Your Mortgage Company’s Paper Usage Is Costing Billions
Your Mortgage Company’s Paper Usage Is Costing Billions
September 11, 2018
Would it surprise you to learn that less than 20 percent of companies today consider themselves paperless? In a growing digital era, this number is shocking. Nowadays, people will have their receipts sent to them via e-mail. The painstaking process of filing taxes can be done without ever touching a pen. Even 1003s are moving to a paperless workflow with the right digital platform in place. The Chicago Tribune recently reported that 80 percent of companies say that they want no more paper. In reality, 30 percent actually buy more.
Actual Paper Costs
Put aside the fact that we’re destroying 260,000 trees a year for home loans — this has major ramifications in the corporate world. As a whole, businesses in America waste $8 billion dollars a year on paper costs according to Corp! Magazine. They even go as far to inform us that it costs companies $20 to file a document. It costs $120 to find lost documents and $220 to reproduce lost documents. That’s a lot of wasted money. As a matter of fact, large corporations misplace a document every 12 seconds. Consequently, people spend too much money everyday on misplaced documents.
The Process
As a mortgage lender, you already have an idea of just how much paper can be used every single day. On average, our industry uses 280 sheets of paper from the start to the close of a home loan. That might already sound like a lot of consumption, but here’s the kicker: Mortgage lenders close 7.8 million loans per year. That’s over 2 billion pieces of paper every year. On mortgages alone! Just to put things into perspective, 2 billion sheets stacked on top of each other is roughly 126 miles above sea level!
Resolution
So, where does a mortgage lender looking to go paperless start? START, WebMax’s digital Point-of-Sale application. Ultimately, WebMax digitizes the entire loan application process. In turn, eliminating massive amounts of paperwork. Our START application verifies important documentation through digitization and automation. Making the need for acquiring most physical documents obsolete for lenders.
First, WebMax works to lower the amount of paper used. Second, WebMax also lowers the amount of time used to apply for a loan. Eliminating paper from the equation, WebMax drastically decreased the time it takes to apply for a loan. Initially, paper was invented as a form of communication, but now it fills the world with waste and over-consumption! Therefore, WebMax quickly adapted to the world changing around them. Bottom line, WebMax offers mortgage companies an opportunity to consume less paper.
Think about when your mortgage company closes a loan on a new home. Would you pick the long and complicated process that’s destroying forests? Probably not, right? WebMax offers an easier, faster, and a more earth-friendly solution.
