Low interest rates and rising housing costs are leading buyers to apply for mortgages, a time-intensive labor of gathering financial records, pay stubs, tax returns, W-2s, bank statements, and loan documents. The whole procedure can be as painful for the lender as the buyer. And, while buyers can often fill in a loan application online, they are almost always required to sign a paper document (also known as providing a “wet signature”). So, no matter what, there are still papers to be managed and digitized.
Beyond serving the customer, you also have to plan for and meet compliance guidance, laws and regulations. Relying on paper processes can result in critical documents being scattered throughout the organization, which can be a liability. Taking these documents into the digital realm enables organizations to manage and access these documents more efficiently. And it ensures an accurate audit trail showing proper custodianship of documents to comply with guidelines defined by Basel Accords, Know Your Customer, Anti-Money Laundering, SEC, FDIC and FINRA.
Choosing the best scanning solution
While efficiency is key to successful loan processing, it’s a challenge when a single transaction may require hundreds of documents. Efforts to digitize the process are an attempt to minimize loss of information, streamline communications and secure personal information. The use of scanners has become a go-to solution for many in the industry. But how can you select the right one for your situation, in a market crowded with options?
Consider the following:
- Is it complicated to use? The best document scanning solution should make it easy for people unfamiliar with scanners to implement and begin scanning without spending much time learning the system, and with little or no need for IT personnel.
- How secure is it? You’ll want to ensure that highly personal information – like identification and bank statements – is saved in a secure manner and accessed only by authorized people. Make certain the scanner you choose can easily work with your secure file management system.
- Does it deliver clear, legible documents, including images? Illegible or poor-quality images of documents can delay processes and create mistakes.
- Can it compress files? This makes it easier to share via email and takes up less storage space.
- How big is the machine? Does it take up a lot of room on a desk or require its own workstation?
- Can it accommodate odd-sized paper? You need a device that can handle items of various sizes and thicknesses, such as pay stubs, receipts, legal and double-sided documents as well as countless other mortgage and loan forms.
Effective data capture that fits on your desk
The Fujitsu fi-800R is an ultra-compact yet highly versatile scanner adept at scanning all types of documents including thick items like passports and driver licenses. It includes helpful features like reverse feeding and Active Skew Correction, so you don’t have to be fussing with settings to get proper scans. This model provides an agile and efficient scanning experience on even the smallest desk. With the U-Turn Scan and no need for an exit tray, the fi-800R fits into tight spaces and makes this the sole scanning device you’ll need. The PaperStream Capture software included will also recognize pictures of faces, such as on an ID or passport, and will automatically rotate and turn them around to the correct position.
The ScanSnap iX1600 – The newest flagship ScanSnap – is another one for you to check out. It simplifies the scanning process for a variety of documents. Fujitsu ScanSnap is well sized to perform most transactions at your desk, doing away with centrally located devices that are shared and often require multiple steps. With ScanSnap you can work on various files, scan all financial and critical documents into a PDF and quickly send the complete file to various parties, as needed. This helps you work quickly through the process to close deals faster.
The scanner includes wireless connectivity, an intuitive touch screen and advanced software that converts pages into fully editable files, including searchable PDFs. It includes automation functions, intelligently adapts to your preferences and continues to evolve to meet your needs, so you can work smarter. The iX1600 also has integrations with several popular cloud applications, including Dropbox, Evernote, and Google Drive, to name a few.