Whether you’re processing a home mortgage, personal loan or financing a new car, the loan documentation process can take up a lot of your time. Tracking all the documents, helping clients understand them, and reminding them to get things signed and sent—it’s a big undertaking for both you and your clients. And if a document falls through the cracks, it can send the whole thing off the rails.
Of course, your document workflow solution helps manage the flow of documents. Though it establishes the paper path from approval to funding, for the most part it leaves communicating with the client up to you. With the average mortgage application file pushing 500 pages, that’s a lot of communicating.
Along the way, emails get missed, phone calls get ignored, and voicemails languish unheard. That means client managers have to personally get involved in tracking down documentation and pestering clients to send information, burning up valuable time.