Learn how an emerging best practice for managing mortgage trailing documents is to utilize mailroom/PO box scanning services and workflow automation software.
Join MetaSource on Aug. 17 at the virtual 2020 Mortgage Innovators Conference to learn more about Symmetri and other automated solutions.
In the wake of the COVID-19 shutdown, many businesses in the mortgage industry found themselves having to adjust to a remote workforce model practically overnight. The transition hasn’t always been smooth. But months later, the mortgage industry is seeing some advantages to the new, work-from-home model.
Organizations in the industry are experiencing cost savings, an increase in productivity, and a decrease in employee sick days. For these reasons, it’s likely that remote work is here to stay in the world of lending. One of the only things keeping companies like yours from fully going digital is the mailroom.
How can you transition to a remote workforce if you’re still relying on employees to pick up mail at your office?
You can, however, solve this problem easily. All you need is a digital mailroom solution to transform your organization into a highly efficient remote team.
The Office of The Future Has a Lot Less Paper
The pandemic may have kick-started the transition to a digital workforce, but it has been a long time coming in the mortgage industry. Mortgage professionals have been moving toward automation for years and the mailroom is one of the most beneficial functions to automate.
A digital mailroom eliminates the costly and time-consuming need to distribute mail from a single location to employees, investors, lenders, servicers, and borrowers in multiple locations. Digital mailroom services accelerate mortgage processes by replacing manual mailroom functions with fast, automated ones. As the need for speed continues to rise in the mortgage world, so does the demand for processes less dependent on paper.
How the Digital Mailroom Works
At MetaSource, our digital mailroom services start with the physical receipt or collection of mail that is then sorted, prepped, scanned, extracted, and validated. Next, the mail is moved to an indexed, searchable cloud platform called MetaStor. From there, authorized personnel can access the documents and information they need from wherever they are working.
The Benefits of a Virtual Solution
There are numerous digital mailroom services benefits for lenders, servicers, and investors. Here are just a few:
- Security: A digital mailroom is more secure than physical mailrooms in multiple ways. It minimizes contact with mail that may require professional screening and reduces the possibility of theft and lost mail. A digital solution keeps borrowers’ information safe, allowing remote teams to work from home with ease.
- Efficiency: Digital mailrooms can dramatically shrink the amount of time spent managing physical documents. A digital archive can also integrate content from multiple sources to increase process efficiency with indexed, easily searchable data that’s there when you need it.
- Retention: Critical, physical documents are easily misplaced and are at risk of getting lost in floods, fires, or other natural disasters. In contrast, digital mail is as permanent as you need it to be.
- Cost Savings: Digital mailroom services slash costs by eliminating the need to rent out a large, expensive office. With an already remote-working team, your mailroom is likely the only thing tying you to a physical location. By transitioning to a virtual solution, you can truly go digital. You can complete mortgage processes at home and minimize your office space.
- Productivity on the Go: Once your mail has been scanned into a cloud platform, you can access it from anywhere. And with mobile integration, your geographically dispersed teams can always stay in the loop.
The Right Partner for Going Paperless
The right digital mailroom partner makes all the difference. As someone who works in the mortgage industry, you need a partner who understands not only your mailroom needs but your company’s overall needs.
MetaSource is a leader in both mortgage solutions and digital transformation, making us a great candidate for your digital mailroom provider.
Plus, we can get a virtual mailroom up and running for you in as little as 2-3 days.
Give us a call or click on the link below to learn more.