Wholesale Lending Check Issuance
Wholesale lending is an extremely competitive business, with many lenders vying for mindshare and loyalty with the same third-party loan closing agents. It all comes down to service: can you find ways to make it easier to do business with your company?
Source Technologies' unique wholesale lending solution combines our eDocSecure™ payment management software and our secure MICR (magnetic ink character recognition) laser check printers. Together, they provide a fast, cost-effective, and secure way for remote locations and staff to conduct on-demand printing of MICR checks, and other sensitive documents, while maintaining centralized approval and control of the process.
This solution gives lenders a competitive edge by allowing them to deploy MICR printers at agent locations while managing check printing centrally. Using eDocSecure, lenders process and authorize disbursements electronically. Closing agents then access eDocSecure via a browser to print the checks locally at the time of closing.
This system provides many benefits for both lenders and agents:
- Funds are held past loan closing and not released until presentment of the check, thus creating float
- Elimination of escrows for postponed or cancelled closings
- Doing away with pre-printed checks significantly reduces fraud (wire transfer fraud)
- Check issuance can be integrated with your loan processing system, meaning less paperwork, less process steps, and easier tracking and auditing of transactions
- Better levels of customer service with funding by check - 100% of scheduled closings get funded
- Other items can be printed as part of a complete loan-closing package using the same system, saving even more time and money
When used in together, eDocSecure and Source Technologies' MICR printers offer the most secure way to print checks. All data is encrypted through the entire process, from the user's PC all the way to the printer. ST's printers "talk back" in real-time to eDocSecure, so you always know the status of your disbursements. Complete transaction visibility, electronic auditing, and online reporting make this solution robust and easy-to-use for both wholesalers and their agents.
Sending secure documents over the Internet is now a reality from Source Technologies, allowing lenders to offer a new level of service to third-party closing agents. Giving your agents a web-based system that facilitates the secure check printing at their location can be a difference-maker for winning consistent business away your competition.
Wholesale Lending Check Issuance: Highlights
- Lenders maintain complete control over all requests, approvals and print processes for all issued items
- No software needed at the agent's location - just a PC, web-browser and a Source Technologies' secure MICR laser printer
- Easy to deploy and cost effective: Typical return on investment is less than twelve months