Though at first, going completely paperless on mortgages might seem a daunting task, but if implemented in small pieces, it can be a smooth and worthwhile transition.
As online and mobile banking have become more mainstream, the opportunity for banks to embrace digital mortgages has arrived. The benefits are plentiful: less paper, quicker closing times, enhanced digital tracking and easier file storage.
Some of those benefits also include:
Integrity: Because an eDoc is accessible to all service providers in the mortgage chain, changes made to the documents are applied instantly to all areas of the closing documents.
Time: Paperless mortgages enable banks to eliminate much of the manual effort of handling, processing and checking paper documents.
Security: Electronic files can be encrypted for secure transmission and storage, preventing unauthorized access to the data. An electronic “seal” can also limit when, and by whom, changes are made to the loan files.
Cost: Integrating all the documents into one digital platform will reduce the need for the expensive transportation, filing and storage services needed by paper documents. Decreased time in the process means less money spent on each loan.
Additional items that can make the digital process easier to implement are the utilization of e-disclosures, digital storing and filing of loans after closing, barcodes and e-filing.
Documents are typically one of the easiest items to begin using electronically and the savings per loan can help fuel more profits. Moving to a fully digital process is sure to result in increased efficiency, lower costs and improved customer experiences.
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