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hi thank you for taking time to join us today for this webinar top the lending process in the making environments um we're happy that you could join us today and take some time out to listen to this and that we think you'll find this quite interesting alright so the yeah presenter today is Mark settle he's the director of technical services of Hot Docs and he's been here since 98 so he said a lot of experience and Marcello he currently leads the technical services organization at Hot Docs and he's been member of the client facing services team forward 10 years providing services to customers and banking real estate legal insurance and other industries and Marcus he's worked on large-scale implementations will large banks law firms fortune 500 companies throughout the throughout the US and even some globally and Mark has worked at hot doctor over 15 years including time on the template product development in the software development teams in the ax services team that mark weeds provides pre-sales support and demonstrations training services project management template development integration and development services with hot dogs product line for customers and he brings great experience with the hot dogs products as well as proven ability and assisting clients and understanding the capabilities of hot dogs scoping the requirements for implementation of the hot dog software designing implementing integrations with data sources with other third-party software and his strengths are working directly with clients and managing proper relationships demonstrating product capabilities and providing customer facing technical expertise and the elf has a bachelors in computer science from Brigham Young University and so with that introduction correct to turn the time over to mark now and at the end we'll have a few minutes to answer some questions they'll feel free to type those into the GoToWebinar panel in the questions box and then at the end we'll have time to address those um I'll go ahead and turn the time over to you mark and we'll take it from here all right thank you very much Marvin and yeah just again a reminder on questions the only way to ask those questions is type those in the panel in the webinar Marvin will be moderating those questions as we go along and will will respond to those at the end of the webinar so today we're going to talk about simplifying your lending process with document automation so to get started we want to talk just a little bit about you know why Hot Docs why choose us as a document assembly vendor that's a little bit about hot dogs as a business we have over a million users worldwide and well over 9,000 separate customers we are the pioneer of this marketplace so we we pioneered document assembly and we are the global market leader we have well over 20 years of experience with documents currently hot box is deployed in over 60 countries worldwide with offices are primary offices in the UK and in the US and we have a large network of over 50 global partners and hot box is a proven technology that really works across various vertical markets a hawk started in the legal market we still have a very large presence there but as you could imagine with documents and we it's really going to be very prevalent anywhere where there's a lot of repetitive document creation so also an insurance and banking we have a very large presence including for the top five global banks we're also microsoft partner and have received various awards over the years for for our product so the first thing we're to talk about is what's the challenge why why use document assembly and there's really three pieces to that that I want to get started with here that are general challenges to creating good documentation the first is compliance and risk with any business you really want to mitigate risk as much as you can so you want to make sure that when you're creating documents you're doing it in an accurate way in a way that's very maintainable and comprehensive and intelligent and so document assembly helps check that box helps implement a way that can allow all of that to be managed properly second challenge is really around standardization so as you work across multiple documents especially in a larger organization you really have to work hard to make sure that there's standardization across the documents and often if you've got disparate groups working on different documents and enforcing standardization gets a little bit more difficult but you want to be able to standardize things like your branding headers and footers and files and other things within your documentation so that your business really has a common look and feel when a document from your business goes to one of your clients then lastly efficiency of course and we're always looking to save time and money so we hot box is all about helping with efficiency you know creating a faster process in that documentation creation so there are so many different ways that people have historically created documents in a manual process or even attempted to automate it with some of their own processes and a document automation tool really can solve some of the problems that you run into with some of those previous processes so a little bit about how hot ex works so hot docs there are really two sides to hotbox there is the power user who will create content we'll talk about what that is in just a moment and then their end users or users who will consume that content they will use the content that's created to generate documents so on the content creation side you have documents that use within your business and a power user takes those documents and can use those documents to create a template or or templates so a template has created from document content and then it adds logic and variable content and other things built into it to really drive a document assembly process then that template is deployed and used by an end user so you'll see here content creation always happens with a tool on the local machine maybe that's content is stored on the network or elsewhere but is a desktop software for creating those templates the end user process you can see can be deployed to a local machine but also to a cloud or server process as well so content consumption the user will then be able to select a template and complete a questionnaire to able to generate an output document so that would be a dynamic questionnaire that lasts and the appropriate questions to gather the right information to generate a proper output document or documents so the user might complete that questionnaire also data may come from another system into that questionnaire and then once that questionnaire is completed there'll be an output document or documents and also coming