Loan Document Scanning Services

Relying on paper to handle your loan applications and contracts is a time-consuming and tedious process. Additionally, your financial business runs a higher risk of misfiling paperwork or having clients incorrectly file their loan applications when you work with physical documents. To reduce the time spent during the application process and avoid the risk of paperwork mishaps, you should consider a loan document scanning service.

Hiring a scanning service gives your financial institution freedom from tedious paperwork and makes the loan application process much more efficient. From initial application to the signing of trailing documents, a loan document scanning provider revolutionizes how your business approaches the loan process. 

Here is how the loan document scanning process works:

• Gather all of the loan documents on file and the physical forms you want to be converted and box them for the scanning service to collect.
• Your loan document scanning service then collects your files and transports them to their secure scanning facility.
• After the documents arrive, the service scans the physical copies with equipment that utilizes optical character recognition (OCR) and document imaging software powered by artificial intelligence to convert your loan documents into usable digital files.
• Once the scans are complete, your scanning provider sorts your files into a comprehensive document management system—this gives your company the ability to access documents and offer virtual loan services easily.
• Following the creation of your document management system, the scanning service either shreds, stores, or returns your physical copies in compliance with state and federal regulations.

When you work with a professional file scanning service, your business’s loan process becomes easier for your team and your clients. Digital loan files make it possible to break away from the tedious paper application process and provide your business with a more efficient loan experience.