|Xerox Mortgage Services Survey Finds Online Collaboration is Key to Paperless Mortgage Adoption
|September 22, 2011
|ATLANTA -- If paperless mortgages are to become the norm rather than the exception, then everyone – from the underwriters to the attorneys – will need to get on board with the process, according to a new survey by Xerox Mortgage Services. |
According to the seventh annual Path to Paperless survey, mortgage professionals think online collaboration across the multiple players in the loan process is a key component of a paperless process. This emphasis on collaboration has more than doubled in the last year, with 96 percent of survey respondents (up from 45 percent in 2010) indicating that working together through an electronic loan folder is critical to achieving a paperless mortgage environment.
The survey also showed a nearly 15 percent increase in the number of respondents who have implemented components of an eMortgage:
There's traction in the industry's path to achieving a true eMortgage, evidenced by the growing need to extend electronic collaboration to all participants in the loan process," said Nancy Alley, general manager, Xerox Mortgage Services.
- 61 percent are using paperless origination and underwriting;
- 61 percent are electronically delivering closed loan folders to investors; and
- 39 percent are leveraging electronic acknowledgement and electronic signatures on disclosure documents.
The majority of respondents indicated that the uncertainty around MERS and GSEs will not impact their eMortgage initiatives.
Complete survey results are available online at www.xerox-xms.com and at Xerox Mortgage Services' booth, No. 315, at the MBA's 98th Annual Convention and Expo from October 9-12.
Xerox Mortgage Services will host a Tweetjam via @ServicesatXerox using #MortgageJam for a dialogue on pressing industry issues on October 6 at 1 p.m. ET.
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