Mortgage Technology
My colleague Judson Phillips has been attending the Mortgage Bankers Association National Technology in Mortgage Banking Conference & Expoand he found that companies are looking at speeding up loan processing with the use of paperless technologies. Judson wrote “On Monday, I participated in a panel session titled ‘Saving Time and Money with Paperless Lending Initiatives’ and it was evident from our discussion that a hybrid solution, one that combines paperless processing from paper-to-image documents and computer generated e-documents, is the best way to create a streamlined process resulting in faster loan turn around times and reduced costs. To achieve the best results, a web-based electronic loan folder, serving as a single repository would be the optimal way to securely enable mortgage participants to collaborate throughout the loan process. One panelist discussed the challenges of attempting to develop this solution with internal IT resources. He emphasized to the advantages of selecting a proven, software as a service (SaaS) solution to support paperless projects. In addition Xerox Mortgage Services recently conducted a survey to check the mortgage industry’s pulse on moves towards paperless and e-mortgage processes and our results mimic what I observed at the show. More than 50%of the respondents said that a key attribute of mortgage technology solutions is one that enables collaboration. When asked about the benefits of paperless technology respondents identified reducing costs and improving service though streamlined processes as most important. We’ll keep doing our part by listening to the mortgage industry and continue to supply it with the technology it needs to needs to succeed and grow. “