out of that questionnaire would be an set of answer values that the user could save to reuse later an important distinction as well as if data is coming from another system it might go directly to the document so you might be able to skip that questionnaire altogether if the data is coming from the system is all of the data that's needed to generate that particular doc so it's a basic overview on how the end user process works for for hot dogs so thinking about document automation and some of the documents that are ideal for lending you have all kinds of different documents listed here I'm not going to go through each of them but you've got promissory notes and commercial loan agreements and guarantees and other other documents we might create also you might do some things with customer onboarding so actually in taking data from the clients you could use that interview to gather specific data from the user that might go into other documents some of the challenges with the lending process so things that are pretty common without a document assembly software is you have an inefficient process so even trying to to manage that process when users are copying pasting or basing off maybe even just a base gold standard document and making changes that process might be a little bit more labor-intensive or time-consuming might lead to additional errors there might not be a full work flow around the process or even their main it may not be good integration with the system of record or the loan origination system where the data is actually starting for a particular loan so those are some of the common challenges and so you're leading to you know it's checking some of boxes in that process sometimes you're getting a little bit more risk than you want it's inefficient it's not saving the time that you need and and then you might have different groups or business areas within your business creating documents in a different way and so the standardization is not there either so these are some of the common challenges so how do you meet these challenges or how do you solve them three easy steps how you might do that so the first thing is you really need to understand what your document production process is so you need to evaluate what's going on now so you can know what you need to do to solve the problem so you would take some inventory and identify different relationships between different people what what technologies are there what type of process needs to go along there and what client interactions you might want to have as a part of that process to gather the information that you need after you have that information then you can take your documents and understand the process and create automated templates as a part of that process you're going to take the documents that you have and convert them into template and that will allow you to do things like standardized specific content especially things like signature blocks or headers in a document identify the different data fields that you're going to be pulling from other systems and the data fields in the document you might utilize document packages when you're building out those templates as well what that is is a process where the user enters some information but they get multiple documents as output rather than going through separate processes for each separate document and then as a part of designing and creating art I made a templates you really need to plan for the continual improvement that you want to have in the future so as a part of that design and create process there really needs to be a planning stage as well for how you're going to manage and maintain in the future that's very important to make sure that you have continual success and that you have continual return on investment in the document automation process lastly you want to deploy and integrate the templates with your systems and workflow so you're going to deploy those so we go from content creation to deploying to a user environment and when you deploy whether it's a cloud or desktop system or a server based system you want to make sure that you have some test environments and some production environments so that you have a way to test that content before you roll it out to all of your end users for use and then you might have some specific implementations of integrations with software that you use so definitely within a lending process almost every big that I've ever worked with has some system of record or loan origination our loan origination system where some of that data is going in up front so you want to pull some of that data into the loan documents that you're creating as part of the lending process but you're likely to have some other processes that you may want to integrate with as well whether it be a you know ECM or document management system other databases to pull information specific workflow tool or solution to really follow the workflow as it needs to go through an approval process or or other steps in a workflow or e-signature processes as well to actually electronically sign the lending documents that you create so I want to talk about a case study of a specific global bank and so let's start out talking about the problem they had which falls really well in line with what we were talking about those three common problems that you have so the first thing is they have disparate documentation systems is a global bank a top five bank who had different business areas creating documents in different ways and so that led to some pain points I made it difficult to maintain and update the documents that they had even with a centralized group because things were being done different ways for different groups and they had to try to maintain some of that they were using word macros for their loan documents and so that made it a lot more difficult to maintain that the code and and a lot more challenging to make changes when they were needed so it was an attempt at assembling documents using word macros but it just wasn't very easy to maintain solution and that led to a user frustration was more time consuming managing those documents and it was more error-prone really led to some challenges and efficiency and making sure that they were getting correct documents as output so what do they do they evaluate a document assembly solutions and they started using hot dogs so they use hot docs and they automated about 350 documents related to loan packages around notes securities real estate documents resolutions mortgages and other document types so they really started to build across different business areas within their their bank and provide a standard process for document assembly that they could apply to all of the business areas within their bank they created master templates so that would be a template that really