25 years doing this and have NEVER printed in color. Not even when I have to take a photo of their ID or (prefer) they e-mail me one that I print to include w/pkg. Truth be told, I can't--as my printer only prints in black. As long as we're talking saving $, set your dpi as low as you can go.
Mine will go down to 300 dpi and you can NOT see the difference in the docs when using the default 600 dpi. I also print the borrower's copy in 300 dpi/economode. It is lighter, but VERY legible and on the rare occasions when I need to swap out a screwup for a fresh one from the b's copy... the difference is barely noticeable and I've never had a Lender/TC complain.