Improved electronic document management can help mortgage originators manage expenses and boost productivity at a time when profits per loan are at a record low. It can also produce a side benefit: fewer annoyed customers.
Often, the information on a loan application fails to make it through the chain to the various parts of the origination process. The data entered into the point-of-sale system, the first point of interface between a consumer and an originator, is not effectively transferred to the underwriting system, and so forth. The results are costly for the lender—and frustrating for the borrower.