Title Company Case Study

Company
General Abstract & Title Company

Application
Title and abstract companies generate closing files each month which are anywhere from 150 to 200 documents each. An average size agency (10 employees) will complete between 80 and 100 settlements per month. They are required to keep these files for a minimum of seven years, however most of them keep them for the life of the loan, which is typically thirty years. These files remain quite active for the first couple of years, but even after that period of time they access the files for purposes of verification or additional settlements on the property. e.g. second mortgages, re-financing, sale of the property.

The Problem
Title companies are inundated with paper. They were no exception. They were paying for off site storage and each year had become more and more dependant on it. Every time they had to retrieve a document it cost them about $40 between delivery, pickup and re-filing charges. Their customer service would also suffer because they did not have immediate access to their documents, which meant no immediate answers. The fees that title companies can charge are regulated by the state. This makes customer service and repeat business a top priority in any agency.

The Solution
This customer purchased a DocSTAR Workgroup Professional system with a Canon DR3060 scanner and a five-user network license. They now scan all of their closing files and shred the paper documents. They have instant access to all of their documents with the ability to view, print or fax from any workstation on their windows network. They are so impressed with DocSTAR, that they are on their way to scanning over 20-years of files. They use a template which stores all of the closing packages by an “F” number (file number) as the title, borrowers name added to the title, and property address in the key word field.

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