File Tracking Software Saves Mortgage Industry Thousands Each Year

Within both the mortgage and any loan industry, there is a lot of required paperwork in each file that would make having an effective file tracking software worth the effort! Thousands, upon thousands of files have to be signed, documented and transferred on a daily basis. Without an effective applicant tracking system, clients and companies would quickly become lost. Generally, each month a typical loan office will generate between 15-20 new paper documents for each individual borrower. Loans are an important aspect of life since they can potentially save you thousands of dollars if structured correctly. For some, loans are their lifeline, their livelihood – simply because it allows you to get the money you need in one lump sum while paying the funds back over a longer period of time. So you can only imagine the consequences of lost loan files, or mortgage loans that suddenly didn’t get the attention they deserved – it would be catastrophic for both the mortgage broker and the borrower. Luckily, there is a solution to make sure such situations never arise. The FILETACTICS file tracking software is an affordable system that makes managing your files that much easier.

Did you know that a missing mortgage file can cost up $300 dollars to replace? When taking labor costs and all additional fines into account and this number can grow even larger. Losing a file which contains sensitive information such as social security numbers, bank statements and mortgage bills can not only be detrimental to the borrower’s identity safety but it also puts the mortgage company at risk for negligence. FILETACTICS presents a safe, secure and easy way to eliminate this problem; in other words, with our file tracking software, we can ensure that such a problem never occurs. How does it work? Essentially, we have several different file tracking software programs which allows clients to create an online database of all their files which are organized by both the method you choose – i.e. borrower name, last four of social security number, location, etc. It creates stability in the organizational structure of a business and ensures that all old loans, as well as future mortgages, are never lost or misplaced. This type of file security can actually create a more productive structure which increases both the commission and closing rates of Loan Officers all over the country!

Why was the FILETACTICS file tracking software created? Because we understand that nearly every mortgage office, regardless of size, is liable to lose or misplace at least 5% of their files each year – this equates to potentially three million dollars in revenue each year from the interest, commission and closing costs that each of these loans would have generated if they were closed properly. With file tracking software, such as the FILETACTICS File-Coder software, this statistic is reduced dramatically – it will pay for itself in a few months by saving businesses both time and money.

Features of FileTactics File Tracking Software:

There are numerous other facets of the FILETACTICS file tracking software that can be explored by companies. Besides providing a better way to locate files in the file area, an effective file tracking system can create a more stable environment within the office. What kind of file tracking system is best depends on the type of office that is being run, as well as the types of files that need to be stored. For instance, mortgage file tracking software, one of the more popular kinds, uses different tracking information than general file tracking software. It is important to have a customizable layout that will illustrate a) the type of company you are, and b) the type of files that are being tracked and organized. This is why FILETACTICS offers a completely customizable file tracking system which we will help you setup with a simple online demonstration!

Another great feature of this file tracking software for mortgage offices is the affordability it brings. It is reasonable price and, for what it brings to a company, is extremely valuable. FILETACTICS offers a data conversion option which can convert your current files into whichever format you prefer. This means that companies can easily convert any type of data file into a different data file of their liking – upgrading their entire file system at the same time you implement the file tracking software – giving you a brighter future outlook for your files and your sanity for that matter!

Benefits of FILETACTICS File Tracking Software:

Consider the following benefits of using such a dependable kind of file tracking software:
• Keep an effective level of production
• Track mortgage changes. Even slight changes can affect a loan.
• Keep all users on the same page.


Finding an Effective Applicant Tracking System

Finding an Effective Applicant Tracking SystemIn the mortgage and loan industry, having an effective applicant tracking system can make a world of difference in terms of file and client management. The typical loan office generates an average of 20 new paper files for individual borrowers each month – some each day at minimum. How do you keep up with tracking each and every borrower file you have to ensure that each loan gets the attention it needs in a timely fashion?

That’s simple! By implementing an effective applicant tracking system! An applicant tracking system is a more customized form of a file tracking system. It enables you to generate a web based file for each of your paper files, logging pertinent information about each file online – as well as giving you a detailed trail of where the file currently is.

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