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.
