Title Co. Transitions to ‘Less-Paper’ Offices
by July 13, 2009 12:00 am 59 views
Anyone who’s bought a home will understand — there are hundreds of pages of documents to sign and file, everything from title insurance to termite inspection papers. Title companies generate a good portion of that, not just for clients, but also to retain for their own records.
In late 2006, executives of WACO Title Co., Northwest Arkansas’ largest title company, realized they had more than 3,000 boxes of paper documenting decades of title and escrow closings. They estimated those boxes to translate into about 37 tons of paper being stored offsite at a commercial document storage facility.
The company had started to generate many of the documents it uses electronically, but would end up printing them out only to scan them in again.
“We were chasing our own tail,” said Matt Kendall, chief operating officer.
In 2007 the team set out to reduce the company’s dependence on paper. “The paperless office is a misconception,” Kendall said. “I call it the ‘less-paper,’ more efficient office.”
To conserve, WACO implemented use of scanners and software, and installed dual-monitor computers in its paper intensive departments, so associates can pull up e-documents on one and type in another. The company now offers closing customers the option between paper copies or a burned compact disc. In 2007, 68 percent of the customers requested the CD. Many documents not requiring a “wet ink” signature can use e-signatures.
Since paper copies are extremely inefficient, WACO keeps e-copies of the documents for its files and has begun to scan and destroy old documents. Patrick Curry, accounting controller, said the company has since shredded close to 18 tons of paper files, which has resulted in savings of about $10,000 per year in storage costs. The company’s insurance premium to cover the paper was also reduced.
WACO has also installed check scanners at many locations, which means trips to the bank for deposits have largely been eliminated. Curry estimates the company now saves $3,000 per year in specialty paper and ink for deposits, not to mention 58 miles of employee drive time per day. That’s 15,080 miles per year and a reduction of more than 500 gallons of fuel consumption.