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E-mortgage growth surging despite new regs

Half of all mortgages will close electronically in 7 years

E-mortgage growth surging despite new regs

A stunning 83% of mortgage professionals believe the mortgage industry will close more than half of all loans as an electronic mortgage within the next seven years, according to Xerox’s tenth annual Path to Paperless survey. That figure is up from 68% in 2013 and all the more impressive considering that survey participants also believe that new federal regulations and other compliance requirements affect more than 90% of all types of mortgage programs.

“What we’re seeing is continued industry support for paperless processes despite compliance pressures,” says Jamie Williamson, vice president, sales, Xerox Mortgage Services. “Our survey shows that companies are evaluating and implementing several paperless methods to extend electronic collaboration to all participants in the loan process.”

Almost 74% of respondents noted that their company is implementing new technologies, and e-signature and collaboration features were key criteria when evaluating offerings.

The survey also indicated other trends towards the paperless movement, including:

•           70% of respondents have paperless origination and underwriting in place, and 21% expect to have these capabilities by the year’s end;

•           20% of mortgage professionals experienced an increase in electronic closings;

•           Respondents named automated classification, workflow capabilities, and optical character recognition data capture as other important qualities in mortgage technology.

“While we continue to work with the industry to make the paperless world a reality, we have to be mindful and prepare for the next evolution, like mobility,” says Williamson. “Our survey found that 77% of respondents would like to use their mobile devices to complete transactions, but only 13% currently participate in the mobile initiative, and security risks came into question again.”

Survey respondents included a diverse group of mortgage professionals with backgrounds in loan origination, correspondent buying, and servicing.

John Ginovsky

John Ginovsky is a contributing editor of Banking Exchange and editor of the publication’s Tech Exchange e-newsletter. For more than two decades he’s written about the commercial banking industry, specializing in its technological side and how it relates to the actual business of banking. In addition to his weekly blogs—"Making Sense of It All"—he contributes fresh, original stories to each Tech Exchange issue based on personal interviews or exclusive contributed pieces. He previously was senior editor for Community Banker magazine (which merged into ABA Banking Journal) and for ABA Banking Journal and was managing editor and staff reporter for ABA’s Bankers News. Email him at [email protected]

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