Electronic File Storage

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

How are you returning compliance documents to your brokers? If you are still mailing or overnighting things back to your clients then you are potentially leaving money on the table.

Brokers must keep copies of their compliance documents for at least 3 years. Keeping copies onsite can be costly and takes up valuable office space.

This is where we step in. Why not offer to store the broker’s docs for them for a small fee. Even at $40 to $60 per file you are still driving your margins way up.

Typically I already have a complete scanned copy of the file once it closes, so I do not really have to do anything except e-mail the broker a copy. It is also a good idea to store backup copies offsite to ensure redundancy in case something happens.

The original docs can then be shredded freeing up valuable space. It is actually safer than the broker storing it in their office. If the broker has a fire or a flood they have no way of recovering the files. If you have a fire or flood, you have a backup stored safely.

If you close 20 loans you just put an additional $800 to $1200 in your pocket. Not bad for doing what you probably already do. You will also save the broker money on overnight fees by passing on the fee to the borrower as a line item on the HUD.

Remember - Your reputation is your business.

Happy Processing!!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.