A survey of mortgage industry professionals conducted by Atlanta-based Advectis[R] Inc. indicates there is significant support among executives for the concept of paperless mortgage processing.
Participants in Advectis' second annual survey identified the primary benefits of paperless processing as decreasing turnaround and processing time per loan, as well as cost reduction and improved service, according to Greg Smith, Advectis' president and chief executive.
"Our results indicate that the market is bullish on eMortgages, with an increasing amount of emphasis placed on the importance of collaboration," said Smith.
Enabling collaboration with other mortgage players was ranked very important or somewhat important by 85 percent of respondents--a 64 percent increase from responses to the same question in the company's 2004 survey.
Meanwhile, a significant percentage of respondents indicated they believe...