The mortgage process is often time-consuming and frustrating for all parties involved. The lending institution's staff is bogged down by paperwork, the lender is biting their nails and wondering what's taking so long, and the real estate professional is unable to provide a solution for anyone in the process.
Too often, mortgage origination processes go something like this:
The end is nearly in sight, and then someone discovers a missed step in the process.
A document hiding somewhere in a decades-old paper-based filing system is creating a bottleneck and holding up the entire process.
One document awaits a signature from a person who is, unfortunately, out of town.
Improved Lending Processes With Workflow Optimization
With digital solutions at hand to solve most process-driven bottlenecks, many financial institutions are taking proactive steps to bring about change. With the average mortgage process time at nearly 49 days, both lenders and borrowers are more than ready for a change.
Paperless workflows provide the long-awaited solutions desired by everyone involved in the lending process. Here are some of the value-added benefits financial institutions and their customers can expect from today's workflow optimization solutions:
- Improved processes— Workflows that progress automatically and in the correct order naturally eliminate slow-downs caused when a step is overlooked.
- Document capture— Improve accessibility to key documents, making them easier to use throughout the entire process.
- Eform solutions— When lending institutions convert from paper-based forms to eforms, the whole process can be transformed. Forms can be automatically routed to document management systems, with critical personnel notified as soon as the information is ready. No more waiting for signatures and approvals on paper documents.
If you're ready to transform your financial institution's workflows, get in touch with us at Century Business Technologies to learn more today!
