7 Types of Documents and Files That Need to Be Backed Up
Whether you’re taking photos of houses on the market or your daughter’s dance recital, you should upload and back up photos that are on your mobile phone, tablet, and personal computer. You don’t want to lose the business opportunity or the precious memories.
If you’re only storing information about your work-related contacts directly on your phone or other digital device, you could lose all of it in the blink of an eye. Losing the phone at a sporting event, dropping it into a lake, experiencing a power outage, getting hacked, or shattering the screen into hundreds of pieces after it takes a tumble down the stairs may be all it takes to lose those contacts for good. Be sure to back up your contacts, and remember to include your vendors’ information as well.
A long time ago, you were advised not to save passwords in places where other people could find them. That’s still true, of course, but there are numerous apps and other online resources that remember your passwords for you. Today, you get the best of both worlds: easy access to passwords along with enhanced protection.
4. Financial Documents
Loan officers complete transactions involving large sums of money on a daily basis. A significant mistake could wreak havoc on the transaction, your business, or even your personal life. Along with day-to-day work, documents and files that need to be backed up include budgets and audits.
5. Records of Transactions
In addition to financial documents, you should organize and save all files and documents related to mortgage transactions. You should hold these documents for at least three years, many of which you may be required to have by law. The eFolder tool within Encompass is an excellent resource to use to organize digital mortgage files.
6. Employee and Payroll Documents
From their biweekly direct deposits and their W-2 forms to the date of their hire, each employee has multiple documents on file. Digital systems, apps, and other programs enable you to track, save, and organize this important paperwork.
7. Changes to your business
If you update your website, you will want to have a back up record of the old site for reference. It’s usually not something you can do on your own, so ask one of our mortgage technology consultants how to do it.
Other changes to your business you will want to save include general rebranding, name changes, tax-related code updates, and changes to your products and services. In other words, save the “original recipes” for reference, for legal reasons, and for sentimental value.
Evaluate your Options
Thanks to modern technology, plenty of apps are already available on the market to help you. However, each mortgage loan business has different requirements, employees, vendors, and borrowers. You may need customized solutions to fit your needs just right. Contact one of our technology consultants to learn more.