16
May
2017
|
07:11 PM
America/New_York

Colonial Savings, F.A. Implements ShareBase by Hyland, Achieves Greater Access, Collaboration and Compliance

Interaction with OnBase extends information-sharing to help lender support new HMDA processes for credit union customers

Colonial Savings, F.A., a leading retail lender that serves residential mortgage customers in the U.S. through its credit union division, CU Members Mortgage, has implemented ShareBase by Hyland to evolve its mortgage lending processes and support new compliance standards. Combining ShareBase – an enterprise cloud-based file-sharing product – with its OnBase by Hyland enterprise information platform, Colonial has achieved greater external sharing and collaboration among its more than 500 credit union customers to complete Home Mortgage Disclosure Act (HMDA) reports.

Already using OnBase to manage documents internally and present information to credit unions through an online portal, Colonial Savings decided to take a new approach to HMDA reporting. After evaluating its existing file-sharing options, Colonial Savings selected ShareBase, cloud-based file sharing, working closely with longtime solution provider Integrated Document Technologies (IDT) of Itasca, IL.

“We needed a solution that would be easy to implement because of the changes and new regulations affecting the industry,” said Marcia Wilson, vice president of imaging at Colonial Savings. “We saw the potential of ShareBase at Hyland’s CommunityLIVE user conference, and soon after selected and implemented the solution with the help of IDT. A majority of the credit unions we serve had never performed their own HMDA reporting, so we wanted to make the process as simple and intuitive as possible.”

Colonial Savings’ credit union customers now have secure, 24-hour access to their respective loan-related documents, as well as the ability to share files externally with other third parties – such as title companies and investors. By combining ShareBase with its OnBase workflow automation capabilities, Colonial Savings achieves a fully automated sharing solution that extends its existing OnBase system.

“Connecting ShareBase with OnBase has been a game changer for Colonial Savings’ operation because of the increased automation, visibility, security and control of the solution – minimizing tedious manual work,” said Michelle Shapiro, financial services solution marketing manager at Hyland. “The real-time availability to view, manage and report on documents has helped its credit unions take ownership of the HMDA process.”

“Our credit unions have been very pleased with the process. One was able to take 164 loans, consisting of 11,000 documents, and finish reporting in less than 24 hours,” Wilson said.

There has been so much success utilizing ShareBase to improve HMDA processes that Colonial Savings and IDT are exploring other areas across the institution that can also benefit from secure, enterprise cloud-based sharing. For more information about the benefits of enterprise-class cloud-based file-sharing, visit ShareBase.com.

 

About Hyland Healthcare

By combining information management and enterprise medical imaging with business process and case management capabilities, Hyland Healthcare delivers a suite of unparalleled content and image management solutions to address the clinical, financial and operational needs of healthcare organizations around the world. Every day, more than 2,000 healthcare organizations use Hyland Healthcare’s world-class solutions to become more agile, efficient and effective. The Hyland Healthcare suite of products – comprised of Acuo by HylandBrainware by HylandNilRead, OnBase by Hyland, PACSgear by Hyland, Perceptive Content and ShareBase by Hyland – are leveraged to complete patient records, eliminate reimbursement delays and enhance business processes. For more information, please visit Hyland.com/Healthcare.

Hyland Healthcare is a part of Hyland, a leader in providing software solutions for managing content, processes and cases for organizations across the globe. For over 25 years, Hyland has enabled more than 19,000 organizations to digitalize their workplaces and fundamentally transform their operations. Named one of Fortune’s Best Companies to Work For® since 2014, Hyland is widely known as both a great company to work for and a great company to do business with. For more information, please visit Hyland.com.