5 Reasons Lenders Need To Streamline Document Collection

The days of a workplace where rows of employees typing away on typewriters on their tiny desks are a thing of the past. Thankfully the days of documents typed up by hand, delivered to colleagues and clients through the postal system, or delivered by hand are also over. Processing lender documents in the past was a time-consuming process that today, we can not only make more secure but easier. To be at the top of your game, lenders need to streamline document collection both virtually and in person.  

Many lenders are still finding that there is a gap between manual processes and automation. They may have recently adopted some new technology-based methods, like e-signatures, but when it comes to progress, they still have one foot firmly rooted in the past. It’s essential for the success of your business that you embrace new opportunities to not only save time but to be more organized. Here are five reasons your organization should automate document-based processes now.

Buy and Integrate Fewer Products

Combining workflows and other ways to maximize automation can reduce the number of products you need to purchase on the whole for your company. You also don’t have to train your teams to use two different systems. Pick one method that works for you and then maximize its features.

To create efficiency in the processing of documents you can also use apps that work well across many functional teams and that are friendly to the clients that may be signing engaging with them virtually. It might be slightly more expensive for you to purchase software that works for a more significant spectrum of people right now but think about the information clogs that it prevents and you may find in the end, it’s saving you money. A bigger investment now can actually mean huge savings down the road. 

You Don’t Know it, But Documents are Slowing You Down

The lending industry is highly regulated and complex. Mortgage lending services need to manage multiple compliance efforts which take considerable resources. Manual document-based processes are a huge time suck for lenders that are leading these efforts, and they can quickly slow your business down daily. Fully automating these will significantly speed up how fast your organization processes documents and tracks them. Plus help you stay compliant.

Not that long ago e-signatures were cutting edge and made document approval a breeze. The real excitement now lies in the potential of document generation for Lenders.

Lenders should now ask themselves how they can create documents more intelligently, with less human input and in a more streamlined process. This not only helps with compliance but with the overall customer experience. For instance, does a document that needs to be sent to your lawyer for review need to be re-written each time or can we create a process that knows that the right clauses are inserted and it’s ready to go in minutes? It’s a process like this that will make your business a lean, mean document processing machine.

Streamline the Customer Experience

Although you never want to forget the human element of customer service, automation leads to faster,  more cohesive and more consistent customer experiences on a whole.

With documents, you need to do everything in your power to fully automate and optimize them to ensure you deliver the type of experience customers want. Otherwise, you risk losing customers to your competitors’ because your process is seen as an obstacle. If receiving and signing your documents is a bumpy road, you may not have very many customers in the future. Evaluate this process and just how much it is impacting your business on a whole. 

Revenues Grow Faster with Organization

If you can speed up document-based processes, you will quickly find that this efficiency improves other systems throughout your whole organization. Here are a few examples:

Sales – It is estimated that automation can save up to 3 hours per deal. This means you can increase the number of contracts you create and give you more time to focus on selling and customer service.

General Operations – faster on-boarding, lower error rate, better-managed compliance standards, and streamlined operations are all big business builders.

Finance and Legal Departments– automated document generation, free from errors is a huge time saver. Of course, compliance is always a focus, and that will also improve with the right

Human Resources – faster screening/hiring processes, easier on-boarding, happier employees, increased overall business productivity.

Automation can radically transform your business

When tasks are completed more efficiently, people don’t have to wait on others. When they can get on with their workday, this can speed up the progression of the next task in the workflow. When more work is being accomplished, revenues will grow, and employees will feel less bogged down.

So now the only question is, how can you leverage automation and intelligence to improve the way you do things?

Let Us Help You

Cirrus provides our clients with a high-performance software-as-a-service platform that streamlines the collection of commercial loan documentation in an encrypted, cloud-based portal—replacing the clunky collection mechanisms of the past with a sleek, comprehensive system designed for their needs.

We provide our clients with a high-performance software-as-a-service platform that streamlines the collection of commercial loan documentation in an encrypted, cloud-based portal—replacing the clunky collection mechanisms of the past with a sleek, comprehensive system designed for their needs. Built by lenders, the Cirrus platform enhances the efficiency of the loan process with features such as automated checklists, logins for all parties in the loan process, real-time activity logs, and the highest levels of security. For more information contact us today.