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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.
Document Services
Document Services: Organizing Workflow
In the good old days, mortgage originators took applications with a pencil and
then put the information on other pieces of paper.
These pieces of paper were put into a file folder, which made its way around the various stations of the office.
Sometimes that folder would get stuck under other folders, causing much consternation among office staff.
Enter modern technology. Documents are imaged and stored on computer hard drives. Instead of worrying about one
person hogging the folder, several people in different locations, including overseas, can work on the same file
at once.
Yet, there is still some resistance to progress. There is anecdotal evidence of people printing out the imaged
forms because they are used to looking at the hard copies.
The big question is whether the industry is close to seeing paperless mortgages used widely. In this Special Report,
read about an Advectis survey where a growing number of respondents believe e-mortgages will account for 50% of
all loans within five to seven years. Also read in this Special Report about the latest in technology being rolled
out by Capsilon FSG and MRG Document Technologies.
A term that mortgage originators will need to learn is "software as a service." Many of the newer product
offerings use this method of distribution rather than requiring that the software be kept on the users' hard drive.
This makes it easier for the program to be kept up-to-date.
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