Debunking eMortgage myths: the full adoption of eMortgages is inevitable. Current myths about the obstacles to that adoption won't make the outcome otherwise.
Mortgage Banking › Vol. 67 Nbr. 6, March 2007 ›
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Debunking eMortgage myths: the full adoption of eMortgages is inevitable. Current myths about the obstacles to that adoption won't make the outcome otherwise.
The effort to achieve the industrywide adoption of eMortgage has rolled on for nearly eight years now. As an early member of MISMO[R] and the eMortgage Alliance, an activist for electronic mortgages and a business owner who discusses this topic daily with leading financial institutions, I am asked frequently to comment on the current status and the many myths surrounding eMortgage development and adoption. [??] Over the last two years, the mortgage industry has made significant strides in aligning itself for meaningful eMortgage adoption. Yet, we have not yet seen this technology universally embraced and applied. [??] The inescapable truth is that eMortgages will eventually be standard operating procedure. The questions of what, how and when have yet to be answered. There are also many myths that need to be exposed. [??] The following are some of these myths, and insightful comments from industry leaders about the current status and future of eMortgages.
Myth No. 1: There is one universally accepted definition of eMortgage. One of the major obstacles standing in the way of electronic mortgage adoption has been that the mere definition of an eMortgage varies from day to day and from company to company. Take, for exa...See the full content of this document
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