drives a document package that would allow for the user to complete that interview and select certain outputs and selections to make sure they get all of the documents they need for a specific loan they build out a service-oriented architecture so they built out a way that they really could provide a service so that as they wanted to stand up additional business units within the bank they had a very easy way to set that up in a very easy way to integrate into other solutions so that really provided a layer of abstraction for a document generation process for them they have a single documentation platform now so as a new business unit wants to get into document assembly they have the single platform that really allows them to be efficient in managing and maintaining and allowing for that to happen and then they added some document management integration and integration with their system of record as to whether that's a loan origination system or some other system where they can they pull the data out of those systems to really keep the users from having to rekey any information that already exists in in the right locations so what does that allow to happen now they've got about 600 plus users using these hot box templates so more than 500 templates we talked about long packages but more than 500 total templates eighty-five percent of the data that they used in those documents from the system of record what that means is in some cases they don't even display the Hawks interview all of the data comes from the existing system of record and simply as a back-end process generates these documents using hot dogs that allows them to be very efficient in generating documents in fact sometimes over 500,000 loan documents or generate monthly at this pink so start checking the box now they've got compliance they know what types of documents they're going to get and they know for the documents that they've created through hot dogs they know what they're going to get so that they are mitigating the risk and make being efficient and they're getting error-free documents and they're literally saving millions of dollars because the return on investment is coming from how quickly they're able to turn around these documents in various business units all right so there's an easy user experience this is just a recap of what we looked at earlier but when you're using hot dogs you have a loan template so you have this temple that's been created from the documents and that takes them to a hawks data gathering session that might be prefilled with client data and from that you get your output documents so from a user perspective they love it right select the document tha
they want to use go answer a few questions questionnaires prefilled and then get their output documents and they're on their way with a nice integration maybe those output documents or even all going to where they need to go may be sent off to a printer following in a specific workflow so from an end-user perspective they don't to worry about opening upward and going through documents and filling things out don't worry about making copy and paste errors or things like that the data comes in they answer any additional questions to get their documents they're on their way so they love it the end user experience is just easy alternately of course you could have just select a template and get your output documents so that hot bats data gathering session may never happen to the user it may just go straight to output documents from the data that's coming from that loan origination system or system of Records alright so let's take a quick look at a demonstration here i'm going to refresh this page since it open for me so i'm going to use an application called hotbox workspace to show a creation of some documents and i've got this i'm going to show it first just manually creating a document without any integration to my system of Records and i'll actually enter a lil number and this is tied into an example that an example database i have to pull some information into a document so i'm going to use this mortgage promissory note and loan agreement document for demonstration purposes so you can see this application I'm come and i say i want to create a loan document let me go ahead and do that and i'm going to choose I've got available to me different template groups so in this case relating users select I'm an administrator and seeing all the groups maybe they only see templates that apply to them choose this mortgage on the story no download agreement and I'm going to click create that will let me name this document I'm going to leave a loan number out in this case for just just a moment so I'm safe outside properties and I'll give to me my property is coupled I'm going to go to the interview so this is going to take me to the hot dogs questionnaire for this particular template so this is the hot dogs interview they come into this interview you can see the interview has a basic structure there's always an interview outlined on the left hand side the actual questions on the right hand side the user just goes through and answers the questions little navigation toolbar and progress bar down at the bottom at any point they can preview the output document or get a little bit of help and they just go through and answer the questions so I could enter in some number in some number designation mechanism and I could enter a few things here so the user they just go through and answer the questions few things i'll point out with the the variables as well there are five basic input field types that you could see in these questionnaires and how they're grouped together how they're prompted what help is is with them is all controlled by a power user who builds the template content so you can really build out standardization even in the interview process where use the same questions across all of your documents you format your questions in the same way across the documents add via the help in the appropriate way to really provide a nice seamless and easy process to the end user they can provide additional help contents of questions right here if I click that little light bulb this little pop-up help associated with this question it's just some additional content that maybe they don't need to see every time and so I can go through and fill this out I can click through each of the pages of questions and answer those questions and and fill out this whole interview now rather than do that right now I'd rather show you an example of that coming in with data from the system so i'm going to do is I'm just going to exit this and I'm I'll say savings now you can see that's an incomplete interview so it gives me that status there but it saves here so I can take some actions later if I want to go and pick back up where I left off let's