3 Vital Mortgage Changes that Can Impact Your Company’s Loan Processing Capacity
by Annemaria Duran[salesforce form=”4″]Mortgage companies are one type of business who go through a tedious amount of paperwork, files, documents, etc. Here are 3 simple strategies for reducing the amount of paper mortgage companies have to deal with, thereby saving time, storage space, and money for a more efficient and profitable business.
Go Paperless Through an Electronic Document Management System:
A great way to make your business smarter is to use an electronic document management system. By transitioning from paper documents and metal filing cabinets to an electronic document management system, mortgage companies save, on average, 10% of their operational costs per year. Individual employees save an average of 2 hours per week in document retrieval, that doesn’t include the time saved in processing and responding to requests from clients and underwriters. Additionally, electronic documents contain up to 30% fewer mistakes than manually entered paper documents. Electronic document management allows for easier, faster entry, alleviates the expenses of sending auditors on the road to audit locations, and increases regulatory compliance and transparency. Processors quickly view, sort and stack loan documents for review. Loan officers can capture and label documents in real time and loss of documents is drastically reduced. (Studies show that 25% of lost documents are never found).
Particularly on an individual basis, an electronic system will increase loan officers ability to input a greater number of loans. Processors will be able to focus on processing and stay on top of underwriting requests more easily and accurately. Through an electronic document system, mortgage offices and companies can increase production and revenue generated by loans, as well as employee satisfaction from increased commissions.
Use a Secure Portal for Sharing and Collaboration
A secure portal can help your loan officers, management, underwriters, auditors and clients, by providing a secure file sharing portal. Through this portal, employees, underwriters, service providers and loan officers can collaborate and share documents easily, securely, and instantly. Time can be greatly saved as mortgage officers can request documents customers to immediately upload files to the secure portal. Furthermore, disclosures can be shared with customers for speedier signing and receipt. Instead of physically stacking a loan file, loans can be electronically sent to underwriters for approval. This increases customer satisfaction, compliance capabilities, and increases transparency and communication between loan officers, customers, underwriters, and service providers.
Note: a good portal will not automatically share all documents with all parties, but will allow for appropriate selection of the documents to be shared.
Give your Sales Organization Mobile Access
Mobile access can help increase effectiveness as your mortgage officers are able to view, share, and respond to requests on their tablet or smart phone. This increases their effectiveness and alleviates tasks piling up while your service team is out of the office. Many on-the-go sales people would rather spend a few seconds responding to a request than take the time to record a reminder for their return to the office, and then spend time in the office completing their tasks. This can cut not only the response time by over 60%, but also reduce the time spent actually responding by more than 50%.
About eFileCabinet: As an innovator in document management, eFileCabinet has won numerous awards including Utah’s Sustainable Business Award, CPA Practice Advisor Reader’s Choice awards, 2012 to 2015, and many more. eFileCabinet continues to innovate the document management space creating functions that save business time and money and increase effectiveness. To find out more about eFileCabinet, please fill out the form on this page.