Mortgage brokers spend too much time and money on manual document processes. Did you know the average cost to originate a single loan hit $13,171 in 2023? Automating document workflows can save brokers thousands of dollars per loan, reduce errors, and speed up processing times by up to 20x. Here’s a quick look at the 5 best tools for document automation:
Top Tools for Mortgage Brokers:
- Collect: Secure document collection with features like digital signatures, bank statement integration, and automated follow-ups.
- PandaDoc: Cloud-based platform for fast document creation, eSignatures, and CRM integrations.
- Docsumo: AI-powered OCR for 99% data extraction accuracy and batch processing.
- Experlogix: Smart forms, auto-population, and dynamic workflows for faster loan applications.
- Formstack Documents: No-code platform for dynamic document generation and multi-document workflows.
Quick Comparison Table
| Tool | Key Features | Security Certifications | Integration Options | Pricing (Starting) |
|---|---|---|---|---|
| Collect | Automated follow-ups, TFN redaction | SOC 2, AES 256-bit | Google Drive, DocuSign | Custom |
| PandaDoc | eSignatures, document tracking | GDPR, SOC 2 | Salesforce, HubSpot | $19/month |
| Docsumo | AI-driven OCR, data validation | SOC 2, GDPR | CRMs, ERPs | $299/month |
| Experlogix | Smart forms, auto-population | GDPR, ISO 27001 | Microsoft Dynamics | Custom |
| Formstack | Pre-built templates, no-code platform | HIPAA, GDPR | 100+ tools (Zapier, CRMs) | Custom |
These tools help brokers process loans faster, reduce manual errors, and stay compliant with industry regulations. Ready to transform your workflow? Let’s dive deeper into how each tool works.
1. Collect
Collect simplifies document automation for mortgage brokers, offering robust security features like SOC 2 Type 2 compliance, 256-bit encryption, and advanced user access controls to protect sensitive mortgage documents.
By using Collect, brokers can reduce document turnaround times by 34% and save over two hours on each loan application. Some of its standout features include:
- Automated document collection with smart follow-ups
- A secure client portal for seamless document uploads
- Bank statement integration for quicker processing
- Digital signature functionality
- TFN redaction to ensure compliance
- A detailed admin dashboard for better oversight
The results speak for themselves. McCambridge Duffy Group, for example, slashed case processing time by an impressive 87.5%. Michael Rutherford, Senior Manager at McCambridge Duffy, confirmed these efficiency improvements.
Collect also integrates smoothly with popular tools, making it easy to connect with your existing systems:
| Integration Partner | Functionality |
|---|---|
| Google Drive | Store and manage documents effortlessly |
| Dropbox | Sync files across devices |
| OneDrive | Share files within teams securely |
| Box | Manage content with added security |
| DocuSign | Handle digital signatures with ease |
Currently, Collect drives one-third of brokered loans in Australia, helping teams achieve an average 35% boost in productivity.
Next, let’s dive into another tool that takes mortgage document automation to the next level.
2. PandaDoc
PandaDoc is a cloud-based tool designed to simplify and speed up document processing for mortgage brokers. It automates key tasks, cutting document creation time by up to 80% according to recent data. By addressing the inefficiencies of traditional mortgage workflows, it helps professionals focus more on their clients and less on paperwork.
Here are some standout features that make PandaDoc a go-to solution for mortgage brokers:
| Feature | Benefit |
|---|---|
| Digital Signatures | Provides legally binding eSignatures that comply with eIDAS, ESIGN, and UETA standards. |
| Advanced Identity Verification | Offers multiple authentication methods like SMS, ID checks, and KBA. |
| Document Tracking | Enables real-time updates on when documents are received and reviewed. |
| Team Collaboration | Facilitates smooth document sharing between loan officers, underwriters, and processors. |
| CRM Integration | Seamlessly connects with platforms like Salesforce and HubSpot. |
PandaDoc also prioritizes security with features like Entrust certification and MISMO-approved notary services, ensuring it meets the strict standards of the mortgage industry.
Mortgage professionals have reported significant efficiency gains with PandaDoc. Jess E., a real estate professional, shared:
"PandaDoc allows us to take control of e-notarizing our real estate transactions and handle scheduling ourselves. This has been a great feature to get a lot of signings done for our clients".