do another one I'm going to create a little document choose that mortgage and promissory note again call this northside Ortiz and i'll call it i'll call it green cross i'm gonna enter a loan number here that will actually pull some data from my loan origination system so just based on this loan number it's going to go make a pool from my system of record and it's going to pull that data right into the interview so that it's pre filled with data from that system I said go to interview I get that same mortgage and promissory note and loan agreement interview that I just saw but here you can see it's pre filled with data there's quite a bit of information already here so I can fill out just the additional information the nice thing about the interviews you can see it gives me some nice visual indicators of where I need to go to fill out the additional information so these blue icons are completely answered so anything with a white icon I can just click on it there's a field I need to answer I'll put in 831 multiple in that open today that's the one date down a note information need to fill out that information as well so we'll say equal installments now let's do do it that way so I just go through and answer all the questions once I've answered all the questions you can see my progress bar go up to complete their believe I just click the finish button nice big green button here i'm going to go click and when i hit finish i get an output document that i can now download this is part of a greater process it might get pushed into my document management system i'll just go ahead and download that document and their opens and word my completed document so you can see all the information I've provided merged into the document the loan amount who the lender is who the bar or is or borrowers in that case the signature block is built out properly down at the bottom when I go down to the bottom even with the appropriate by lines for each of the individuals so there's an addendum on your scroll up so there you see the north side realty with the two people and there is also an individual borrower as well so there's you really can build out that signature block and get all that you need into your output document the way that you need it for year for your lending documents last thing i want to show and the demonstration here is that you might also well in this example that I went into and that data came from my loan origination system I could modify it but you may not want to allow them to modify so when that data comes in you could also make it read only so if i create a document here again same one and i'm going to call this I think the lender was John Jones it and this one if I remember it some property will call it growth and then I'm going to go but those another loan number in here that will pull some information go to interview I've set up this specific agreement where the data comes in just like we saw on the other example but it comes in and a read-only format so i can actually change those answer values as the user I can only change the questions that are available for me to answer so all of the data that comes from the interview is read-only and I can simply add the additional data that it ain't you so as an end user you can see how quick this document process can become when I'm pulling data from that system record maybe there's only a few additional questions I need to answer and I answer those that's a lot of tues keyboards what you know all right and then that's like all my items here California and once I've answered all the questions I missed one well the date once I've answered all the questions again I just finished well before answer the questions I wanted to show as well at any point during the interview I can click this document preview and see a preview of my output document so i can toggle back and forth to that when i'm filling out that interview process as well so if i want to see how a selection that i make in the interview affects how my output document is going to look I can always preview it and when I Dennis it finish and I get my complete a document that i can download and I'm on my way so you can see very quick easy user process that interview that we looked at it can be tightly integrated into another workflow process so all of the information comes in maybe they jump right to the interview for specific document from some other system or like we mentioned earlier it might be skipped all together so maybe the data that they need all comes click a button get your documents that go into your document storage so really allows for a lot of flexibility how you might implement it into your lending process all right so a little bit of a summary on lending documents as you implement a document assembly software like hot dogs that will allow you to do is improve your compliance and mitigate the risk within your business you know save time and you're going to save money to simplify the end user experience and it really it's going to handle any document type that you're creating we Hawks has been around for more than 20 years like we said and it's handled simple to very complex documentation including calculating values building in business logic into it and then you're going to be able to integrate with assistance that you already use and you're going to be able to centralize the control of the content date that you're using lastly we just want to give a little bit of some success and return on investment in banking so this isn't from a particular bank but from various banking organizations using contacts have some that are saving you know 175 work hours daily on a hundred page client documents minutes to create commercial loans rather than days in that process 100 average number of 40 plus page loans created daily or millions of loans produced yearly control the automated process rights management faster approvals when they've got to go through an approval process for that loan I have a way to really feed that through and then integrations into credit systems workflow DC and I'll allow that process to be a lot more efficient so it's a scalable process that will help you eliminate risk and I think that's the favorite two words of a lot of banks eliminate risk right so you can see document automation really can simplify your lending process and allow you to have a huge ROI and and really build your business into something that's a lot more efficient and will help get you a great return on investment your lending app and you're lending programs all right so I thank you very much for your time we're going to pause now for questions but if you if you don't stick around for questions again want to thank you very much for attending today I hope this was beneficial to you and that we can speak to you in the future about using hot action