Most of you have heard Matt’s name in and around these parts for the better part of fifteen months now so I suppose it is high time I formerly introduce him to everyone. Matt is a senior level guru of all things mortgage business. A few months ago he was hired to work at the Boston branch of the national company Fairway Independent Mortgage.
When he came home during his first week and explained that their office was attempting to go almost completely paperless, not only was I shocked but greatly encouraged! I knew it was time to talk to some of the people in the know so I was put in touch with a couple of lovely ladies at Fairway who went way above and beyond to get me the most up to date information on the Green efforts of the Boston branch.
After reading through this article I found there was nothing more to add so I am reprinting here in its entirety. Huge thanks to Beth and Lisa for your quick turn around and amazing job on this!
Taking a Pass on Wasting Paper
When it comes to industries traditionally burdened with mounds of paper, few come close to the mortgage industry. The amount of written client communication and required documentation for processing a mortgage can be cumbersome. From loan origination through post-closing, the mortgage industry has historically depended on paper: copies of pay stubs, bank statements and insurance policies right through to the actual delivery of loan documents. According to Xerox Corporation, “in any given year, the industry generates more than six billion new pages of paper – equivalent to a paper stack over 370 miles high.” Perhaps this is the reason closing a home loan is often referred to as “passing papers.”
Trends are shifting, however. The Boston office of Fairway Independent Mortgage Company has invested in a leaner, greener way to run its office. Branch Manager David Lazowski has put systems in place to dramatically reduce the amount of paper used in the process of obtaining a home loan.
“There’s simple technology now available that allows us to electronically scan, safely transmit and save the documentation we need to process a loan,” says Lazowski. “Not only does it give us the opportunity to operate in a way that is more thoughtful of our use of natural resources, it saves money, time and physical space, and provides for improved workflow.” In addition to the environmental impact and cost savings of using less paper, fewer printer cartridges are necessary; mailing costs and related fuel consumption are also reduced.
The system is called Encompass 360, an internal imaging and document capture system, part of the loan origination software used by Fairway Independent’s Boston office. It allows documents to be sent to the borrower and faxed back directly to the company’s computer system. They are then easily saved in a client’s electronic folder and safely emailed to the underwriter. The only documents that are printed are those needing an original signature as required by law.
Matthew Shon, Fairway’s Senior Processing Lead, says that the company’s use of paper is reduced by about 80% overall. “Traditionally, a loan file might contain an average of 500 printed pages; we can get that down to about 100. Some of those printed pages we are required to shred, so we send them to a company that recycles the paper – two containers of shredded paper, and we’ve saved a tree.”
Why is this so important?
Trees absorb carbon in the atmosphere, yet cutting down trees contributes to carbon emissions as a result both of the machinery used in the process and the work of transporting them to a paper mill. Making paper at that mill consumes even more carbon, and then the paper is transported again, using more carbon-based fuel.
And consider this: the cost savings to a company by using fewer consumable products like paper, printer ink and electricity can be substantial. The savings generated from producing less waste can help a company to be more competitive.
So get started now. Print less. Recycle more. Turn over that note paper and write on the other side. We can all be inspired to take a pass on wasting paper, and find ourselves making a difference in the world.
About the Boston branch of Fairway Independent Mortgage
Located in heart of downtown, the Boston branch of Fairway Independent Mortgage provides financial solutions for professionals, their clients, individuals and families to assist in accomplishing their goals. The corporate umbrella that is Fairway Independent Mortgage provides the Boston branch with the systems and the culture to service their clients with the best and most current financial tools available. The company is a unique blend of personalized care and attention with the know-how and support of a larger, well established company
Not only is the company culture Green, but the mindset of employees within the corporation is one of care and compassion. Matt has truly discovered a home with these folks and since they are such an innovator in the industry, he can go to work every day knowing his Greenie wife will not cringe when he comes home!
Keep spreading the word Fairway that trees don’t have to suffer for a mortgage anymore. Hooray for saving trees, hooray for innovation!