When a major regional bank purchased a smaller bank in an adjoining state, the acquisition didn’t go quite as planned. The parent bank had initially planned to consolidate all loan functions, including loan approval and servicing, at their headquarters. However, bank customers were accustomed to receiving personalized attention at their local branch and the decision generated a good deal of public outcry.

Searching for an alternate solution, the parent bank contacted Diversified. After researching the situation, Diversified recommended electronic access to the mortgage loan files for both the local bank’s mortgage servicing department and the parent bank.

To  achieve  this solution, Diversified consolidated all loan files in one of its records facilities. When a file was requested, the associated documents would be imaged using Diversified’s scan-on-demand services. Files were identified by loan number and account name. Within each file, sub-files labeled as “legal”, “financial”, and “miscellaneous” included additional information. Individual files were identified by title and date. All imaged files and data were then delivered to the local bank for primary servicing, with an additional electronic copy sent to the bank headquarters.

Additionally, all new mortgage loan files, incoming correspondence and documentation for existing files were imaged on a daily basis., and also forwarded to both locations.

When it was necessary to access a mortgage loan file, the customer service representative could enter either a name or account number and bring up an electronic table of contents for that particular file. All sub-files and individual documents also appeared in the table of contents. Highlighting an individual document would bring up the image of that document.