Mann Mortgage processes loans at three locations, but retains all associated documents at its central office. Each center receives up to 20 files a day consisting of over 300 pages each. Every file must be sent to the home office for filing and processing.
Before adopting digital document processing, stark workflow and cost inefficiencies existed. Specifically:
- Mann Mortgage could only keep a year’s worth of paper files on the premises
- Additional paperwork needed to be stored in offsite storage units, and finding a file in the paper stack took close to an hour
- Mailing loans from satellite offices to the central office inflated time and incurred significant expenses
That’s a lot of time and money spent handling paper documents. In fact, four full-time employees were needed to file and ship documents.
A Solution Is Formed
To speed up audit time and achieve faster document to delivery, Mann Mortgage made file pull speed a priority. The business also strived for a paperless office to offset precious free space for continued growth, as well as dramatically lower document processing costs.Mann Mortgage worked with their local Authorized DocuWare Partner to implement an electronic document management system spanning the entire company. Today, after a loan closes:
- Customized software automatically prints a cover sheet including the client’s loan ID number and loan length
- The file is automatically scanned and indexed using information recognition technology
- Pertinent information is automatically populated, tapping an integrated SQL database with mortgage information
Importantly, all Mann Mortgage employees that work with loan documents have remote access to the files, now stored entirely online. A software client is used to view, compare and edit the files. The company is currently in the process of adding legacy, paper files.
Benefits Of Electronic Document Management
By taking its documents digital and creating process automation, Mann Mortgage made significant improvements to workflow, efficiency and the financial health of the business.
Benefits were quickly realized in several areas of the business, but in particular for:
- Users: Processing center workers now take advantage of a smart system that streamlines key job functions and makes access to important information simpler. The result is more satisfied and productive employees.
- Departments: Better workflow and information access helps customer service and relationship management specialists provide clients and partners helpful information in a timelier manner, improving business-client relationships and boosting the company’s reputation.
- Corporate: As anticipated, a paperless office and automatic processes reduced costs and improved productivity. Ultimately, processing and storing paper files had cost Mann over $60,000 per year. By adopting electronic document management, these costs were eliminated entirely and the time required to pull files decreased by 97 percent.
As for the four employees needed to handle paper documents? Today, only a single specialist is required to maintain the digital filing and delivery system Mann Mortgage put in place while the remainder focus on processing applications.
Electronic document management helped Mann Mortgage streamline operations and increase profits. If you’re wondering how a digital approach to content management might help your business, reach out to a skilled software provider capable of assessing your needs and making the right recommendations.
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