Docufree Launches Latest Enterprise Digital Mailroom Solution – Learn More
Docufree Launches Latest Enterprise Digital Mailroom Solution – Learn More
“Docufree does everything they say they are going to do. They stay in touch and make themselves available to answer questions. They deliver on time. What more can you ask for?”
– Stuart Ehrlich VP, General Manager
INDUSTRY. Financial
APPLICATION. Mortgage closing documents
CLIENT SINCE. November, 2010
LOCATION. 5 in the southeast
DOCUFREE SERVICES.
Scanning, Online Document Storage
Paper-intensive.
A good description for the mortgage industry. The file for a single mortgage can average 300 pages and can easily be 2 inches thick. That’s one mortgage. Because most of the documents are of mixed size, including legal paper, they have to be placed lengthwise in a file box. One box can only hold 6 or 7 at best.
At the same time, the Atlanta hub of CBC National Bank’s mortgage division processes hundreds of mortgages a month.
So, you can understand the temptation. A rapidly growing pile of file boxes needing a home. A desire to keep costs low. An empty office…
An immediate solution just offering itself up, right?
Perhaps. Until you start eyeing new space to rent because you have no more empty offices — on this floor, the other floors or even your other building. The volume of paper produced at this rate was extraordinary.
Plus, the stored documents had to be accessed occasionally. To CBC’s credit, all the stored files were alphabetized for future access. That helped. Trouble was, each office of files ended up being alphabetized individually. That meant also knowing which office the file originated in, hoping the last person replaced it correctly and, well, you get the picture.
So, is the Johnson mortgage in this room or the one down the hall? No, I thought it was in the office on the first floor? Not the easiest system for finding information and not a scalable solution even if it was a good one at the time. In these situations, the savings from using empty offices becomes offset by the impact on productivity – a problem in a fast-moving service industry like mortgage banking.
As General Manager, Stuart Ehrlich, wanted a better system in place and started considering other solutions such as off-site data storage. Then, a trusted equipment vendor suggested Docufree could offer high quality scanning at a reasonable price.
After a notable first meeting and tour of the facility, Stuart decided to give Docufree a try with an initial project of 100 boxes. “Docufree’s conversion center was impressive. The space is secure and the staff professional so I did not have to be concerned about my documents. They are the experts at handling important papers and they know what they are doing.”
According to Docufree’s Kay Lucas, “We are careful with everyone’s files but Stu even came out to help us load the first project on the truck. You know he wanted us to understand the importance. We did and we always do. At every stage of the process.”
Docufree picked up the boxes, managed the project right away and had the searchable PDF’s back to CBC National Bank in a couple of weeks.
“I was happy to discover I could go online and review my files even as the project was underway.” Stuart needed some information in the files send to docufree so he humbed online. “This was before Docurree had a chance to train our team.
Docufree Online
For CBC National Bank, mortgage documents are king. Not having access to a document when responding to an investor or the mortgage insurance company is not an option.
Docufree’s advanced processes allow customers to access their information even while the project is under way.
This means a company can remain responsible while also getting to see how the scanning data will be formatted.
But the system is so intuitive and easy that I was able to navigate it and get to my desired information without the training.”
After the files were delivered, “There was an immediate effect on the post-closing side of our business. That team is very pleased to know have such easy access to their mortgage file information. They can respond quickly to request and the team can maintain their high levels of service.”
Stuart notes the CBC National Bank mission statement references providing “Extraordinary customer service” as well as “the latest technological conveniences” to provide customers with a full range of high quality products and services “Docufree mirrors our organization’s direction and that is helpful in a partner. I feel they understand that we have to mitigate and manage risk effectively –for our customers and our investors.”
Docufree offers an easy yet detailed Comparative Return on investment (ROI) analysis so you can see exactly how much other solutions could cost you. Plus, the quantitative analysis makes a clear business case for why your company should use docufree services-scanning, online storage or their comprehensive business process support service.
“We are the world of paper.” CBCmaintains a complete file on eachmortgage. Every piece of paper relatedto that mortgage is included creating adocument history. The file holds allfinancial documents and all disclosuresincluding registration of the loan, allinformation used to make the riskdecision as well as any signed documents and a recording of the deed andits assignments. Each type of loan hasdifferent requirements and differentdisclosures so the processes and thepaperwork are not the same. Since therequirements are driven by theinvestors who buy the loans, it is criticalCBC can justify decisions and substantiate processes even after the mortgagehas long been signed and closed.
CBC stores this data in a four-part classification folder with hard bound sides. By law, certain documents must be maintained for longer periods of time than others. CBC finds it easier and safer to keep all information together for the maximum required time for any one document.
At the rate CBC produces mortgages, that is a lot of paper. “Until we can fully transition to a paperless environment, we have to keep the paper monster under control,” says Stuart.
Docufree scans nearly 100 boxes a month for CBC National Bank. “I can send boxes to Docufree as it fits our needs. That helps me manage our cash flow and it lets me minimize the risk of having all our documents out of the office at the same time.”
With the previous office-as-storage approach, retrieving a paper file could take one minute or it could take 15minutes – depending on where it was. A misplaced file could potentially mean a great deal of searching. Docufree provides a searchable PDF as well as the ability to search the scanned files online. CBC staff can search by criteria they specified whether by loan number, name, address, date – or whatever is most helpful.
“We already maintain our information on multiple servers to keep it safe so we can appreciate the fact that Docufree does the same thing. Even if we lost all our information in a disaster, we could still turn to Docufree to get it back.”
With several locations in Florida, Georgia and South Carolina, CBC National Bank offers a whole new way of banking, with a full array of personal and business banking services. With the friendly “Feel” or a small-town, CBC National Bank provides the best innovations in banking, including internet banking, credit cards, debit cards, and more.
CBC National Bank offers a variety of options to meet all banking needs, plus the convenience of a comfortable, personal environment. The manner in which CBC National Bank delivers products is as important as the products themselves. CBC National Bank staff consists of experienced banking professionals who are committed to providing extraordinary customer service and CBC National Bank employees are active members of the community.
Docufree provides the most comprehensive suite of document management and business process automation solutions that make paperless possible.
Organizations of all sizes across the country rely of Docufree to help them get rid of boxes, fire their file cabinets, and stop paper at the source of good. With Docufree, our customers have transformed their inefficient paper streams into secure, actionable data streams that integrate with their line-of-business applications resulting in maximized efficiencies, reduced costs and increased overall compliance.
The Bottom Line
The benefits to CBC National Bank from using Docufree are many:
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