Taming the Paper Monster.
The file for a single mortgage can average 300 pages and can easily be 2 inches thick. That’s one mortgage.
APPLICATION. Mortgage closing documents
CLIENT SINCE. November, 2010
LOCATIONS. 5 in the southeast
Scanning, Online Document Storage
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.
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.
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