Roughly 63% of lenders surveyed by Xerox
implemented new software in 2011 to handle paperless mortgages, up from 49% in 2010.
Nearly 37% said their companies currently have e-mortgage projects in production, testing for one, or will soon move aggressively to adopt the technology. Of those surveyed 78% believe half of all mortgages will be processed electronically in the next three to seven years.
"The results find that online collaboration across multiple players in the loan process is key to the paperless process," Xerox said.
Indeed, 96% of respondents said it was critical for lenders and underwriters to work in a single electronic loan folder in order to go paperless, up from 45% who said as much last year.
Even though 82% of those surveyed said an immediate return on investment was "important," only 56% said it was "very important." Respondents put more emphasis on the new software being able to integrate with an existing system, that it uses uniform industry standards and that it allows for collaboration.
Interestingly, the controversy
surrounding the Mortgage Electronic Registry Systems
, did little to sway those looking to move toward an e-mortgage platform. According to Xerox, 83% said recent news surrounding MERS did not impact their plans.
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