Magazine article Mortgage Banking

Executive Support Growing for Paperless Mortgage Processing

Magazine article Mortgage Banking

Executive Support Growing for Paperless Mortgage Processing

Article excerpt

A survey of mortgage industry professionals conducted by Atlanta-based Advectis[R] Inc. indicates there is growing support among lending executives for the concept of paperless mortgage processing.

Participants in Advectis' third annual Path to Paperless survey identified the primary benefits of paperless processing as: decreased processing cost per loan, the decreased turnaround and processing time per loan, a reduction in costs, and better service.

According to Advectis, 92 percent of survey participants said they considered using document images in the underwriting process as a "critical component" of going paperless.

The Advectis-sponsored study examined trends in paperless mortgage loan processing, including plans to implement paperless solutions, key requirements of paperless technology and desired benefits. Mortgage industry executives were asked about key attributes of evaluating mortgage technology.

Seventy percent of executives responded it is very important that the technology integrates with existing systems, and 64 percent said it is very important to have a Web-based solution.

Fifty-six percent said it is very important for the technology to enable collaboration with other mortgage players, and an equal number--56 percent--said the solution should work during the entire loan processing lifecycle. …

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