For anyone who works in mortgage lending or who has ever purchased or sold a home, then you know the lengthy paper driven process that comes with it. That daunting stack of papers that you need to sign until you can no longer feel your hand, remember that? It’s called the closing process and it can be a very time consuming slow experience. If you have ever thought ''There’s gotta be a better way to do this'' — after all it is 2016, the age of the mobile and paperless technologies — then you are correct! There is a better, more efficient way to streamline your mortgage lending and closing processes.
There are Enterprise Content Management (ECM) solutions that specialize in streamlining processes like mortgage lending and closing processes. An ECM solution will not only shorten the lending cycle, but it will also make your processes more cost effective. This is the direction that most industries are heading, so it’s important to stay competitive.
These solutions enable lenders to capture documents and information electronically, automating the manual, time-consuming processes throughout the entire mortgage process. Instead of having to track down documents, your staff can focus on more value added tasks while increasing and improving customer service.
Here’s how an ECM solution streamlines your mortgage processes:
- Origination - Provides several mechanisms for capturing, indexing and storing literally any type of document format. These solutions verify that documents are complete and automatically route your loan applications and all supporting documents to the underwriter.
- Underwriting - Once in the system, underwriters have immediate access to all loan documents from either home or office. This automates the review and routing of completed loan documents to determine risk and expedite the loan closing process.
- Post Closing and Audit - Workflow capabilities enforce that an institution's procedures and policies are followed every time and ensures that all documents have been prepared completely and accurately so your compliance standards are always met.
- Shipping and Delivery - This simplifies the shipping and delivery process by providing secure, immediate online access to loan documentation for review by potential investors.
- Servicing - Customer service can now provide immediate updates to customers and investors regarding the status of an application or loan portfolio at any point in the loan process.
When people say, “Time is Money” they’re absolutely right. The time you and your staff spend on manual tasks like sorting through papers and files, the more expensive your business process becomes. It should be about efficiency and excellent customer experiences. The faster you’re able to process refinances and modifications, the more time you’ll have to spend on new mortgages bringing you additional revenue.
The center of any good business model is always the customer. Everything you do should have the customer experience in mind. Taking care of them and being able to provide them with the highest level of service and attention should be one of your top goals. Whatever you need to do in order to make customer service and new business opportunities your top priorities, then you should do it.
With an ECM solution, the system automatically checks and verifies that you have all of the information needed to start and finish the process. If you’re missing something, then you will be notified immediately. This is much better than finding out you’re missing a document once you’re far along in the process, right? You can set up workflow timers and reminders to keep your loan approvers on top of every new loan that’s ready to be reviewed, which helps to keep process time quick and costs low, and much more.
So stop spending so much time on processing your loans and start spending more time helping customers and pursuing new business opportunities!
If you have any questions, contact us. We’re here to help.