The benefits to adopting a paperless process, especially if you are a title insurance professional, are abundant. Some of those benefits include improved workflow, money savings, cost reductions and improved service levels, just to name a few. Efficiency measures include e-recording preparedness, cost supply reductions, increased employee efficiency, elimination of lost or missing files, auditing in real-time, and reduction of risk and fraud.
When deciding to implement an electronic file process and become a paperless company, we at Axis advise the following tips:
- Education: The borrower should have the proper knowledge and education regarding the submission of information electronically required in order to process the loan. This includes such items as paystubs, tax returns and the like.
- Comprehensive Production Platform: Installation of a system that can store and allow for transmission of documents and items electronically is of upmost importance. Consult Axis for assistance on new product implementation as well as software migration.
- Strategic Vendor Partners: In order to achieve a successful paperless system, it is imperative that one partner with a professional e-closing or e-signing vendor.
- SMART DOC: It is necessary to verify that whichever document provider one selects, that provider supports specifications involving SMART DOCs.
- Lender Systems Integration: For seamless exchange of confidential data, consider integrating your system with lender clients so as to electronically deliver loan data, documents, and closing information.
- Automatic Printing: When creating a paperless system, one should consider setting it up to allow for documents to automatically print to a paperless system to help create a more streamlined process.
- Dual Monitors: From a hardware standpoint, utilizing a system that includes the use of dual monitors is more practical. This not only creates a larger field of view, but also allows the user to review multiple documents at the same time creating a more efficient system.
While the above are just some of the items that should be taken into consideration when deciding to go paperless, there are several other benefits to effectuating an electronic file process as a title professional. This includes the implementation of procedures in order to comply with Best Practice pillars set forth by the American Land Title Association (ALTA).
At Axis, we appreciate that certain business applications are necessary to be supported and maintained. Outsourcing an organization’s Enterprise Application Maintenance Services to Axis can be the most efficient use of a company’s resources. Outsourcing this service to our highly trained and skilled staff of software maintenance experts allows not only for cost savings to your company, but also product enhancement by way of legacy application maintenance. We can also assist in the development of an information security program to protect non-public personal customer information in order to comply with Federal and State consumer protection statutes, as well as ALTA Best Practices.
For more information about Axis’ menu of services, call us today at 888.491.2636. We can also be reached via email at info@axistechnical.com.