As published in Scotsman Guide's Residential Edition, August 2010.
Mortgage brokers face a growing need to capture and organize data in a more efficient manner. Enterprise-content-management systems can help.
These systems centralize document management, workflow management, document imaging and e-mail management. Content-management software can significantly improve a mortgage business's productivity and efficiency.
One of the most-common questions companies ask when they investigate purchasing this kind of system is, "Can we afford the time and money it would take to implement?"
Before answering, consider the benefits. A good enterprise-content-management system can:
- Reduce the cost of paper-purchasing, -storage and -disposal;
- Lessen the risk of lost documentation;
- Lower the need for filing and shredding;
- Simplify file searches;
- Increase productivity and efficiency;
- Enhance collaboration;
- Speed up service times;
- Store data securely; and
- Provide instant remote access.
Mortgage companies and other financial institutions are among these systems' most-common users. In many cases, the file-management and -storage solutions content-management systems offer allow financial companies to comply with regulations that require rigid recordkeeping. The high volume of data and documentation involved in the mortgage business mandates efficient and secure data management.
The workflow collaboration that enterprise-content-management systems allow also can help regulate and track financial documents as they move through various stages of the loan process. This can save time and money.
Meanwhile, by storing documents electronically, enterprise-content-management systems provide secure, on-demand access while reducing the need to store paper documents.
In selecting a system-provider, you should evaluate your company's needs and challenges. Be sure to read all information regarding the provider's customer service and support. Do your research and know your goal. If you go shopping without knowing what specific problems you hope to solve, you are less likely to find a solution.
Any system you choose should:
- Be easy to use;
- Be backed by great customer support;
- Effectively eliminate validity issues related to document tampering;
- Allow permission-based access to files; and
- Store information securely.
Customer service and technical support are particularly important when users first incorporate the new technology in their existing processes. This can include modifying system terminology to match language already used within the company.
In many cases, implementing an enterprise-content-management system will be easier if the provider offers thorough consultation during the startup period.
When tailored to meet the specific needs of a given business -- and when properly maintained -- enterprise-content-management systems can save a significant amount of time, money and manpower. The positive results your mortgage business can achieve with this system can help you keep up with industry developments and advances. By leveraging this system to offer fast and excellent service, you give your clients one more reason to choose you over the competition.
Will Thibodeau is co-CEO, chief technology officer, of Treeno Software. Founded by Thibodeau in 2002, Treeno is a leader in the enterprise-content-management (ECM) software industry. With its Web-based ECM system, Treeno was one of the industry's first companies to embrace cloud computing. Treeno's ECM-solution-implementation methodology -- aka, T-SIM -- encompasses the company's core competencies and assures measurable return on investment for clients. For more information, visit www.treenosoftware.com, call (800) 528-5005 or e-mail firstname.lastname@example.org.