The platform delivers measurable results, including an 87% increase in monthly document completions, a 50% reduction in creation time, and a 36% boost in close rates.
For brokers juggling multiple loan applications, PandaDoc offers tools like a custom template library and an easy-to-use drag-and-drop editor. It also integrates with widely-used business tools such as SharePoint, Google Drive, and payment platforms like Stripe and PayPal, creating a seamless document management experience.
Pricing starts at $19/month for the Essential plan, $49/month for the Business plan, and offers customizable Enterprise solutions. With a 4.7/5 rating from 2,720 reviews, PandaDoc continues to be a trusted choice for mortgage professionals.
3. Docsumo
Docsumo takes mortgage document processing to the next level with its AI-driven OCR technology, delivering over 99% accuracy in extracting data from critical mortgage documents.
| Feature | Capability |
|---|---|
| Form Automation | Automates Form 710 and Form 1003 with 99% accuracy |
| Batch Processing | Handles multiple file types and languages at the same time |
| Data Validation | Uses formula-based error detection and correction |
| Security Compliance | GDPR and SOC 2 certified to ensure top-level data protection |
| Cost Efficiency | Cuts processing costs by 70% for operations handling 50,000+ statements monthly |
These features simplify document workflows and help mortgage professionals keep up with industry demands.
The platform's efficiency is undeniable. For instance, Hitachi slashed its bank statement processing time from 2 hours to just 2 minutes per document, saving over 6,000 hours every month - all while maintaining 99% accuracy.
Prashanth Ranganathan, CEO of PayU Credit, shared his thoughts on the platform's impact:
"We are using Docsumo's APIs to automate data capture from bank statements and identity cards while onboarding customers. This has reduced the time our operations team spends on data entry by manifolds while providing a much better customer experience."
Pricing Plans
- Free Plan: Includes 100 pages per month
- Growth Plan: Starts at $299/month for 1,000 pages with API access
- Enterprise Plan: Tailored solutions for higher volumes
Docsumo also integrates seamlessly with mortgage industry tools like CRMs, ERPs, and accounting systems. This flexibility makes it a valuable tool for brokers looking to streamline their processes.
A real-world example of its success comes from National Debt Relief, which achieved a 95% straight-through processing rate for financial documents by implementing Docsumo. This kind of automation reflects a broader trend in the lending industry, where 73% of lenders are adopting AI-powered tools to boost efficiency.
Next, let's dive into another platform pushing the boundaries of mortgage document automation.
4. Experlogix Document Automation
Experlogix simplifies mortgage document processing with a range of features designed to optimize loan application workflows.
| Feature | Capability |
|---|---|
| Smart Forms | Interactive online mortgage applications with guided definitions |
| Auto-Population | Automatically fills applications using existing customer data |
| Business Rules | Customizable rules to bypass unnecessary sections |
| Integration | Links seamlessly with CRM, ERP systems, and e-signature providers |
| Security | Provides end-to-end encryption and role-based access controls |
The impact of these features is clear. For example, Planet Home Lending's correspondent division reported a 300% increase in productivity, reduced file review times from 24–48 hours down to just 3–7 days, and expanded their monthly loan capacity from 300 to nearly 1,000 loans. These numbers highlight how automated document workflows can transform operations.
Ross Fillingsness, EVP at ReliaFund, expressed the platform’s value:
"Experlogix Document Automation has taken our process from half a day to instantaneous."
Smart Forms make the application process more efficient by guiding users with interactive definitions and real-time alerts, eliminating the need for paper forms. This is a game-changer in an industry where only 7% of banks manage loan products digitally from start to finish.
To ensure compliance and security, Experlogix offers:
- State-specific templates for real estate documents, updated regularly
- Integration with trusted e-signature platforms like DocuSign and OneSpan Sign
SSQ Insurance has successfully used Experlogix to create personalized documents through automation, significantly reducing employee workload while improving accuracy and safeguarding customer privacy.
The platform also includes a built-in calculator to recommend loan payment terms and integrates smoothly with existing mortgage software, ensuring a seamless data flow. For instance, SpareBank 1 SR-Bank implemented Experlogix with Microsoft Dynamics to maintain compliance and produce precise documents. These integrations are crucial for brokers aiming to modernize their workflows.
