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Special Reports
In this section of BrokerUniverse we examine a subject of key importance
for mortgage originators every month, based on special reports that run in our sister publication, Origination News.
E-Documents
E-Documents: Click Mouse And Send
The paperless mortgage remains an elusive goal for the industry, years after the
concept was first discussed. However, great strides have been taken towards reducing the amount of paper needed
as a result of improving technology. Among the key developments is the vast acceptance of the Internet.
Until the Internet, proprietary software programs ruled the day. Each of these
programs was written in their own language and format, making it difficult to communicate with one another.
During this period, the industry tried to create an Electronic Data Interchange
standard, known as X.12, to facilitate the sharing of data and help move the process towards a paperless mortgage
forward.
But the Internet created a way for mortgage originators to move data around in
a common standard, paving the way for growth in electronic documents.
Therefore, today's mortgage originator just has to "click" the mouse
(or hit the "enter" key) to "send" packets of data that will populate the various forms needed
to originate a loan, starting at the 1003 and ending at the closing documents.
In this Special Report, read how Stewart Mortgage Information is working towards
a true paperless mortgage as well as having products available to work in a bundled services environment.
Home equity lines of credit are expected to be among the hot products during the
rising interest rate environment this year. Guardian Mortgage Documents and ARC Systems have teamed up to create
electronic documents that can be used by both novice and experienced HELOC originators.
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