Why should mortgage approval processes be automated?
Anyone who has applied for a mortgage will know how much paper is involved. Not only is there a loan application form but also a whole raft of other paperwork such as credit reports, appraisals and property surveys. Managing all this paperwork manually is labour intensive, costly and can result in delays in application approvals.
By using electronic document management and workflow, documents can be scanned as soon as they are received or in the case of emails, saved directly into the system without having to print and scan. All documents produced in house using MS Office applications can also be saved directly into the electronic repository.
An EDM system also facilitates the sharing of information, enabling not only different departments within an organisation to view the same application but also different branches of the same company. A client therefore can walk into a local branch of a Building Society with addendum documents which can be scanned, added instantly to the application and made available to those processing the application. This allows transactions to be completed more quickly, saves money and eradicates the issue of lost or misplaced documents.
For further information about electronic document management, workflow or data capture, please click here or call The IPC Group on 08081 45 46 47.