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