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Logical Loans™ produces
compliant documents in an automated, unattended fashion. Capable of accepting
variable data from various origination sources, including e-mail, exports
from full origination systems and other data collection and delivery
mechanisms. User defined business rules determine how the data is handled and
what document sets are produced. The Client
Cleveland-based KeyCorp is one of the nation's largest
bank-based financial services companies, with assets of approximately $81
billion. Key spent several years looking for a way to streamline their
consumer direct lending operations and specifically, the document preparation
component. The Requirements
The requirements for Key’s “ideal solution” spanned several pages and covered business, functional and technical considerations and standards. The primary requirements were that the solution would functionally replace Key’s existing consumer direct document prep software (Harland’s LoanCalc/LoanPublisher) but would also accommodate other lines of business within Key (both direct and indirect) in addition to consumer direct lending. The solution would interface directly with ACAPS and any other origination system (mainframe or client/server) employed by Key and would require little or no user intervention at the doc prep level. After accepting the variable data from the origination system, including all loan calculations, the solution would be capable of applying pre-determined business rules to determine the exact product and legal nature of the loan and process the closing documents accordingly. These business rules, from the simplistic to the complex, would need to be customizable by Key, both during the initial implementation and on an on-going basis. Other requirements called for the solution to accommodate electronic documents from a compliance vendor, or several different vendors if necessary, as well as custom in-house documents and credit insurance certificates. Additionally, the document delivery function had to have the ability to deliver completed documents directly to printers in the branches, a web site, or via e-mail. The ISS Solution
Logical Loans is one component of the Logical Docsä
Suite, which also includes Logical Law, Logical Insurance, and Logical Med.
Logical Loans is unique in that it produces compliant documents in an
automated, unattended fashion. Logical Loans is capable of accepting variable
data from various origination sources, including e-mail, exports from full
origination systems and other data collection and delivery mechanisms. Once
data is received by Logical Loans, user defined business rules determine how
the data is handled and what document sets are produced and how. Logical
Loans also addresses all of the requirements previously described, and
because of the design, it can function in either a SQL or Oracle based
environment. Logical Loans went into production in Key’s The Value Delivered
75% reduction of FTE’s for document preparation 90% reduction of manual intervention for document preparation 75% + reduction in document set processing and delivery time Logical Loans allows Key to differentiate itself in the
competitive financial environment and ultimately improve customer
satisfaction. “KeyCorp has significantly improved internal operations
and document delivery time with a seamless flow of information. The Logical
Docs solution is second to none”, said Jack Zuendt,
Senior Vice President of KeyBank. Senior Vice
President Zuendt went on to say, “We looked
at virtually every other commercially available doc
prep solution and none of them could meet our requirements or deliver the
incredible efficiencies and performance we were looking for.” According to Diane Bujdos Vice
President of the Performance Management group of KeyBank,
the branch personnel “are now able to order their closing documents
when needed and be in receipt of them directly after placing their order
enabling loan executions to be handled in the most efficient manner.”
The time it takes for the documents to reach the closing location is minimal,
very often doc delivery can occur less than 3 minutes after loan approval
with the quality and compliance being 100% consistent and correct. Bujdos goes on to say, “Customers are cognizant
these days on the value of their time. They want correct and quick solutions
– along with systematic approval of loans. Logical Loans quick
processing and delivery satisfies that need.” An average loan volume
for Key is 600 loans per day. High volume can range between 800 and 900
loans. Recently, Cathy Miller, Assistant Vice President of Key’s Jeff Bazinet, a partner of ISS stated, “We’re
very excited about seeing Logical Loans function so extremely well in a
production environment like Key’s. It’s been a lot of hard work
by a lot of ambitious, hard working and dedicated people. I’m very
proud of our product, of our staff, and the relationship we’ve fostered
with the group at Key.” Summary
Logical Loans uses a technology that manipulates raw
document data files, destined for a printer or web environment. Interpreting
the bank’s data, making the appropriate automated decisions as to which
documents are required, and finally adding the data to those documents is an
involved process, but one in which ISS has a tremendous amount of experience.
Jeff Bazinet states, “Through our market involvement over the past
seven years, we were very aware of our client’s need to have full
control over the logic that determines which documents to produce and how to
populate those documents. We have opened our logic component to the user to
give them full access and control of the logic, giving them the ability to
manipulate the resulting documents to meet their specific business
needs.” Robert Janelli, a partner at ISS stated, “The
technology behind the application allows us to be poised for rapid delivery
and scalability in a variety of markets. The manner in which documents are
being processed is revolutionary and puts ISS in a position where we can
provide loan document services over the Internet, over a WAN environment, or
directly within a client’s location.” |
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