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Advectis Third Annual Survey Examines Trends in Paperless Processing
Cost, service and reduced turn-time are key benefits of going paperless
ATLANTA, Jan. 8, 2007 - Advectis®, Inc., provider of the most widely-used solution for electronic mortgage document collaboration, announced the results of its third annual Path to Paperless survey. The Advectis-sponsored study examines trends in paperless mortgage loan processing, including plans to implement paperless solutions, key requirements of paperless technology and desired benefits.
Mortgage industry executives were asked about key attributes of evaluating mortgage technology. Seventy percent responded that it is very important that the technology integrates with existing systems and 64 percent said it is very important to have a Web-based solution. Fifty-six percent said it is very important for the technology to enable collaboration with other mortgage players, an equal number (56 percent) said the solution should work during the entire loan processing lifecycle and 53 percent said it is very important that the solution incorporate industry standards, such as MISMO®.
When asked, "What is a critical component of going paperless? " 92 percent said using document images in the underwriting process. Survey participants also found the following to be the most important benefits of going paperless:
- Decrease processing cost per loan (78 percent)
- Decrease turnaround and processing time per loan (75 percent)
- Decrease overall costs of entire loan lifecycle (73 percent)
- Offer better service (69 percent)
When asked how fast their organization will adopt e-mortgage capabilities, nearly two-thirds (63 percent) said they are either early adopters or part of the early majority. More than half of participants (59 percent) also said it will take five or more years for the mortgage industry to process more than 50 percent of all loans as a true e-mortgage or totally paperless. This is up from the 55 percent in the 2005 survey and 40 percent in the 2004 survey.
"Our research indicates that integration, Web-based technology and true electronic collaboration are vital components toward developing a paperless solution," said Greg Smith, president and CEO of Advectis. "Service, cost and competition for loans will continue to drive paperless solution adoption. As companies expand their use of paperless technology and the industry evolves toward a paperless e-mortgage, Advectis is poised for continued growth as it delivers these industry needs."
To request a copy of the full Path to Paperless survey report, visit www.advectis.com.
About Advectis, Inc.
Advectis, Inc. provides the mortgage industry’s most widely-used solution for electronic document collaboration. The Web-based BlitzDocs Collaboration Suite provides access to the BlitzDocs collaborative electronic document network where participants capture, submit, underwrite, audit, share, deliver and archive loan documents. BlitzDocs customers benefit from a network with more than 20,000 broker shops, the top seven mortgage insurance companies and three of the top due diligence providers. Collectively, BlitzDocs investor participants represent more than 50 percent of loans purchased in the secondary market. For more information call (877) 200-8700 or visit www.advectis.com.
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