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Advectis Paperless Mortgage Processing Survey Yields Insight
Results reveal level of readiness; cost reduction, service key attractions
ATLANTA, November 15, 2005 – Advectis®, Inc., the provider
of the most widely-used solution for electronic mortgage document
collaboration, announced the company’s survey results regarding
the preparedness of the mortgage industry for future paperless mortgage
processing.
This is the second year the company has conducted a survey
of mortgage industry professionals on the topic of paperless
mortgage processing.
Mortgage industry executives were asked about their plans
to move their organization toward paperless processing.
When asked about their adoption of paperless technology, most company
representatives
overwhelming said it was important to integrate new technologies
into the systems they currently use. Almost half of the respondents
said they preferred to use technology that uses a standard
approved
by the Mortgage Bankers Association (MBA) or the Mortgage Industry
Standards and Maintenance Organization (MISMO).
Participants identified the primary benefits of paperless
processing as decreasing turnaround and processing time
per loan, cost
reduction and improved service. 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 this question
in the 2004 survey. A significant percentage of respondents
indicated they believe the mortgage industry will be processing
more than 50
percent of all loans as an e-mortgage, or totally paperless,
in four years or less.
"Our results indicate that the market is bullish on e-mortgages,
with an increasing amount of emphasis placed on the importance
of collaboration," said Greg Smith, president and CEO of
Advectis. "At
Advectis, we’re committed to providing the mortgage industry
with the most powerful collaborative document network for
mortgage participants to perform paperless loan processing.
As companies get
more aggressive about technology, we expect to see the streamlining
of loan processing continue to accelerate, as well as in
the way the different parties work together."
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