6 Reasons Going Paperless Will Help You Lend More

As the world continues to move in a digital direction, there are multiple benefits to a user taking advantage of newer technology.

In our research, we found 6 good reasons for businesses, and lending companies in particular, to adopt the practice of going paperless:

1. Save Time

   It’s been estimated that on average employees spend about one third of their time looking for paper documents. Electronic documents are easy, simple, and quick to file and find because they can be indexed by dates, document type, etc.

2. Speed up Processes

   When working with lending customers, you may find yourself spending a lot of time waiting for signatures, witnesses, approvals, etc. Companies that have gone paperless agree that the approval process for both external and internal documents is significantly quicker. That means no more waiting on forgotten signatures, which means speeding up the loan process, which ultimately means lending more.

3. Organization

   Electronic documentation makes office organization significantly easier.

4. Improved Communication

   Communication throughout a company as well as with customers is quicker and more efficient when done electronically.

5. Financial Benefits

   The savings associated with going paperless extend further than just cutting the cost of paper. When your office goes paperless you are also cutting the costs of other office supplies like ink cartridges, upgrades, and replacements to equipment like printers, copiers, fax machines, etc.

6. Environmental Benefits

   While you might not consider yourself an “environmentalist,” eco-friendly financing is slowly becoming all the rage. Not to mention, 53% of consumers are more trusting of environmentally conscious companies. And when it comes to accepting money from lenders, trust is a huge deciding factor.

The benefits of a paperless business model are seemingly never ending, however, the biggest hurdle that most lending companies face is the transition from paper to electronic. That’s where GOLDPoint comes in. With our e-signature feature, we make the move into the paperless world seamless. Using GOLDPoint’s e-signature feature will not only help you enjoy the benefits of being a paperless company, but with e-signature you can also enjoy these 6 additional benefits:

1. Efficiency - When multiple documents need to be signed, they will be put into a doc set and will automatically load into e-signature.
2. Convenience - Customers will be able to sign loan forms via tablets, smartphones, email- they never need to be on a desktop.
3. Simplicity - You can use an iPad for easy in-office signatures.
4. Additional Signatures - Easily add witness signatures to loan documents when necessary.
5. Auto Replacement - Re-signatures will automatically replace old documents with the newly signed document.
6. Compliance - All of our documents are federally compliant, and we work with each of our clients to make sure all documents meet each state’s regulations.

E-signature is currently available and will not only make your customers’ lives easier but will make lending easier in general. You will become more efficient as you transition to paperless, and you’ll have more time to finance more loans than ever.

E-signature is often used hand in hand with File Services, which we will talk more about in next week’s blog, so stay tuned!