Customer Success Stories
Sawyer Savings Bank

Customer: Sawyer Savings Bank

Industry: Banking

Business Solution: DocStar Document Management with LoanWorks

Business Challenge: Paper loan files were difficult to process. The lending team spent hours every morning meeting to discuss the open loan pipeline.

Banking Efficiency and Productivity with Automated Loan Processing

Sawyer Savings Bank operates as a three-branch savings institution in the Hudson Valley, NY region. Their total asset size of $188 million places them comfortably in the small to medium size regional bank category. Among other bank services, Sawyer Savings offers consumer, mortgage and business loans.

Initial Problem

Sawyer Savings was processing loans in a paper-based system. Paper loan files were difficult to access as well. And finally, nearly an hour per day every morning was spent by the lending team meeting to discuss the open loan pipeline.

Residential Package Types Consumer Package Types

HELOC – 126 documents
Home Equity – 119 documents
Refinance – 116 documents
Bridge – 119 documents
Land – 115 documents
Construction (Conspec) – 145 documents

ODP (Overdraft Protection) – 16 documents
Personal – 19 documents
Auto – 24 documents
CD-Savings – 14 documents

Efficient Workflow

With the successful implementation of DocStar in the lending division, they have streamlined the loan approval process with electronic acquisition of applicant information and electronic routing of loan packages for approval. Additionally, loan files are readily accessible in seconds now via DocStar. And finally, the real time analytics provided by ReportWorks has eliminated the need to spend time in morning meetings to discuss the loan pipeline.

“The automated loan approval process has made a significant improvement in our lending department’s efficiency and has enabled us to be much more responsive to our customers. Additionally, having our loan files stored in DocStar makes retrieving loan files much quicker now in seconds rather than hours or days, again enabling us to be much more responsive,” says Erica Krom, VP of Lending.

ROI

The migration from paper to electronic loan processing has reduced processing time by nearly 30%.