Measuring the cost of document follow-up

Document automation changes one part of processing cost. Measure the document work it takes over. The entire cost to originate is not the available saving.

Start with the hours

Choose a sample of files and record the time spent preparing requests, following up, reviewing responses, correcting errors and filing documents. Include the time used to resolve exceptions and check the software’s work.

Keep elapsed time in a separate column. A document waiting overnight can delay the file without using a processor’s whole evening. Turnaround and labor hours are different measures.

Compare similar work

Condition volume, income type, third-party involvement and borrower response time all change the work a file takes. Do not compare a simple automated file with a complex manual one.

Group similar files and use the same measurement period. Include files that do not close. Your team still spent time on them.

Include the service cost

To estimate labor cost, multiply the processing hours by your fully loaded hourly employment cost. Put the software or service fee, setup time and ongoing oversight on the other side of the comparison.

Label every assumption. Expected hours and time recorded on a completed file are different evidence.

Decide what the capacity is worth

Freed-up time may let the same team handle more files or spend longer on exceptions. It does not automatically cut payroll. Its value depends on your volume and what the team does with those hours.

Loandock handles document requests, follow-up, checks and filing inside your LOS, then marks conditions fulfilled. The product page explains pricing, and the results page shows individual file outcomes with their context.