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In the mortgage industry, you do need some paper documents. There’s no doubt about that. But you can greatly reduce the need for paper documents by more comprehensively organizing mortgage files digitally. By thinking outside the box, you can complete many steps and interactions without using a single piece of paper.


Implementing customized mortgage technology solutions, especially within Ellie Mae’s Encompass, enables you to organize files as you see fit. As a result, you can create a more efficient, smarter, and environmentally friendly workplace.


The Heartbeat of the Paperless Environment: eFolder


The eFolder tool allows users to manage documents by stacking orders and groups. You can:

1. Send documents securely to borrowers and lenders.

2. Send disclosure packages to borrowers.

3. Send closing documents to real estate transaction companies, including documents related to title, escrow, and even legal transactions in some states.

4. Receive documents from the borrower, including a disclosure package or documentation needed to complete the transaction, such as pay stubs, tax returns, and bank statements.


Additionally, the OCR document training tool can be leveraged to populate files that are received into their appropriate containers automatically.


Underwriting condition management also is optimized within the paperless environment. In Ellie’s Mae’s Encompass, an underwriter can create a condition and then add a document holder to the condition. When a user then uploads the appropriate documents, they can be immediately attached to that condition. As a result of this simplified process, all the relevant information is tied together so that no one has to click around to find what they need.


Additional Methods of Organizing Mortgage Technology Files Digitally


Organizing mortgage files digitally with the help of a technology consultant can reduce paper waste.By updating, modernizing, and improving your digital infrastructure and loan origination system, you can:

  • • Combine documents, which allows you to send them to clients or businesses in one file rather than multiple attachments.
  • • Eliminate duplicate documents that you don’t need.
  • • Generally organize your digital folders so that you can find what you want when you need it.
  • • Have a more fluid system for obtaining, processing, and filing closing documents, deeds, bills of sales, loan applications, and more as applicable.


How Organizing Mortgage Files Digitally can Help You Quit Old Habits

  • • Twenty-four trees are cut down to make one ton of paper.
  • • Fifty percent of business waste is composed of paper.
  • • Nationwide, offices use approximately 12 trillion sheets of paper a year.
  • • Approximately 25 percent of landfill waste consists of paper.
  •  

Yet …

  • • Recycling one ton of paper saves 26,000 liters of water, nearly 700 gallons of oil, and 17 trees.
  • • Just one tree produces enough oxygen for three people to breathe.


With today’s technology, you no longer need to press “Control P” at every step. Every time you can refer to digital documents only, you learn to rely on paper less and less. As a result, you can do your part to protect the environment while working smarter. You can also communicate faster, such as by using emails, texts, apps, or even good old phone calls more often.


Learning more efficient processes also allows you to work remotely more often from a variety of locations, which means you are more visible to potential homebuyers.


Of course, if you do work remotely often, you will need to better secure your systems, and that’s something else we can do for you.

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