DMS Modernizes the Lending Process: An MHA Solution

 

DMS is a company that specializes in helping homeowners modify their mortgage payments. DMS has been working with Making Homes Affordable (MHA) for over six years to help homeowners stay in their homes. DMS helps MHA by streamlining the process, making it easier and less strenuous for both DMS and MHA staff members alike.

The process could be made much easier by using quality document management, which would also allow banks to maintain all their customer files in a centralized location. Here are four ways that DMS can make loan modifications easier for banks and customers.

How DMS Makes Loan Modifications Easy

The MHA program requires paperwork to update outside of the lender. MHA requires homeowners to fulfill certain requirements, such as providing monthly bank statements and pay stubs. These documents expire at different intervals of time.

The process of applying for a modification is tedious and tiring, requiring long hours of paperwork and expensive visits to the buildings, and mortgage modifications are often rejected out of the review stages due to outdated documents, requiring that lenders spend more time and money on modifications.

With Docupile document management software, you can set retention guidelines so that you know when to discard old content and make it an old or redundant document that needs to be replaced.

Staying ahead of paperwork will speed up the mortgage modification process. A loan modification can be a challenging process due to the bureaucracy and complications that individuals have with large lenders.

Get Signatures Quickly and Easily

When changes need to be made, signatures are needed. There are often a lot of delays and long wait periods before you hear back from the lender.

A lot of customers don’t have their own scanner and can only submit documents in paper form. Lending institutions seldom use digital signature technology despite the operating costs that will be reduced. Importantly, the return on investment that one can expect to gain from leveraging digital signatures makes it inexcusable not to use them.

And, since lenders do not offer kiosks at every location, some may find they must take time to go to a place where they can pay for the scanner or fax machine. The modification process can be slow, and during that time, homeowners are unable to progress their review.

The use of good document management and scanning solution will make all the bits and pieces of paperwork easier to find, meaning that your clients can sign the paperwork and send it back to you online.

And, when you have a secure client portal with DMS, you will be notified that the documents have been returned, so the modification request can quickly be put back on review.

Streamlining Communication and Improving Document Turnaround

DMS has made the process of getting a mortgage modification notably easier. Approved for a loan modification, homeowners should use the MHA program. Most customers complete a large questionnaire to help us better understand their situation and what they. A lot of people are responsible for the modification process, which means it can take a long time to get done.

DMS aims to make the lending process less strenuous. By simplifying it, The MHA program can be streamlined to a much simpler process with higher chances of success while still retaining humanitarian aspects.

DMS simplifies the mortgage finance process while still retaining reliable, accurate data. Users should know what stage the file is in and be able to see drafts of a modification before approving it. Another benefit is that input can be combined with other processes to optimize workflow and make complex processes simpler.

As a result, when homeowners call for an update on their modification application with questions about the status of their loan modification and how to move forward in the. You can find information in real-time and never have to search old emails to find the most recent update.

Being able to quickly search through and collaborate on email can be challenging, but Gmail’s new tabs help you make better use of your time.

The reason DMS offers an Outlook integration is so that all saved emails and attachments are automatically uploaded to the central document management system. This should be limited to weening employees off of email for internal communications until they are familiar with the document management system. In the long-term, the adoption of mail merging software geared for document and information management systems will hinge largely on how well email integrates with those platforms.

Better Results, Happier Customers

The final steps of the DMS loan modification process are the most crucial, and as expected, they’re also worth working for: The Benefits Of Having A Document Management System is to increase satisfaction and provide customers with a much higher quality experience.

The MHA program helps homeowners modify their mortgage payments and get on a plan to manage to pay off the mortgage. However, it is lengthy and requires a. You can access the information you need in a quick and efficient manner.

When homeowners are able to get their modifications done more quickly and consider themselves to be well-informed throughout the process, you and your institution will be strengthened significantly.

Banks and lenders may be successful in garnering customer loyalty by assisting these customers with modifying their mortgages. By making the modification process easier on yourself, you make it easier for your customers as well, and they leave happier. DMS is here to help homeowners enjoy their homes while your lender gets paid.

Installing DMS at your bank could immensely benefit you, your employees, and all of your customers.

For those interested in how to make loan modifications easier by going through the Docupile, this article will provide some information on how it works. Contact one of our experts by filling out the form on this page. Or for even more information, read our buyers guide for details about document management systems.