Mortgage companies are required to keep all records of their client’s real estate transactions on record for a minimum of three years.
This means a lot of paperwork and a lot of space, and while that may seem reason enough to go digital with your documents, there are additional reasons that are even more industry-specific.
1) Credit and collections activities are expedited resulting in improved cash flow and problem resolution.
2) In the event of a catastrophic loss, the entire portfolio can be restored because the system is completely backed up and recoverable.
3) The dreaded file room has been eliminated. Once the documents are scanned they are sent off site and never handled again.
4) Labor, real estate and supplies costs associated with traditional filing systems are virtually eliminated.
Of course, less paper and less hassle also means more space, comfort, and ease of work for people, not to mention the benefits to the environment.
At some point, one realizes the questions isn’t so much “why go paperless”, so much as “why haven’t we gone paperless?”
