7 ways mortgage brokers need to get their workflows working

by | Jul 12, 2023

Workflow woes?

It doesn’t sound much fun to get your workflows in order, does it? But, once you have your document management in place as a broker, you will be running your business in a much more effectve way.

Here are 8 ways to get you started to have your mortgage broker workflows work for you:

1. Establish a Document Management System

Implementing a robust document management system is the first step in organising documents effectively. Choose a system that suits your brokerage’s needs, whether it’s a cloud-based platform, document management software, or a combination of digital tools. This system should provide secure storage, easy access, version control, and the ability to categorise documents by client, transaction, or specific criteria.

2. Use Consistent File Naming Conventions

Maintain consistency in file naming conventions to ensure easy retrieval and organisation of documents. Establish a naming structure that is logical, intuitive and consistent across all files. Include relevant information such as client names, property addresses, or transaction numbers to quickly identify and locate documents when needed.

3. Categorise Documents

Categorising documents into folders or directories helps maintain a structured and organised document repository. Create folders based on different stages of the mortgage process, such as client application, supporting documents, approvals, contracts, and settlements. This categorisation simplifies document retrieval, improves efficiency, and reduces the chances of misplacing or losing important files.

4. Utilise Document Templates

Create and utilise document templates to streamline the creation and completion of commonly used forms and contracts. This saves time and ensures consistency across documents. Templates can include client fact-finding forms, loan application forms, privacy consent forms, and compliance-related documents. Preparing templates in advance reduces manual data entry, minimises errors, and enhances the overall efficiency of document management.

5. Adopt Digital Signatures

Incorporating digital signature solutions eliminates the need for physical paperwork and speeds up the signing process. Digital signatures provide convenience for clients, reduce the risk of errors or missing signatures, and allow for secure and legally compliant transactions. Use reputable digital signature platforms to ensure the authenticity and integrity of signed documents.

6. Secure Document Storage and Backup

Safeguarding client documents and data is of utmost importance. Invest in secure storage solutions, such as encrypted cloud storage or secure servers, to protect confidential information. Regularly backup documents to prevent data loss due to unforeseen events or system failures. Implement appropriate security measures, such as strong passwords, user access controls, and encryption, to maintain the privacy and integrity of client documents.

7. Adhere to Compliance Requirements

Compliance is a crucial aspect of document management in the mortgage industry. Familiarise yourself with relevant regulatory requirements and ensure your document management practices align with industry standards. Implement appropriate security measures, retain documents for the required duration, and stay up to date with any changes in compliance regulations. Compliance is not only essential for risk management but also for maintaining client trust and reputation.

Are you ready to enhance your mortgage broker workflow by effectively managing and organising your documents? Discover the power of efficient document management to improve communication and organisation with your clients. Auctus Coaching can show you how — book your discovery call with Christian Paterson today or fill in this online form for more information.

Christian Paterson, Auctus Coaching

Christian Paterson

Director, Head Coach

I love nothing more than helping hardworking brokers to work smarter and enjoy their business while growing an incredibly profitable and efficient operation.