Overcoming Common Challenges with Mortgage Document Management
Efficient mortgage document management requires close attention at a number of levels. For example, an important document that is lost or drags behind other documents can slow the whole process down, resulting in longer approval times and frustration all around. The following are some of the major challenges faced by both lenders and borrowers. At Floify, we have solutions.
Accuracy of Information
Precious time can be wasted in collecting the wrong materials. Gathering correct and relevant information is the first step to getting the ball rolling smoothly. Online forms can streamline how information is collected. Standardized information formats can help organize incoming information down the line for easier retrieval.
Organization and Access
Nothing slows down a mortgage application like a misplaced document. Cloud service helps to order digitized files in a way that makes them simple to trace and retrieve. Information may be dated and otherwise identified to enable people who need it to know when it was originated and by whom. Lenders and other involved parties may also know who has worked on the application or file and what changes have been made, if any. Effective mortgage document management entails being able to share information and collaborate with key parties. Clean workflow translates to a more productive lending team and faster application approvals.
In order to properly manage documents, a mortgage document management organization must be able to ensure the safe transfer of information. Although many lenders and borrowers continue to exchange sensitive data through regular email, this method offers no guaranteed encryption and can expose the borrower to identity theft. Our services are accessed online through secure web pages with secure connections. Personal data may be exchanged only between parties with the proper credentials.
If you are interested in optimizing your lending team’s production, find out more about Floify and document management.