If technology can cook a frozen burrito faster . . .

Have you ever finally tried some type of new technology product, immediately loved it, then wondered why you didn't try it sooner? Like Tivo, maybe, or Google's search engine? I can still remember my family's first microwave oven, and the wonder of being able to cook a frozen burrito in two minutes. The feeling of 'this is so cool!' is quickly replaced by a desire to kick oneself for living for so long in ignorance of what amounts to a 'better mousetrap'.

I can think of two excellent mortgage industry-specific examples. One is from the past and the other is quite current. In 1995, I took a job with Calyx Software when most brokers still didn't use a computer in any way. We had to 'sell' brokers on the idea of using a software program to generate forms and calculate payments, ratios, etc. People were used to typing (yes, with a rat-a-tat typewriter) the property address and loan amount on 40 different pieces of paper and just figured that was the way things would be forever. Hard to imagine working that way today though, eh? We look back on that time, and ask "Why would anyone resist a change that is so obviously beneficial in every way?'

I feel the same way about my second mortgage industry example now as I did back in 1995 about loan origination software. The example is electronic file storage, otherwise know as imaging. Originators can now store loan documents and files as digital images on secure web servers, and in doing so reduce costs, increase efficiency, and protect their borrowers from identity theft. It's such a win-win-win that I can only assume that those that haven't made the switch are either unaware of this new advancement, or are creatures of habit that wait for everyone else to try something first. For those that are interested in learning more about this 'no-brainer', however, here are some more details:

When you create an image of a document, you've now got a computerized version of that doc that can be viewed or printed at any time. If you image an entire loan file, you can save those images instead of the paper file, and still meet DRE requirements to retain files (three years in CA). So right there you're saving money by not having to store boxes and boxes of paper. If you're storing files off-site, these savings can be significant. But if you're simply scanning loan documents and saving them as PDF's on your computer's hard drive or even on a portable drive, you still don't have an imaging system.

Part of the beauty of the solution I'm talking about is the fact that loan files get stored securely on servers you can access from anywhere you can get on the internet. So when a past client calls and needs to refi ASAP, you'll be able to have the exact document you need in that file from two years ago in front of you in seconds. No matter where you are. That's efficiency. Or if your office gets broken into or flooded, or your computer crashes, your loan documents are all still safe. That's security. Even if you're already scanning documents but storing them yourself, you're missing out on these key benefits.

It's my guess - especially since originators need to cut costs now more than ever - that electronic file storage will be commonplace before too long. The sooner you check it out, the sooner you'll make the switch. After all, storing paper files these days makes as much sense as waiting 30 minutes to cook a frozen burrito!

If you're interested in learning more about my company's imaging system, called Trio, click here. You get to use it for the first two months for free, and I'll be happy to provide free training. And Trio is by far the lowest priced imaging system available, by the way. Check it out.
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See the list of upcoming training dates and time in the upper left of this blog- click on the session you want to register online, and if it's full contact me directly at jack_trageser@emagic.com to get in anyway.