What You Need to Know About Mortgage Document Management
While there may still be institutions that generate paper files for their mortgage applicants, more and more lenders and their collaborators are digitally organizing their application and loan information.
Whether a lender uses paper, electronic forms, or a hybrid approach of paper and cloud, there are tremendous advantages to utilizing proper mortgage document management. At Floify, our focus is on the accurate collection of the essential information needed to coordinate and better facilitate a speedy mortgage application and approval process.
Putting the “Management” in Mortgage Document Collection
Mortgage document management first requires documents to exchange. Electronic forms may be standardized and may include requests for a variety of supplemental documentation, depending upon what you as a lender require.
A list may include tax forms, pay stubs, lists of assets, and more. It can be easy for this volume of information to get quickly out of hand without a clear system for what goes to whom. This may be especially true if, as is often the case, all the information does not come in at the same time.
All in all, data capture can take up quite a bit of time. Better document management means the relevant information is gathered and organized so that the lending team is free to focus on getting applications approved.
Easy Access To Files With Loan Documentation Software
The information cloud has opened up new ways to organize and manage information. Instead of rifling through stacks of files, a lender need only log onto the web and into a secure account to access the dashboard.
From there the lender can see at a glance the status of an application, any upcoming deadlines, and all relevant communication regarding the loan. Plus, digital organization makes it easy to retrieve pertinent documents in the event of an audit.
Mortgage document management may also include a communication system whereby people are notified of any uncompleted tasks or developments in the application process.
Document management by Floify combines with other mortgage protocols to streamline applications.