Lenders E-xpectant for E-Mortgages

by Chicago Agent

A new survey by Xerox suggests that e-mortgages are making in-roads with Realtors.

A new survey by Xerox on real estate and technology yielded interesting data about the industry, particularly for the e-mortgage market.

Sixty-three percent of the lenders surveyed by Xerox used paperless mortgage software in 2011, an increase of 14 percent from 2010. In addition, 37 percent of the companies surveyed said they were either exploring e-mortgage technology or soon adopting it, and 78 percent believed that half of all mortgages would be paperless within the next three to seven years.

The survey results also suggest a level of adaptation for lenders and how they use the software collectively.

“The results find that online collaboration across multiple players in the loan process is key to the paperless process,” Xerox said.

For instance, in 2010, just 45 percent of respondents said it was important for lenders and underwriters to use the same electronic folders for transactions. In 2011, that number has risen to an incredible 96 percent, suggesting some trial and error accompanied the influx of paperless mortgages.

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