76% of all originators use a paper-based process.
Even with all the talk and technology that is centered around paperless processing, over three-quarters of today’s mortgages continue to be done with paper.
When you consider the complicated nature of physically processing mortgages combined with the human error that has the potential to occur at so many points in the process, paperless processing within a digitally secure format seems like a logical solution. So why isn’t paperless processing catching on?
Sources from the field indicate that too many uncertainties still remain with paperless processing. The following elements are generally regarded as critical elements in a paperless processing system:
1) Document Capture and Classification
2) Content Management, Version Control and Editing
3) Workflow, Document Review Processes and Rights Management
While many of the current solutions available today may cover parts of the groupings above, no one solution covers them all.
To learn more about our assessment of paperless processing, download our free report: The Push for Paperless Processing. How to make a smart transition today, to a system with long-range benefits.