With 29% of borrowers citing speed as their top priority when applying for loans online, Experlogix offers a practical solution for mortgage brokers who want to meet the growing demand for digital efficiency.
sbb-itb-5a90164
5. Formstack Documents
Formstack Documents simplifies mortgage processing with its no-code platform, enabling faster and more efficient handling of high-volume loan applications.
| Core Features | How It Helps Mortgage Brokers |
|---|---|
| Dynamic Document Generation | Automatically produces personalized loan documents from raw data |
| Multi-Document Workflows | Merges multiple files from a single data source |
| Security Compliance | Adheres to HIPAA, GDPR, and industry standards using AWS data centers |
| Integration Ecosystem | Connects with over 100 tools, including CRMs and eSignature platforms |
| Pre-built Templates | Offers ready-to-use mortgage document templates for quick setup |
These features work together to enhance both operational efficiency and regulatory compliance.
On average, teams save 24 hours per week by automating document generation. For example, Lenderfit used Formstack Documents to handle 10 times their usual application volume during peak times.
Security Features
Formstack Documents prioritizes security with tools such as:
- End-to-end data encryption
- Password-protected documents
- Detailed audit trails for signing activities
- Compliance with ESIGN and UETA regulations
Real-World Applications
Customer feedback underscores the platform's practical advantages:
"Formstack Documents is a great solution to be able to generate documents quickly and get information into Salesforce. It allows us to house our data in one system - get it in with Formstack Forms and get it back out with Formstack Documents."
WCG Inc. revamped its client intake process by implementing secure digital workflows for collecting sensitive data like banking details and social security numbers. They introduced 25 digital forms, eliminating the need for paper entirely.
For brokers juggling multiple applications, automated reminders ensure timely signing and compliance. For instance, the National Junior College Athletic Association uses Formstack Documents to expire unsigned documents after 21 days.
Integration and Customization
The platform's integration capabilities stand out:
"One of the tool's biggest strengths is its seamless integration with our existing tech stack."
With its REST API, users can generate custom documents directly from their existing systems. These seamless integrations further streamline operations and save time.
Feature Comparison
To assist mortgage brokers in choosing the right document automation tool, here's a breakdown of how these platforms perform across critical areas like security, integration, automation, and cost-effectiveness. The table below highlights the specific strengths of each tool.
| Feature Category | Collect | PandaDoc | Docsumo | Experlogix | Formstack |
|---|---|---|---|---|---|
| Security & Compliance | SOC 2, GDPR, AES 256-bit encryption | GDPR, SOC 2 compliance | SOC 2, HIPAA | GDPR, ISO 27001 | HIPAA, GDPR, AWS security |
| Storage | 100 GB | Custom | Pay-per-use | Custom | Unlimited |
| Integration Capabilities | Zapier, HubSpot CRM, Docusign | 20+ integrations | Major LOS systems | Microsoft ecosystem | 100+ integrations |
| Automation Features | Conditional logic, automated reminders | Document generation | AI-powered extraction | Dynamic workflows | Multi-document workflows |
| Template Library | Customizable forms | Industry-specific | Mortgage-focused | Custom templates | Pre-built mortgage templates |
Security and Compliance
Each platform prioritizes security, but the certifications and compliance standards vary to meet different regulatory needs. For example, tools like Docsumo include HIPAA compliance, making them suitable for handling sensitive health-related data, while others like Experlogix focus on ISO 27001 standards.
Integration Capabilities
Integration options differ among the tools, allowing users to connect with their existing systems. Whether it's Zapier for Collect, Microsoft ecosystem support for Experlogix, or the extensive 100+ integrations offered by Formstack, these platforms ensure smoother workflows within diverse technical environments.
Automation Features
Automation is a key strength across these platforms, with each offering distinct functionalities:
- Document Generation: Platforms like PandaDoc streamline the creation of formatted documents from raw data, cutting down on time and effort.
- Data Extraction: Docsumo leverages AI to extract data, reducing manual input and improving accuracy.
- Workflow Management: Tools such as Experlogix use dynamic workflows to customize and automate tasks based on specific business rules.
