Less Paper in the Mortgage industry
Among the industries and business processes that are the ”least paperless”, Mortgage Processing certainly comes up near the top. Loan folders are made up of dozens of documents, or hundreds of pages that need to be printed, faxed or fedexed between the different players in this complex industry - this for a mix of legacy, convenience and legal constraints. Not very “green” or sustainable overall.
But that is changing. With Mortgage Document Collaboration Networks such as BlitzDocs, lenders, brokers and investors can circulate and share electronically the documents needed to underwrite, audit, collaborate, deliver and archive loan documents electronically. Some of these documents can be generated, transmitted, and remain electronic throughout their whole lifecycle.
Still, paper remained required for many documents because of legal compliance and signatures. But not anymore ! e-signature now allows these documents to remain electronic. See here a great coverage by Mortgage Technology of Xerox Mortgage Service’s recent announcement of the addition of e-Signature to simplify Loan processing.
Licensed through eSign Systems, a division of Wave Systems Corp., the electronic signature capabilities will help expand the BlitzDocs’ network of mortgage participants – giving users access to a larger pool of financial lending institutions and other service providers - but equally important will be the reduction paper consumption.
Now… I know i’m being pedantic and nit-picky, but in a world where Xerox have tried to “de-verb” itself (you copy a document on a Xerox machine, you do not “xerox” a document, should we be using “fedexed” as a verb?