These days, documents are more important than ever, even though they may not be on paper anymore. Electronic mortgage initiatives, digital signatures and imaging have made storing and retrieving documents from loan files more efficient than in the past. But no matter what format a document is in, when you need a document, you need to know that you can get your hands on it quickly and efficiently.
But you also need to know that your documents and the personal financial information about your customers that is on those forms remains secure. Barely a day goes by when some company or institution doesn't find itself in hot water because personal information was compromised, lost or stolen. It leads to the kind of nightmare headlines that every company wants to avoid.
Security and reliability are key attributes that loan servicers are looking for when they choose document vendors. But those aren't the only criteria on the radar screen. They also want the flexibility to be able to change documents rapidly as underwriting and compliance requirements change. And with all the turmoil in the subprime sector of the mortgage market these days, those changes are being made frequently by the investors that ultimately control the rules for approving mortgage loans.
Technology has made it easier to create, update, store and distribute documents, while at the same time requiring lenders and their document service providers to revisit security standards. In the long run, all the changes in the mortgage lending and servicing processes that are happening today will make the industry more efficient and productive. But it also requires lenders to embrace change. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com