These automation features not only reduce processing times but also improve overall accuracy and efficiency.
Cost-Efficiency
By automating repetitive tasks and simplifying workflows, these tools help reduce operational costs. Fewer manual errors mean less rework, which translates to time and money saved. Additionally, these platforms improve client satisfaction by delivering faster and more accurate results, all while ensuring compliance with industry regulations.
Next Steps
Take a moment to review the tools we've discussed and determine which one aligns best with your mortgage brokerage's needs. According to recent data, mortgage companies that embrace digital technology save about $2,200 per loan and cut production cycles by five days.
Here’s how you can streamline your document workflow:
- Assess Your Current Workflow Start by analyzing your lending process. Identify pain points and bottlenecks where automation could make the biggest difference. For instance, manual underwriting has an error rate of 10%, but automation can bring that down to just 1-2%.
-
Calculate ROI
Look at both immediate and long-term benefits of implementing automation:
- Loan processing speeds up by 40-60%.
- Labor costs drop by up to 30%.
- Customer satisfaction improves significantly.
-
Evaluate Technical Requirements
Make sure the solution you choose meets these technical needs:
- Works seamlessly with your existing Loan Origination System (LOS).
- Meets all security certifications and compliance requirements.
- Can scale as your document volume grows.
- Offers sufficient storage capacity.
- Provides API access and customization options.
-
Plan Implementation
Roll out your chosen solution with a clear plan:
- Start with a pilot program.
- Standardize your data for smoother integration.
- Train your team thoroughly.
- Set up feedback channels to gather insights.
- Monitor key metrics to measure success.
When selecting a solution, prioritize the following features:
- Detailed training resources to help your team adapt quickly.
- Reliable technical support that’s available when you need it.
- Regular updates and maintenance to keep the system running smoothly.
- Customization options to tailor the solution to your needs.
- Strong security measures to protect sensitive data.
FAQs
How can document automation tools make mortgage brokers' workflows more efficient?
Document automation tools are a game-changer for mortgage brokers, streamlining time-consuming tasks like collecting documents, entering data, and processing paperwork. By cutting down on manual work, brokers can dedicate more energy to what truly matters - building strong client relationships and closing deals.
These tools also help ensure compliance by reducing human errors and aligning documents with regulatory requirements. With quicker processing and fewer delays, brokers can deliver a smoother, more efficient experience to their clients, improving both productivity and client satisfaction.
What security features should mortgage brokers look for in a document automation tool?
Security Features to Look for in Document Automation Tools
When choosing a document automation tool, security should be a top priority for mortgage brokers. Protecting sensitive client data isn’t optional - it’s a must. Here are some key features to consider:
- Data Encryption: The tool should encrypt data both during transmission and while stored, ensuring information stays safe from unauthorized access.
- Multi-Factor Authentication (MFA): Opt for tools that require MFA, adding an extra layer of protection to user accounts.
- Role-Based Access Control: A platform that lets you assign specific permissions based on user roles can help restrict access to sensitive documents.
- Regulatory Compliance: Make sure the tool complies with U.S. data protection laws like the California Consumer Privacy Act (CCPA), so you’re meeting legal requirements.
For added peace of mind, look for tools that offer secure client portals for sharing documents and undergo regular security audits. And don’t overlook the human factor - training your team on security best practices is just as important for reducing risks and maintaining client confidence.
How can mortgage brokers calculate the ROI of using document automation tools?
Mortgage brokers can figure out the return on investment (ROI) of document automation tools by zeroing in on a few critical factors.
Start by looking at cost savings. Automation cuts down on manual tasks, which means spending less on things like printing, paper, and storage. Take a snapshot of these expenses before and after using the tool to see how much you’ve saved.
Next, evaluate time savings and efficiency gains. Automated tools can dramatically cut the time it takes to collect and process documents. This frees brokers up to take on more clients or focus on tasks that add more value. For instance, calculate how many hours you’re saving each week and translate that into a dollar amount to see the financial benefits of better time management.
Finally, don’t overlook compliance improvements and error reduction. Automation often minimizes mistakes and ensures regulatory requirements are met, which can help avoid penalties and other costly issues. When you add all these benefits together, it’s clear how automation can enhance both productivity and profitability.
Related posts
