The mortgage industry has undergone a major shift over the last decade. Regulations on document production and organization have never been so strict. The intense dissection of records management, including filing, storage, and overall accuracy, has created the need for exhaustive focus on manual data input, file conversion, and security.
While many mortgage servicing firms are up for the challenge, this high level of manual input requires an excessive amount of time. Any business manager knows that time is money, especially when you work in the financial sector. Fortunately, there are ways to minimize stressful labor on tedious tasks and maximize output.
At DRS Imaging, we specialize in ECM (enterprise content management) systems, records management, electronic document conversion, cloud storage, and other collaborative software relevant to a financial institution. We work closely with mortgage servicing professionals to better organize escrow accounts, streamline mortgage payments accounts, and more.
Throughout this article, we’ll examine current problems experienced by loan servicers, and offer suggestions on ways to minimize the stress of an ever-digitized world. Here are 4 helpful tips to cut costs and systemize your records management system.
1. Reduce Human Error with Automation
One of the major problems faced by mortgage servicing companies is the ongoing potential for human error. With mountains of paperwork being filed daily, the chance of something slipping through the cracks is high. One way to reduce the risk for error is by investing in document management software and automation.
Automation sounds daunting, but there’s a reason so many American companies are now choosing to automate their services. Automation has been around for a long time in the financial sector in the form of ATMs and online banking. For mortgage lenders, automation can do more than minimize front of house and customer interaction – it promotes efficiency and accuracy of document creation, formatting, and storage.
Look at mortgage applications, for example. A single application combines roughly 150 different pages of information. Trying to stuff that much paper into file cabinets on a regular basis would require an ongoing supply of storage space. This has sparked the need for data input. Data input raises concern in terms of the potential for error. Unlike some industries, where a simple error requires a dab of whiteout and a slap on the wrist – something small, like missing a decimal point could cost a mortgage servicing firm thousands of dollars.
At DRS Imagine we help mortgage companies avoid the data input inconsistencies by analyzing, converting, and digitizing title documents and mortgage data. Our Mercury document management software helps with everything from workflow to approval and payroll processing.
2. Outsource for Greater Optimization
Outsourcing is a smart option for companies who require a service for which they have no internal solution. A Mortgage servicing company focuses on all the goings-on between borrower and lender, juggling a myriad of advanced finance-related tasks and an unending stream of paperwork. Most loan servicers don’t employ in-house software developers to manage electronic documents. That’s where companies like DRS Imaging fit into things.
Outsourcing your records to a document management solutions company ensures that loan payments, applications, escrow accounts, and everything in between are digitally processed and secured in cloud storage. DRS Imaging is SOC 2 and HIPAA compliant and provides customizable coverage for your individual needs.
When businesses hear, “outsourcing”, they immediately picture a call center on the outskirts of another country. This isn’t the case with DRS Imaging. An American company, our outsourcing initiative will supplement your office with additional staff, trained in the art of automation and digital storage. These employees would be available to you on-site, providing access to technology and equipment which would effectively cut costs and time spent on mundane paperwork.
3. Partner With A One-Stop-Shop Solution Provider Security and Data Protection Services
Mortgage servicing firms can’t pick and choose which industry standards they adhere to. Managing the financial information of clients is a big responsibility, one which is supervised by SEC audits brokerage organizations regularly. When compliance becomes a problem, financial businesses risk fines and other methods of penalization. This puts unnecessary risk on employees and clients alike.
Therefore, it’s vital that documents are managed and stored using approved and secure methods. That is why DRS Imaging uses SEC sanctioned file formats for your financial documents and data.. We also employ the use of audit resistant archives. The outcome is a reliable, streamlined effect that automates the document storage process and keeps information securely behind impenetrable firewalls.
4. Decrease Storage Discrepancies with a Cloud
No digitized data project would be complete without an electronic storage system. The DRS cloud takes scanned and converted files and secures them with document management software. After our optical character recognition technology extracts all required text from your documents, we make it accessible through a powerful cloud storage system. This data is available 24/7 from anywhere you can access the internet.
One of the benefits of the DRS storage system is its ability to integrate and work closely with your current document management system. The importance of the cloud rests in its ability to reduce physical clutter, waste, and lost time. Organizing and searching for paper documents in file cabinets is a thing of the past. With the DRS cloud, mortgage lenders can find any information at the touch of a button.
At DRS, we understand better than most the importance of immediately accessing client files during a financial interaction. Whether calculating principal and interest for a loan, observing escrow accounts, or determining required loan payments, you can rest assured that all client data remains available.
The DRS Advantage
DRS Imaging has extensive experience working with mortgage servicers. Our team of experienced data management experts is skilled in a variety of finance-related fields, and we understand the current regulations and policies inflicted by the SEC and other organizations.
To learn more about DRS Imaging and our unique OCR (optical character recognition) technology contact us today. Our state-of-the-art enterprise content management solutions are customizable, and industry regulated. Click here to learn more about our current mortgage service options.