Storing Financial Files Digitally

Loan Origination Software | Paperless Document Management

In today’s world, storing financial information is important. When it comes to filing your taxes, keeping records safe for several years is critical. Mortgage loan processing is no different, with companies required to save records to support their transactions. This is where Atlos paperless loan processing can help. Before we discuss that, here’s information about how your clients can store information in a digital format.

mortgage software

When clients need to save their financial records, they have choices which have positives and negatives. Each client has different needs, so offering them this information will allow them to make intelligent choices for how they can store records.

Web-based storage

There are several web-based storage systems out there for consumer records storage. All have a subscription fee, with some systems offering a small amount of starter storage for free. Before using any service, customers should confirm that all records are encrypted by the storage service. Also keep in mind that files are only saved as long as the subscription fees are paid, so you must plan to be in a long-term relationship with the storage service to keep your records safe in the future.

USB flash drives

Flash drives are personal storage devices which are plugged into the USB port on a computer. The user can then back up digital information from the computer onto the drive. The devices are inexpensive and recent technology improvements in flash technology allows a lot of storage to be available on a very small device. The downsides include the fact that the user has to find somewhere secure to keep the drive so the information stored there is safe, and the user also has to manually backup the information each time they use the flash drive. Flash drives can also fail at any time, making the stored information unavailable. Therefore, it’s often recommended to back up the storage drive, thereby creating more work for the user.

External hard drives

External hard drives offer both greater space and speed than USB flash drives. They are a separate hard drive in an enclosed case which sits next to your computer with a cable connection. Backups can be automatic or scheduled. The same risks apply as with USB drives; they can be damaged, lost, or stolen.

CD-R and CD-W recordable disks

These disks resemble music CDs, if you remember those, but are used for data instead. They can be useful if you need to backup a few files, but to backup, an entire computer would take a lot of them. They also have a shelf life of perhaps a few years before they may become unreadable, and can be damaged or lost like other portable storage devices.

Network-attached hard drives

These drives are purchased from a vendor, then used to back up all computers on a network. They are probably too expensive for a casual computer user and can suffer from failures. Most network drives offer redundant backups to more than one hard drive, which helps save data but costs more.

If you handle digital loan processingloan documents safe and up-to-date. Contact Atlos today and give your loan documents a safe home into the future.