Mortgage Document Collection Best Practices [2021]

Gathering documents and verifying all information can cause a lot of back and forth between borrower and broker. If there is miscommunication or you are unorganized, the mortgage broker can lose business and even hurt their bottom line.

Spending time chasing documents or trying to find them either physically or digitally costs mortgage brokers money and causes borrowers to go elsewhere. With an unorganized system, it’s hard to take on more loans because you can’t keep the loans you have straight.

Before you know it your borrowers are frustrated and unhappy and you have an empty pipeline.

With the mortgage brokers document collection best practices, though, you can simplify the loan origination process, get the documents you need, and improve your bottom line.

How Mortgage Brokers can Save Time and Money with These Simple Practices

Request the Right Information the First Time

Forgetting to ask borrowers for certain documents during the loan origination process causes an obstacle in the process. All of a sudden, you have to stop what you’re doing and wait for the borrower to provide the missing documents before the underwriting process can continue.

If you request all the documents upfront, you don’t have to deal with the back and forth. This increases your productivity and your ability to take on more loans while improving the customer’s experience.

Have One Central Location to Collect Documentation

Dealing with documents coming from different sources gets confusing. Documents get lost and productivity falls.

Borrowers don’t know where to send documents – is it a fax, an email, or uploading to a portal? Rather than confusing clients, have one central location to collect all documentation. Whether it’s PDFs, scanned documents, or uploaded documents from the bank, having one place to send everything keeps everyone on the same page.

Provide a Checklist so Everyone is on the Same Page

Most borrowers don’t send in all documents as a complete package. Instead, they send a bank statement one time, a paystub another time, and the next day they send their Letter of Explanation. This can confuse everyone and make the mortgage brokers document collection process a nightmare.

With a checklist and a central place to collect information, everyone can be on the same page. Checking off the items you have and leaving the other items ‘pending’ lets borrowers know what is still outstanding and it’s easier on you, the broker, if the borrower piece meals the documents to you.

Send all Files to Folder in the Cloud

Create folders for each client in the cloud. When you receive new documents, immediately send them to the folder in the cloud. This reduces the risk of lost papers and miscommunication. Anyone with access to the folders will know exactly what documents are there and what’s still outstanding.

This keeps everyone on the same page while keeping your customer’s information secure rather than sitting in your email inbox.

Use Bank-Level Encryption

Your borrowers are sharing sensitive information during the loan origination process. They want to know that you are protecting their security. Bank statements, tax records, and paystubs are just a few of the sensitive documents borrowers share. If they aren’t comfortable with your practices, they won’t send them.

Provide an Easy way to Upload Documents

Many borrowers are overwhelmed when they apply for a mortgage. Between the decisions, the money required, and the number of documents needed, they easily get lost in the process. Providing borrowers with an easy way to upload documents that they can do from their phone or computer is essential. Borrowers will feel more at ease and get their documents to you faster.

How File Request Pro can Help

File Request Pro is a simple and secure way for the mortgage brokers document collection process. It’s much easier to receive information from borrowers in a secure and simplified way. You get a secure branded upload page that’s easy for borrowers to use and keeps everyone on the same page.

File Request Pro can:

• Simplify the process for customers – Eliminate the back and forth between the broker and the borrower. Constantly asking for documents, tracking them down, and organizing them wastes time. File Request Pro provides one simple uploaded page that borrowers use every time they need to send a document.

• Collect multiple documents at once – It’s painful when you receive one document here and then another a few hours later and so on. File Pro makes it easy for borrowers to upload multiple documents at a time. You have everything in one place and save time going over documents for the same borrower multiple times.

• Fully sync with your cloud storage – Stop wasting time wading through papers and losing important documents. Once uploaded, File Request Pro sends the documents directly to the cloud, where you can store them in each borrower’s folder.

• Secure collection – Security is of utmost importance when dealing with mortgage and financial documentation. File Pro uses bank-level encryption to ensure that your borrowers’’ information is safe.

File Request Pro is a simple way to collect mortgage documents during the loan origination process. It keeps sensitive financial information out of your email inbox, where it could easily get stolen, and it keeps everyone on the same page. You, the borrower, and the underwriter will always know what’s outstanding and what’s been received. It’s an easy way to communicate with your borrower to ensure they know what’s outstanding to get the loan closed.

In today’s competitive mortgage environment, you must stand out. Borrowers can go to just about any lender with the onslaught of digital lending. You must find a way to provide superior customer service so borrowers want to come to you.