Paperless mortgages on the horizon

According to a survey by Xerox, lots of mortgage lenders are either implementing or preparing to implement some kind of electronic mortgage-processing system in the near future.

According to a survey by Xerox, lots of mortgage lenders are either implementing or preparing to implement some kind of electronic mortgage-processing system in the near future.

Here are some highlights; HousingWire has the details.

  • 63% of lenders implemented software in 2011 to handle paperless mortgages.
  • 49% did so in all of 2010.
  • 37% are on their way to implementing some kind of e-mortgage project — it’s either in testing, production, or otherwise actually in process
  • 78% believe at least half of all mortgages will be processed electronically in the next three to seven years
  • 75% said it was important that any e-mortgage solution work through the entire loan process
  • 73% said it was important that it integrates with existing systems
  • 65% said it was important that the system also accommodate paper-based applications

Click here for the whole story.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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