• your business’ net roi.
With a minimal amount of time,
your business should be able to quantify its rOI with respect to lead-acqui-sition costs. your results will vary, however, based on the balance and type
of lead generation you employ. To assess your company’s rOI as well as its
lead performance, consider measuring
leads against closed-loans, in addition
to measuring closed-loan revenue versus marketing expense by source.
rOI rates depend on the type of online origination and consumer records
you’re acquiring. for instance, exclusive or semi-exclusive online consumers are costly to acquire and limited in
number, yet they may convert exponentially higher than commoditized
real-time records. Similarly, commoditized real-time records may convert
at a higher rate compared to commoditized “aged” records, yet real-time records are significantly more expensive.
The lowest-cost lead often will require
the highest cost of labor and produce
the lowest overall closed percentage.
If you don’t want to burn out your
sales force, your marketing plan also
must account for the amount of ef-
fort required to convert a lead into a
sale. Different types of leads require
a varying number of contacts to con-
vert an online consumer inquiry into
an application. This number is typi-
cally in direct relation to the cost and
type of online consumer provided by
your marketing budget. The effort re-
quired to secure a given sale is a key
indicator of a lead’s quality and has a
tremendous impact on the marketing
campaign’s overall rOI.
Natural disaster and security
bearing potential cost benefits in
mind, mortgage professionals also
should consider the number of paper records that could be destroyed
in a natural disaster. If a destructive
fire or hurricane strikes, there can be
a devastating price to pay if your office uses paper files. With electronic
data, however, mortgage professionals can be better prepared to face the
outcomes of a disaster.
Paperwork stored electronically is
often encrypted and saved on redundant, secure servers. Locked filing
cabinets, however, are more vulnerable to being accessed by someone
who’s not authorized. In a paperless
office, several levels of security can
be added to stop unauthorized access
of sensitive material.
The ability to set individual and
position-based security parameters
is critical in document-management
software. you should be able to give
access to files and documents based
on individual permissions. In addition, users without assigned permissions on the file cannot access it at
all. a good security feature within document-management software is the
ability to track when a given file was
last accessed and who accessed it.
Having the option to use hosted document-management software also
can greatly reduce your risk, so you
wouldn’t have to maintain your own
servers and backup procedures.
Placing security and permissions
on files can even help your company
meet business-compliance requirements. Mortgage professionals must
abide by laws that require specific
procedures and processes in regards
to handling and protecting consumer
data — for example, companies need
be able to show that their information is unaltered to comply with the
Sarbanes-Oxley act. Using document-management software can
help you establish strict processes
that will help you stay compliant in
case of an audit.
• • •
Managing your documents in a tra-
ditional paper environment can be a
time-consuming and costly process.
It pulls you away from other activities
and occupies your time with less im-
portant tasks like searching for paper
documents, faxing or mailing.
In a paperless office, however, all of
your documents are only a few clicks
away, with a vast potential for increasing your productivity. •
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