Move to electronic forms doubles mortgage broker's close rate.

WASHINGTON--(BUSINESS WIRE)--Jan. 25, 1995--At an industry conference today sponsored by the IBFI, Wallace Computer Services demonstrated a mortgage broker's application of new electronic forms technology.

CLOSED ONLY HALF OF QUALIFIED APPLICANTS UNDER OLD SYSTEM

One of the nation's major mortgage brokers that operates in more than 30 states sought a way to improve its close rate. With its old system, the writing and processing time for mortgage applications took up to a week. In that time, half the applicants got a mortgage somewhere else because of a lower rate, faster turnaround, etc.

Formerly, an applicant would sit down with a broker, who would key-in information at a terminal. This terminal was connected to an IBM AS/400 midrange computer running a proprietary software application at the company's headquarters. After four or five days of processing, printing and collating documents, an overnight packet of approved paperwork was sent to the branch broker. The broker then called applicants to come in and sign the approved loan documents. The time elapsed on paper handling, printing and delivery to the brokers were the key problems behind a 50 percent close rate for the mortgage company.

QUICK CONVERSION TO ELECTRONIC FORMS

An electronic forms solution was implemented in only 30 days that speeds approvals. Data is still keyed-in directly to the headquarters computer by the branch. The host application software is untouched and handles the processing as before. However, now under the new system with Options Paperless Technology(TM), the print stream output from the host application is merged with the electronic form images and transmitted directly to an H-P Laserjet printer at the appropriate branc h facility. Approved forms print out ready for signature minutes after the information was first keyed in by the individual broker. Applicants apply, sign, and walk out with an approved mortgage in one short visit.

RESULT: NEARLY 100 PERCENT CLOSE

Under the old system that took up to a week, the mortgage broker was closing 50 percent of the qualified applicants that came through the door. With the new Kptions Paperless Technology system, the company is closing nearly 100 percent. In addition, the company feels that it will ultimately be able to double the volume of loans that are originated, and at the same time cut their loan processing labor force in half.

The process to change the system took only 30 days, including the creation of 500 form and contract images, and did not alter the company's mortgage processing application. This shift to electronic forms eliminated all cost associated with pre-printed forms: purchasing, warehousing, obsolescence, distribution and management. These costs can be especially high in the mortgage or loan business because states are continually changing regulations that affect document language.

This new system also makes it easier and much faster for the company to bring new products to market. Where it used to take six months on average to bring a new product to market, with pre-printed forms is now done in a matter of days.

OPTIONS: PrintFilter(TM) was the key product used in this installation to integrate electronic forms with an existing software application. However, many companies have more manually intensive systems of document generation. In those cases additional products such as OPTIONS: DocDraw(TM) and OPTIONS: Framework(TM) are used to create systems in which a single fill session can map data to the appropriate fields on the correct set of forms.

OPTIONS Paperless Technology products offer the most comprehensive, yet easy to implement, solutions for electronic forms and workflow automation. Software solutions are available to run across the full spectrum of a corporation's computing platforms including mainframes, mid-range computers and PCs. The products feature open architectures; they do not require modification or alteration of the user's existing operating systems, application software or communications networks. Wallace offers the additional services for integrating these solutions and creating the electronic forms, and can implement these systems quickly, in a few weeks instead of months.

Wallace is also the developer of W.I.N.(TM), the leading solution for forms management, including the ability to manage paper and electronic forms together in one system. W.I.N. allows companies to quickly and easily organize, analyze, control, manage, track and report the purchases, inventories and specifications for consumable information management supplies. It provides the tools for companies to achieve full life cycle management of distributed electronic forms in enterprise-wide environments.

Wallace Computer Services Inc. is one of the nation's largest manufacturers and distributors of information management products, services and solutions. These include paperwork systems and forms, labeling products and supplies, direct mail printing, and leading edge electronic forms, products and forms management services. The company is headquartered in Hillside, Ill. and has manufacturing, distribution and sales facilities throughout the United States.

CONTACT: Wallace Computer Services

Brad Samson, 708/449-8600