5 reasons a retail lender implemented ShareBase by Hyland

Colonial Savings, F.A., a leading retail lender that services residential mortgage customers in the U.S. through its credit union division, CU Members Mortgage, realized there was one large gap in its content management strategy – sharing.

Already using the award-winning enterprise information platform, OnBase by Hyland, to manage documents internally and present information to credit unions through an online portal, Colonial decided to take a new approach to HMDA reporting.

“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,” she said. “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.”

5 benefits for Colonial

Working with Integrated Document Technologies (IDT), an authorized OnBase and ShareBase solution provider, Colonial Savings implemented the solution and saw some major benefits. Here are the top five:

1. Increased visibility, security and control

While Colonial and its CU Members Mortgage division block certain public file-sharing sites, the ShareBase secure file sharing solution gives the institution the ownership and control it needs.

“ShareBase is different in that the documents don’t leave Colonial’s control,” said Paul Szemplinski, CEO at IDT. “It’s just storing them securely in the Hyland Cloud and providing access to those who need it, while enabling a tracking function so we know who’s going in and downloading those files.”

2. Automated sharing of loan documents

Using ShareBase external sharing capabilities with OnBase process automation allows Colonial to completely operationalize the process. The combined solution automatically creates ShareBase folders, assigns security, publishes documents and sends notifications to the appropriate parties – all without IT involvement.

3. Improved customer service

“More than anything, our credit unions have gone through a lot this past year with the transition to new contracts,” Wilson said. “This was a positive we could give them and one they have requested for a long time: the ability to have an electronic copy of documents with easy delivery.”

4. A competitive differentiator

“ShareBase provides Colonial with a unique service offering, setting it apart from its competition,” Szemplinski said. “ShareBase gets Colonial out of the business of managing services, storage devices and user security and into sharing key financial information. Now, sharing select content with credit union clients – once a labor-intensive process – is managed safely and securely, with a completely automated, auditable solution.”

5. A flexible solution

With the success of ShareBase for sharing loan documents, Colonial and IDT are exploring other areas across the institution that could benefit from secure file sharing in the cloud. This includes the Collections department, which has a need to exchange documents with attorney firms in order to accelerate the delivery of decrees.

To download the entire Colonial Savings case study, visit ShareBase.com.

Jaclyn Inglis

Jaclyn Inglis

Over the last few years working at Hyland, creator of OnBase, Jaclyn has definitely started to drink the Kool Aid – day and night enthusiastically discussing the wonderful benefits of OnBase with fellow Hylanders, family, friends, and even complete strangers. Her graduation from the University of Rochester with a major in economics, minor in film studies and concentration in neurological science only goes to show how vast her interests are. With that in mind, it is no surprise she truly enjoys working to market OnBase across an equally vast number of industries – some even mirroring her academic interests (financial services, arts and entertainment and healthcare/sciences) – as a member of the Product Marketing team at Hyland.

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