FAQ
Q. What will BlueSky do for your community bank?
A. BlueSky is a valuable way to increase commercial loan efficiencies, through increased transparency, security, screening, time savings, work production levels (high and low), efficient record keeping, and elimination of redundancy.
Q. Why is your community bank looking specifically at BlueSky?
A. BlueSky may be the only commercial cloud-based platform with built-in flexibility, using the most advanced technology to bring efficiencies to the commercial lending industry. Most products are consumer based and processes are manipulated or forced to work in the commercial arena, resulting in less than optimal or poor performance.
Q. What are the community banks using today?
A. The origination, underwriting, processing and closing process for Community Banks is generally manual.
Q. What is the expectation of the product and how will our community bank use it?
A. Your Community Bank can use BlueSky to input and track individual loan requests; loan managers can use BlueSky to follow the process, approve applications and borrower credit and control accessibility to the process; Credit administration can use BlueSky to monitor the underwriting process; and loan assistants use BlueSky to expedite the ordering of all 3rd party services (e.g. credit reports, environmental reports, surveys, title information, etc.).
Q. Objectives your bank is attempting to achieve?
A. Your Community Bank will be able to better monitor its commercial real estate loan process, reduce human error and redundancy, reduce the time required to process and close, and provide better efficiency of both lenders and support functions, including inputting information only once, instead of the multiple times current processes require.
Q. Will this software replace any existing software (ARTA/Rembrandt)?
A. BlueSky is not loan documentation software. It is a cloud based product that will assist in tracking commercial real estate loan processes, using technology to obtain, approve, calculate, track, and audit processes that are currently performed manually, thus reducing human and physical resource requirements in the commercial loan process. BlueSky also interfaces into the loan review process.
Q. Will customer information be stored at Commflo or accessed by Commflo?
A. Customer information and all data are stored with AmazonEC2, a SAS70 and Sarbanes-Oxley compliant facility.
Q. Does it interface with 3rd party vendors?
A. Yes, with the click of the mouse instead of inputting the information again and again for each vendor request.
Q. Is it also a document management system or will this replace Director for these specific documents?
A. BlueSky is not a replacement of “Director” but is a way to better manage data during the application and underwriting stages before it goes into “Director”.
Q. Will there be specifications that will need to be managed?
A. No, other than the requirement to be able to log into the work flow solution. There are no customization requirements, unless your Community Bank requests some product enhancement for its specific needs or wants.