Connecticut industry appointments update - 5/15/2007 – NMP Skip to main content

Connecticut industry appointments update - 5/15/2007

National Mortgage Professional
May 14, 2007

Advectis survey examines trends in paperless processingMortgagePress.complans to implementation, key requirements, paperless technology Cost, service and reduced turnaround time highlight study Advectis Inc., a provider of electronic mortgage document collaboration solutions, has announced the results of its third annual "Path to Paperless" survey. The Advectis-sponsored study examined trends in paperless mortgage loan processing, including plans to implement paperless solutions, key requirements of paperless technology and desired benefits. Mortgage industry executives were asked about the key attributes of evaluating mortgage technology. Seventy percent responded that it is very important that the technology integrates with existing systems and 64 percent said it is very important to have a Web-based solution. Fifty-six percent said it is very important for the technology to enable collaboration with other mortgage players, an equal number (56 percent) said the solution should work during the entire loan processing lifecycle, and 53 percent said it is very important that the solution incorporate industry standards, such as the Mortgage Industry Standards Maintenance Organization (MISMO). When asked, "What is a critical component of going paperless?," 92 percent said using document images in the underwriting process. Survey participants also found the following to be the most important benefits of going paperless: -Decrease processing cost per loan (78 percent) -Decrease turnaround and processing time per loan (75 percent) -Decrease overall costs of entire loan lifecycle (73 percent) -Offer better service (69 percent) When asked how fast their organization will adopt e-mortgage capabilities, nearly two-thirds (63 percent) said they are either early adopters or part of the early majority. More than half of the participants (59 percent) also said it will take five or more years for the mortgage industry to process more than 50 percent of all loans as a true e-mortgage or totally paperless. This is up from the 55 percent in the 2005 survey and 40 percent in the 2004 survey. "Our research indicates that integration, Web-based technology and true electronic collaboration are vital components toward developing a paperless solution," said Greg Smith, president and CEO of Advectis. "Service, cost and competition for loans will continue to drive paperless solution adoption." For more information, visit www.advectis.com.
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