Mortgage Industry Professionals Adopt Cloud Services

Sunday, June 10, 2012 by The eFax Team

There is a growing trend in business today away from hardware-based technologies such as PBX phone systems and fax machines to cloud services such as a virtual phone system and online fax. Also known as hosted services, cloud services for business can save companies money by eliminating the need to upgrade hardware devices and hire IT support to manage in-house systems.

The trend towards cloud services is especially evident in the real estate industry, where mobile professionals can reap huge time and cost savings benefits from the use of hosted services.

According to an article published by Origination News, mortgage firms are gravitating towards cloud services for business, where digitized signatures are becoming more popular -- particularly with regards to documents such as loan agreements that need to be signed and faxed.

In the article, DocMagic attorney Silvia San Nicolas explains that the organizations like the IRS are “[making] it a goal to accept electronic signature authorization of the 4506-T form… [which] is still required to be done on paper.”

Mike Trenkle, owner of MK Mortgage Group, explained that he uses eFax as a “technology that provides encrypted processing, tracking and annotating of faxed-in documents online [that] has helped when volume has surged.” The encryption options meet federal guidelines to protect information that can be used to identify individuals from potentially leaking out to third parties.

Other benefits that a cloud service, such as online fax, provides include:

  • Large file sharing. Many businesses are slowed down by constraints on file size and issues with attachments. However, some cloud service companies, such as eFax, enable customers to to reliably and securely upload and share files up to 3GB without the email bouncing back or failing to send.
  • Advanced search tools. Some online fax services, such as eFax, allow stored faxes to be searched using keywords or tags that are set by the account owner. This eliminates the need to manually searching through file folders. Search queries include specific names, topics, or other keywords to locate a document or group of documents.
  • Ability to annotate. Businesses can annotate faxes online using tags, eliminating the long process of printing or marking up faxes and re-faxing documents for future reference.

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