How to Successfully On-board 130,000 Acquired Loan Files

budgeting your imaging projectFor a top-20 U.S. bank, the acquisition of two smaller banks created a huge influx of mortgage and loan files. To integrate the acquired files into its existing operations, the bank needed to undertake four steps:

  • Review and organize the files, purging all non-records.
  • Convert retained paper files to the bank’s standard formats for folders and labels.
  • Scan critical loan documents with over 99 percent accuracy.
  • Re-file retained paper files into the bank’s loan vault.

Over a 38-week period, TAB worked to process, purge, scan, and re-file the acquired mortgage and loan documents. The project involved the following timeline and key metrics:

  • Project planning: 4 weeks
  • Processing and Imaging: 34 weeks
  • Loan and Mortgage Files On-Boarded: 139,304
  • Documents Processed: 1,920,599
  • Images Created: 25,751,873

The bank was very pleased with the way that TAB managed the process, and most importantly, with the final result, which was the seamless integration and processing of all acquired files. But why did it all go so well?

Five Keys to Success

Here are the five things TAB and the bank did in order to ensure the success of the project:

1. Establish a Secure Workspace. Processing over 130,000 files in an orderly fashion – while avoiding lost files and ensuring privacy and security – requires a dedicated, secure workspace.

2. Purge and Save. By reviewing each file prior to processing, and purging unneeded documents, the bank was able to avoid the significant costs associated with scanning and storage of those files (physical and digital).

3. Take Advantage of Opportunities to Save on Storage. During the project, TAB identified the opportunity to place the acquired documents into two streams: collateral and non-collateral. By storing the non-collateral documents in less expensive off-site storage, the bank was able to save money and reduce clutter in the active vault, allowing it to operate more efficiently.

4. Use Trained Knowledge Workers for Speed and Accuracy. Because of its experience with acquisitions and imaging, TAB was able to build an expert team quickly and at scale, hiring and training over 60 knowledge workers in just 4-6 weeks.

5. Trust an Experienced Partner. Through its long relationship with TAB, the bank knew TAB would deliver as promised – and that TAB’s experience would be a big asset as the project unfolded. And the bank was right on both counts. TAB not only helped to find roles for staff at the acquired bank, but we also identified opportunities to save on the cost of file storage. As the bank learned, these are kinds of things that only a trusted, experience partner can bring to the project.

Next Steps

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case study
file intake
file on-boarding
finance
financial
records management

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