Digital Loan Processing on Horizon

These were the findings from The Path to Paperless survey recently announced by Advectis Inc.

The survey of over 50 corporate mortgage heads about their plans to move their organization toward paperless mortgage processing represented “a strong cross-section of the executive team,” including general/executive management, information technology, underwriting/loan processing and production/sales executives, Advectis said.

About 45 percent of the executives reportedly believe the mortgage industry will be processing more than 50 percent of all loans as an e-mortgage, or totally paperless, in four years or less.

“Our results indicate that the market is bullish on e-mortgages, with an increasing amount of emphasis placed on the importance of collaboration,” said Advectis President and Chief Executive Greg Smith in a written statement. “As companies get more aggressive about technology, we expect to see the streamlining of loan processing continue to accelerate, as well as in the way the different parties work together.”

Enabling collaboration with other mortgage players was ranked very important or somewhat important by 85 percent of the executives — up 64 percent from last year’s responses to this question.

Most company representatives — 59% — overwhelmingly said it was important to integrate new technologies into the systems they currently use, Advectis reported. Additionally, almost half of the respondents preferred to use technology that uses a standard approved by the Mortgage Bankers Association or the Mortgage Industry Standards and Maintenance Organization.

The primary benefits of paperless processing, as reportedly identified by the executives, were decreasing turnaround and processing time per loan, cost reduction and improved service.

The survey also found that 80% of organizations believe they will adopt e-mortgage solutions earlier than most.