Content management integration with LOS provides increased process efficiency, loan profitability.
CLEVELAND and BRENTWOOD, Tenn., May 2 - Hyland Software Inc., developer of the OnBase enterprise content management (ECM) software suite, announced that it has formed a strategic alliance with Gallagher Financial Systems Inc. (GFS), a leader in enterprise loan origination system technology. As part of the alliance, Hyland will integrate OnBase with GFS's NetOxygen loan origination system (LOS) to provide additional document management options to GFS's new and existing customers.
Through this integration, NetOxygen users will be able to scan and index loan documents, access those documents from the OnBase repository through NetOxygen, and automatically route documents for review and approval based on internal business rules. As a result, GFS' customers will be able to streamline underwriting, improve post-close and audit review processes and speed delivery of loans to the secondary market, ultimately improving loan profitability.
"Manual, paper-based loan processing is the largest remaining source of excessive cost in mortgage loan origination," said Craig Focardi, research area director for consumer lending at TowerGroup. "By integrating document imaging and content management systems with loan origination systems, lenders can synchronize loan document processing with LOS-based data processing to reduce cost and time while improving customer satisfaction."
In 2006, the editors of Mortgage Technology recognized both GFS and Hyland as Top 25 Technology Vendors. GFS has a significant NetOxygen user base among the top 100 mortgage lenders in the United States, while Hyland markets OnBase to financial institutions of all sizes throughout North America, Latin America, Europe and Japan, with a current customer base of more than 6,000 and rising.
"Both Gallagher and Hyland are significant technology players within in the mortgage space," said Chris Anderson, president at GFS. "Many of our customers have already integrated NetOxygen with their previously established imaging solution. However, for lenders that don't have an existing imaging solution that fits their needs, OnBase would be the perfect fit with NetOxygen. Through this alliance, both companies will be able to further their position within the marketplace by addressing this need with a joint offering and provide their customers with expanded and enhanced product capabilities."
OnBase is an ECM software suite with applications that include document imaging, workflow, electronic document management, COLD/ERM and records management. OnBase allows financial institutions to manage all digital content, including scanned paper documents, e-mails, faxes, print streams, application files, e-forms, Web content and multimedia files.
"Enterprise content management solutions are vital to streamlining and automating document-centric lending processes," said Jason King, director of financial services for Hyland Software. "Through this integration with OnBase, NetOxygen customers will be able to better manage their loan pipelines, increase customer service levels and improve process efficiency."
NetOxygen's architecture allows lenders to improve efficiencies via dynamic workflow routing and rule-driven, streamlined business processes. NetOxygen was designed to handle all aspects of the lending process for all channels and loan types using a component-based, end-to-end system, which allows for enterprise-wide data access for improved customer service. Gallagher also provides an off-the-shelf solution that can then be tailored to meet technological and business challenges that arise in an ever-changing industry. For more information, please visit netoxygen.com/.
About Gallagher Financial Systems
Founded in 1985, Gallagher Financial Systems is one of the nation's largest residential loan origination systems providers. Headquartered in South Miami, Fla., with its national operations center in Brentwood, Tenn., GFS has more than 150 professionals located throughout the U. S. and abroad. The company provides flexible, scalable, Web services-based loan origination and decisioning solutions for both the mortgage and consumer lending industries. Its product suite includes Gallagher NetOxygen, a Web-based Enterprise Lending Platform (for Internet-enabled technology needs), Enterprise Manager and NetOxygen Studio. For more information about Gallagher or its products visit http://gogallagher.com/.
About Hyland Software Inc.
Established in 1991, Hyland Software Inc. is the developer of OnBase, a rapidly deployable suite of enterprise content management (ECM) software applications. OnBase is a modular suite of ECM applications that includes document imaging, workflow, electronic document management, COLD/ERM and records management. OnBase allows organizations to manage all digital content, including scanned paper documents, e-mails, faxes, print streams, application files, e-forms, Web content and multi-media files. OnBase is used by businesses and government agencies around the world to reduce the time and cost of performing important business functions and address the need for regulatory compliance through the management, control and sharing of digital content with employees, business partners, customers and other constituencies. For more information about OnBase, please contact an OnBase Authorized Solution Provider or visit www.onbase.com.
Source: Hyland Software Inc.
CONTACT: Lindsey Quirk for Hyland Software, +1-678-781-7217, email@example.com; or Nneka Egwuatu for Gallagher Financial Systems,
Web site: www.onbase.com/