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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.
Electronic Documents, Paperless Loans
So Close, Yet So Far
Look, out in the distance! There it is, electronic documents and the paperless
mortgage. We can see it, but we just can't put our arms around it. The old cliché, so close, yet so far,
is true when it comes to this part of the mortgage origination function.
New laws have made it much easier to do paperless transactions, yet there are
so many items involved and agreements to be made among parties in the mortgage process before a true paperless
loan can be originated.
In this Special Report, read about a symbolic but very important first step. The
Mortgage Bankers Association has voted to endorse the adoption by the industry of residential and commercial electronic
mortgages.
A primary reason for supporting the use of e-docs and paperless mortgages is the
environment. A Colorado title company is urging its Realtor customers to "close green." It is helping
the process along by giving away saplings to home sellers and buyers. Technology is enabling the process. The title
company, Land Title Guarantee, said it could not start its program without the capability to image documents.
More access to broadband is what is enabling originators to go paperless, said
Joe Machado, chief executive of E-OPS Loan Processing.
The ultimate goal, a truly paperless origination process, is not yet in view.
But these baby steps will take the industry there.
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