A big problem for many lenders is figuring out how to store their documents. It’s hard to keep track of everything when files are scattered across different computers, email accounts, and cloud storage services. When someone needs something from another employee, it takes a while to retrieve it because the file can be anywhere. This leads to lost productivity and wasted time.
Document management is a system that helps document-heavy businesses, such as mortgage companies, by providing them with centralized document storage. Document management systems make document retrieval and document security much easier to manage and allow instant access to documents from any location.
How do document management systems work?
Documents are uploaded into the document management database where they’re accessed through document indexing and document retrieval.
A document management system will not only organize information from these documents, but it’ll also make it accessible in a secure environment from anywhere with an internet connection—regardless of who’s on the other end or what operating system they’re using.
Document management is essential to the mortgage industry for the following reasons:
Centralized access and faster document retrieval.
Mortgage document management software allows lenders to centralize all their documents, including loan applications, into one database which can then be accessed by text search or advanced filters. This means that they’ll have instant access to any document in case it becomes necessary during a follow-up audit review or at any stage of a mortgage application.
Team members can find any document by just typing in a few terms, allowing them to find and retrieve documents in seconds instead of minutes. This is a huge timesaver for any mortgage company that spends all day reviewing, signing, or mailing document packages. It also eliminates the risk that someone will go outside the organization to get access to confidential information.
Audit trails and easy record-keeping.
The mortgage industry has very specific regulations about keeping accurate records. This even extends to advertising materials such as brochures, business cards, and social media.
Document management systems make it easy for mortgage companies to comply with these regulations by ensuring that document sharing is auditable. This means that anyone can see who had accessed and modified the document, when they did it, and what changes were made.
Document security.
Since lenders handle very private and personal information for borrowers, it’s imperative to have good document security. With document management, documents are encrypted and password protected.
This ensures that all document access is strictly controlled. Only the authorized people will be able to see or edit anything in the system. And for companies using a hosted document management service (as opposed to an on-premise solution), the data will permanently reside in the cloud.
Faster application and approval process.
Document management software can speed up the document-intensive application and approval process dramatically. Documents stored in document packages can be assigned to specific people for review, signing, or mailing tasks, so the most qualified person always handles them.
Mortgage companies will get a more organized workflow that ensures each document package is handled according to its priority level. This type of system also means that no steps will be overlooked because of human error. Optimizing workflows and making the mortgage loan process faster reduces the cost of closing loans.
Use AI to supercharge document management.
Mortgage companies that invest in document management software with artificial intelligence (AI) capabilities will see a significant reduction in the time for document retrieval and improved accuracy of documents found when searching through their database.
This is because AI-powered software utilizes pattern recognition to identify similar features between mortgage documents. AI software tools make customer data, forms, and mortgage lending paperwork instantly available via a mobile-friendly chatbot.
What does Capacity do?
Capacity is an AI-powered support automation platform for the mortgage industry. It connects users with loan origination documents and answers questions from customers visiting the lender’s website.
Capacity not only mines documents. It also uses Intelligent Document Processing to gather organizational knowledge and automates the complex mortgage process of extracting data from docs.
It creates a central location for storing files, so everyone has access no matter what device they use or where they are in the world. Every document uploaded into Capacity will always be accessible even if people lose their local copy or accidentally delete it from their computer.
Capacity can instantly scan paper forms into digital files, organize them automatically using AI algorithms, and then share those files securely with anyone who needs to see them. With our simple user interface, even non-technical users will love how we help make their lives easier by automating all these processes for them.
How are mortgage lenders using Capacity?
Mortgage companies use Capacity to integrate with key systems like Ellie Mae, Encompass, and AllRegs throughout the entire loan life cycle. Clients benefit from a superior user experience with 24/7 support.
To save mortgage companies from drowning in paperwork, we’ve created mortgage document management software that can be used by a one-person shop, as well as large firms with hundreds or thousands of employees. This is a revolution in how lenders manage their documents and will save them thousands of hours each year.