How can you integrate Document Collection Software in your Mortgage and lending processes to enhance workflows?

The document collection process for your mortgage business can be daunting and time-consuming. According to the Federal Reserve Bank, the mortgage industry is valued at $4.51 trillion as of 2021. Keeping up with the number of documents and the number of clients can turn out to be a hassle. That is when you turn to document collection software to make things hassle-free, convenient, and much more organized. Keep reading to learn how document management software can improve productivity, save valuable resources, and enhance workflows in your organization.

What is a Document Collection Software?

Firstly, what exactly is document collection software? The software acts as an online portal where applicants can easily upload their documents online instead of having to physically submit their applications. A study by Gartner has concluded that up to 47% of employees can't find the right information due to document mismanagement. A robust document collection software helps you find the right document at the right time, and the process can be completed in just a few clicks.

It is a great time saver, making client onboarding smoother and faster. The software makes sure you are never missing out on important documents and have everything you need in time. Document collection software streamlines operations and makes your work easier by automating the whole process of collecting numerous documents from your clients.

How can Document Collection Software help your Mortgage Business?

Gone are the days when one uses a traditional document collection method, which can lead to delays, inefficiencies, and potential risks. Document Collection Software satisfies both the client and the company, as the customer experiences a hassle-free process, which results in customer satisfaction. The documents can be collected within seconds, thus enabling financial institutions to better and faster decision making to close loans. Statistics suggest that you can effectively improve the process by 80% with Document Collection Software.

Mortgage businesses usually deal with the collection of highly sensitive and personal documents of the client; like credit history, tax returns, bank statements, and other personal information. You can effortlessly improve the process by swiftly collecting these documents accelerating the onboarding process and boosting application approval rates. Streamline your Document Collection process with user friendly software, that complies with data security and regulatory standards. The software allows you to have full control on the process so you can dodge any inefficiencies and delays that might come your way.

By using a software and making the process much easier and more efficient, you have more time to bring in new clients, driving growth within the organization. Moreover, with an approachable document collection process, the clients will feel confident in this stressful process.

Other Uses of Document Collection Software

Research suggests that document challenges account for approximately 21.3% of productivity loss at the workplace. Document collection may seem like a simple task, but as your clients increase, the time and effort spent on collecting, storing, and managing these documents can be much more than you think. Relying on email to receive documents can be an extremely risky process, while also making it difficult to collect and store the documents. With document collection software, you can customize the process, keeping it simple, fast, and clutter-free to optimize workflows. Document collection software can help you track your documents in an organized manner and process bulk applications at once. You can automatically reduce application processing time while storing all sensitive information safely and securely.

Conclusion

In summary, document collection software can help you save time, reduce administration costs, and reduce workload while enabling you to deliver high-quality customer service. You no longer need to chase customers for documents, making it easier to do business. On average, you can save up to 35% of your business costs simply by using document management software for your business. By investing in a document collection software solution, you can effectively communicate with your customers and get started with the application process as smoothly as possible.

Looking for reliable and secure Document Collection Software? Reach out to us at DocsNow to book a demo call and elevate your business operations.