Strategies to streamline and digitize your mortgage process and maximize your efficiency in a few easy steps
The Process
As a Mortgage Loan officer, it is well worth both the time and effort to establish an easy to use paper scanning system in order to digitize the financial documents of your clients. Digital mortgages are becoming more common, but the majority of loans are only partly -if at all- digitized. This article will demonstrate the best practices for you when scanning while you are processing anything including W-2s, tax returns, checks, bills, mortgage documents, or bank statements with your client. Scanning is much more flexible and efficient than simply copying documents using a printer or copier. This method enables you and your client to have a digital version of the documents and allows for a faster and more eco-friendly approach. This also allows them to have better access to the documents while enabling the information to immediately be entered into your own company’s document management system.
How It Works
Start off by scanning the documents as soon as your client hands them over to you, or immediately upon receiving their signature on the loan documents. Scanning documents enables you to stay at your desk without needing to leave to go to the MFP or copier, allowing you to continue engaging your client and continue discussing details with them. This process is much faster and stops them from needing to wait for you to stand in front of a copier while copying all of the documents necessary for the transaction. There are multiple small scanners that can be acquired cheaply and that come in small packages that are easy to store on your desk. Any scanner with an automatic document feeder (ADF) that saves the scanned document as PDFs will work. There are also portable USB and bluetooth linked scanners that can be used anywhere you have your laptop. These are especially helpful if you are prone to processing loans from locations other than your office. Even better, there are many applications for your company smartphone that can allow the camera on the device to scan a document and convert it to a PDF.
Once you have completed the paperwork, this enables you to send the client a PDF via email, or give it to them on a USB stick as they leave your office. Another option is to upload their digital documents to a cloud storage platform for them to retrieve at their leisure.
The Benefits
Scanning your loan documents allows for simple and easy digital filing of the documents. This keeps them safe from being misplaced or damaged physically in any way. This workflow can also lead to faster loan processing and easier integration with your loan processing system, while coming off as more advanced and professional in the eyes of your client. Giving your clients a PDF also ensures that they do not lose their copy, and that it is easy for them to access at any time. Scanning instead of printing, and using digital documents in general also reduces costs and is much more eco-friendly!
Don't forget to grab your 2017 NMLS Approved CE on our website: https://goo.gl/NDRnAd. All of our training is for Mortgage Professionals needing Continuing Education. Everything we offer is NMLS Approved and useful for credit hours.
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