A Paperless Future for Your Florida Home Loan

As previously reported on this site, paperless transactions are slowly becoming the norm in the mortgage world. The Ease of integration with existing loan technology systems is among industry executives’ most important considerations when looking to adopt paperless technology, according to a new industry survey. Over the next four years, the adoption of these faxless options should take off even more.

Based on Advectis’ second annual survey on paperless mortgage processing, insiders were asked about their plans to move their organization toward this sort of technology. Most company representatives said it was important to integrate new technologies into the systems they currently use. Almost half of the respondents said they preferred to use technology approved by the Mortgage Bankers Association or the Mortgage Industry Standards and Maintenance Organization (MISMO).

Enabling collaboration with other mortgage players was ranked very important, or somewhat important, by 85% of respondents, a 64% increase from responses to this question in last year’s survey.

A significant percentage of respondents indicated they believe the mortgage industry will be processing more than 50% of all loans as an e-mortgage, or completely paperless, in four years or less.

“Our results indicate that the market is bullish on e-mortgages, with an increasing amount of emphasis placed on the importance of collaboration,” said Greg Smith, president and CEO of Advectis.

Advectis provides a Web-based electronic document system, BlitzDocs Collaboration Suite, which enables all participants in the mortgage loan industry to capture, submit, organize, underwrite, audit, share and deliver loan documents electronically.

“As companies get more aggressive about technology, we expect to see the streamlining of loan processing continue to accelerate, as well as in the way the different parties work together,” Smith said.