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Special Reports
Electronic Documents
Exstream Assists Originators in Moving Forward
Module allows user control of documents.
By Bonnie Sinnock
Given the radical shift in product mix and compliance requirements the origination
business is seeing, it seems like it could use the assistance of a business partner who understands the need to
change to move ahead and who can lend expertise in that area. And that is what electronic document services provider
Exstream here says it can provide.
The company, which is the midst of transferring its chief executive officer and
president role to former IBM executive Richard Troksa from chairman Davis Marksbury in order to "take the
company forward into its next phase," seems like a good match for the industry, not only because it, too,
is going through a transition, but because it has incorporated its understanding of the needs that come with change
into the technology it provides.
Exstream's Dialogue automation is "a great tool for this industry because
of the amount of change that is coming [to it]," said Jay Ainslie, mortgage segment manager at the company.
Dialogue, as the product name suggests, was designed to efficiently move document
data wherever needed between participants in a business process like origination, Mr. Ainslie said. And new a Dialogue
module released this May called Dialogue Live that is available for an additional fee allows users varying ability
as needed to change or leave static data from a document as it is transferred, he said.
"It allows for control of the document," said Mr. Ainslie. "In
Dialogue Live we can completely lock down the documents that are being presented to the client from a customer-facing
person or we can free up whatever is required on that page for them to have editability," he said.
"Certain things ... you would probably not want [to change] because you have
compliance and regulatory documents that are pretty much set in stone," Mr. Ainslie said.
Meanwhile, different terms and conditions, such as the loan amount, downpayment,
percentage rate or origination fees are likely to differ from loan document to loan document and require flexibility.
So when it comes to these pieces of information, a Dialogue Live customer can "actually click and choose or
type in the editable regions of that paper, you have that ability. So you lock down those portions that you don't
necessarily want changed. But you allow for the personalization where you would want them to be specific to that
particular product," Mr. Ainslie said.
This has proved important to originators using Dialogue Live, he said, noting
that mortgage clients have fallen into basically two camps in this regard, some who emphasize locking down their
document data and others who seem to place more value on the potential for flexibility, compliance being a factor
in some cases, he said.
Dialogue Lives also makes data transmission and processing more immediate on both
the front and back ends, according to Mr. Ainslie. He said Dialogue Live allows the data transfer to take place
immediately, as soon as the data is first entered, rather than later in the process, and "pre-fill a lot of
the documents that previously people would have to rekey."
Dialogue Live also can help "minimize the amount of clutter on a document,"
he said. "For instance, if [the borrower] chose a product such as a 30-year fixed mortgage. In Dialogue Live
it's as easy as clicking on 30-year fixed mortgage vs. all the other products and then all of the other verbiage
would collapse and go away. So now you're dealing with a document that [pertains] only to that particular offering
with only those terms and conditions," Mr. Ainslie said.
"Certainly the clarity and the accuracy of that document is going to be very
specific to that product versus multiple products," he said. "It's going to save a lot of even storage
from an electronic perspective because again you're only capturing and pushing out to an archival and retrieval
what is pertinent to that particular product. ... You're pushing less megabytes and less [megabits] through the
system. ... Most importantly, obviously there's no confusion because [the borrower is] only presented with those
types of terms and conditions that are pertinent to that offering."
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