and simplifying your lending process all right so Marvin I'll turn it back over to you for questions ok mark thank you very much um yeah and as Mark mentioned yeah thank you for taking time to join us today and we'll spend a few minutes answer your questions so you can just type those into the GoToWebinar panel will get to those and then I also wanted to point out that we are recording this webinar so we'll post a recording of this on our website so if there if you want to go back and review this or if there are other people in your organization that want to understand more about this lending process you know that that will be available on our website within the next few days and we'll send out a notification to let you know okay so let's see one of the questions here so how does a user decide which documents to create that's a great question so it it really depends on how you decide to implement your content creation so some banks that I know will just simply post a list of templates have each template be separate and based on the name and description the user makes the right selection so they're they're trained and knowledgeable enough to make the right selection however the bank's example bank that we gave they have built out some master templates it's also possible to build out a template that drives the document selection process so as a part of the questionnaire either there are specific questions in the questionnaire that ask which documents to include or maybe determine a staunch all own it automatically selects the appropriate output documents so you can have that selection be manual or determined by business logic built into your template content okay great okay the next one is which version of hot dog foods shown that demo that is the latest version of hot dogs 5x11 with an application called hotbox workspace which is a friend a new anouar front end do you have a services of X Server I was using okay um remember one here is hot docs integrated with any signature technology absolutely we have done integrations with DocuSign as well as we have looked see echosign done some immigration with echosign as well so in some cases there's need for direct integration to automatically kick it into the signature process and in some cases the integration has not taken quite that far because most a signature tools simply need placeholders in the document for where the signatures need to go so that when you upload the document into the process they're ready to go and that's very easy to build into your hot box template so even without any direct integration you could just simply have the template have the appropriate place holders so that when a document is created you drop it into the docusign process and it's ready to go so so we have done direct integration but it also can be done pretty easily just by making sure the right place holders for your e-signature process or in your output documents so that when they use them in the e-signature process they work ok and another one here so what systems is hot docs integrate with some examples are a FF or a PDF it Sarah so if we do not have off-the-shelf integrations with you know loan origination systems or things like that where we have a very direct integration with those systems however hot docs has an architecture built to integrate with any system basically with a database storage behind it so there's a very easy way to go query data out of a system and pull it into that products interview like you saw me do in the demonstration today so basically anything that has either an API that will allow their data to be accessible or maybe a sequel or an Oracle database or some other type of database sitting behind it then it would be very very feasible to pull that data into a hot box interview process okay make that a little more generic way than trying to list all of the ones that we've integrated with in the past yeah okay okay this one's um what more specific here so have you ever worked with an automotive lender to implement Hot Docs if you have can you describe which documents went through the hot dogs and how you handle lean perfection requirements for electronic chattel paper so we have worked with a few automotive lenders I personally have not worked with them directly as far as lean perfection and electronic shadow requirements you know there those are specific back up a second Hot Docs is a document assembly process so as far as meeting specific requirements about how the document should be formatted is easy and just matter of formatting your documents to meet those specific requirements as far as electronic filing or something like that sending the data the data that is provided in hot box comes out and can be saved in an answer file format which is an XML format which could be used as a as a feed into another process for you know II filing or something like that as well I have not specifically worked with that automotive vendor myself but what we could do if you want to follow up the numbers are on the screen there we'd be happy to follow up and have a separate conversation about that the further answer your question we we have worked with that system okay another question here um so aside from lending there are other areas within a bank that would benefit from document a
sembly are there other areas in the bank yeah in anywhere where there's repetitive document creation so lending is obviously a very prevalent one within a bank but even internal documentation processes things with sourcing or human resources and our client onboarding what you know maybe it's not lending but it's you know savings and other areas where you've got to gather information from a client before you create their accounts this in a bank anywhere where you're doing either a questionnaire process to gather information or a documentation process for creating output documents it's very repetitive you could utilize the hotbox interview with document assembly process okay great looks like that was the last question came through okay well I guess that wraps things up now so thank you everybody for taking time to join us today and that we hope this was informative and help answer any questions that you may have had about document automation technology and what it can do in a lending process and as I mentioned we'll get this recording up our website shortly so if you have other people you'd like to share this with we'll have that available soon so if you do have questions feel free to send us an email or call us those numbers listed on the screen there it would be happy to give you a more personalized demo or talk to you about your situation and see what we can do to to help us for your needs so thank you again for your time today and I hope you all but great rest of the day thank you and thank you mark my pleasure
