What Does Paperless Mean to You?
Does scanning paper files and emailing loan documents makes an office paperless?
Is collaborating with internal and external parties using an electronic loan folder a key component to making an office paperless?
Is an organization not considered paperless until it is doing a true eMortgage?
Is it true that to be a paperless solution, technology must provide the flexibility to work with paper, images and electronic documents?
Going paperless in the real world, especially a paper driven world (the mortgage industry) isn't always easy and pain free. But with the future home buying generation having technology, processes and information literally at their fingertips, paperless is the direction our industry is taking.
What is Driving Paperless?
The pressure to comply with industry regulations and standards is the greatest factor impacting eMortgage and paperless initiatives. Similarly, the growing focus on compliance has affected how organizations evaluate successes resulting from mortgage technology.
Paperless can be part of the solution. It allows us to create audit trails and transparency throughout the lifecycle of the mortgage process.
- 90% of people cited access to an audit trail as an important benefit of going paperless
- 88% consider how well a solution supports compliance for industry regulations as a n important paperless benefit.
Even though going paperless has it's pain points for the industry, but it also has it's solutions and benefits!
- Efficient origination and delivery process
- Empowers communication: information anytime, anywhere
- Business intelligence: best practices- continuous improvement, what gets measured, gets managed
- Data security: file security, physical security, secure consumer communication and role based security
- Regulatory compliance: audit trails, no missing documents and current
Nearly half of respondents, 43%, believe the mortgage industry will close more than half of all loans as an eMortgage within the next four years, up from 28% in 2011. Thirty six percent believe it will be within the next 5-7 years; 11% say it will be within the next 8-10 years; 10 percent say it will be within the next 10 years and 8% say that more than half of all loans closed will be as an eMortgage in 1-2 years from now.
Paperless is the answer for our industry right now and the more we head in that direction the easier it is going to be for our industry to stay on top of regulatory concerns, security and data concerns, customer service and business flow. Join IDS in the paperless revolution!