Colonial Savings eliminates external sharing challenges, supports compliance with ShareBase

The Challenge

From shifting regulations to updated compliance requirements, change is a given for financial institutions.

Leading mortgage lender and service provider CU Members Mortgage, a division of Colonial Savings, F.A., tackled change head-on after new compliance standards required the bank’s more than 500 credit union clients to complete their own Home Mortgage Disclosure Act (HMDA) reporting –involving an exchange of loan documents between the parties.

Colonial was already using OnBase by Hyland to manage documents internally and present information to credit unions through an online portal; however, the volume and breadth of loan-related documents that now had to be shared externally demanded a new approach.

After evaluating their existing file-sharing options –using FTP sites that required IT involvement or using encrypted CDs or thumb drives with added shipping costs and manual work –Colonial turned to ShareBase by Hyland.

The Solution

Working closely with its strategic information management partner Integrated Document Technologies (IDT), Colonial quickly realized the potential of the cloud-based file-sharing application, which is hosted in the purpose-built Hyland Cloud.

"Without ShareBase, we would have had to hire 20 people just to mine and pull the documents and burn them on a CD or thumb drive. There’s no way we could have accomplished it and met our timeline for compliance.” - Marcia Wilson, Vice President of Imaging, Colonial Savings

“We didn’t have a lot of time to deploy, with all the regulations the industry has now,” said Marcia Wilson, vice president of Imaging at Colonial. “The majority of credit unions had never performed their own HMDA reporting, so we wanted to make the process as simple as possible. ShareBase came at exactly the right time.”

With ShareBase, Colonial easily and securely shares loan-related documents outside its four walls with its credit union clients, as well as any other necessary third parties, like investors and title companies – without involvement from Colonial’s IT department.

By combining ShareBase with OnBase workflow automation capabilities, IDT helped Colonial implement a fully automated solution that extends the reach of its content services for its CU Members Mortgage division.

The Difference

  • Increases visibility, security and control
  • Automates sharing of loan documents
  • Improves customer service
  • Offers a competitive differentiator
  • Provides a flexible solution

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