Every business is trying to cut down on paperwork by going electronic, imaging and digitizing documents that used to be shipped around in manila file folders.
But if your office is like mine, it's still a lot messier than it should be. Imaging and going electronic are only going to clean up the mortgage servicing business if things are done right. We're a long way from getting rid of all the paper, but the strides the industry has made in recent years are impressive. Going with electronic images and digitized documents has speeded communication among loan-servicing parties, eased document custody costs, and cut down on the problem of missing or "trailing" documents.
The key is to implement imaging and electronic document processes in a way that is cost-effective and creative, anticipating where physical paper can be eliminated and where companies can benefit the most from getting rid of the file cabinets.
There is a lot of momentum in the business of going electronic. Companies such as U.S. Recordings have made strides in cutting down the time and expense associated with filing land records and releasing liens by using exchanging imaged documents with county recording offices across the country. And Visionet Systems recently reached a milestone of indexing 10 million mortgage documents a month, a feat that speaks toward the entire lending industry's transformation of business practices to focus on electronic commerce.
Obviously, the industry still has a long ways to go. I've visited enough mortgage companies over the years to know I'm not the only one who still has a pile of papers sprawled around my office. But more and more companies are finding ways to keep the paper contained, cleaning up not only desks but also business processes for their employees. And the cleaner and more efficient a company's workflow can become, the better they can maximize profits by reducing expenses and seizing on new opportunities to generate revenue. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/