trillion yen (US $45 billion) for the fiscal year ended March 31, 2004. For additional information, visit http://www.fujitsu.com.
About Fujitsu Computer Products of America, Inc.
Fujitsu Computer Products of America, Inc. conducts engineering and marketing activities in San Jose, CA and sales operations throughout the United States. Fujitsu Computer Products of America currently offers products and services, including scanners and scanner maintenance, hard disk drives and Magneto-Optical drives. Fujitsu Computer Products of America is located at 2904 Orchard Parkway, San Jose, CA, 95134. For more information about Fujitsu products and services, call 800-626-4686 or 408-432-6333. You may also visit http://www.fcpa.fujitsu.com.
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