As the industry moves further and further toward eMortgage and paperless initiatives, a new survey from ""Xerox"":http://www.xerox.com shows compliance demands are having the greatest impact in the shift to technology-powered solutions.[IMAGE]
Xerox released Wednesday the findings of its ninth annual ""Path to Paperless"" survey, in which the company polls mortgage professionals involved in all aspects of the industry on their eMortgage plans and predictions.
According to the findings, 88 percent of respondents cited ""pressure to comply with industry regulations and standards"" as the greatest impetus behind their paperless initiatives as automated processes become more relevant.
Looking ahead to compliance demands, 63 percent of professionals noted having electronic document solutions [COLUMN_BREAK]
already in place, an increase from 55 percent in 2012--indicating an increased commitment to adopting paperless technologies in the near term.
On the other hand, enthusiasm for eMortgages has waned, with 68 percent of respondents saying they think the mortgage industry will close more than half of all loans as an eMortgage within the next seven years--down from 79 percent in last year's survey.
Part of that decline may stem from the number of challenges facing those who depend on various technologies for their business. In the survey, 74 percent of professionals said the lack of eSignatures acceptance on HUD origination has hindered their paperless plans; the same number said their plans have been affected due to limited acceptance of eNotes from the secondary market.
However, just because interest has wavered doesn't mean there isn't some demand, says Ken Marlin, VP and general manager for ""Xerox Mortgage Services"":http://www.xerox-xms.com/.
""In fact, 82 percent of respondents experienced an increase in eDisclosures and 32 percent noted an increase in eClosings,"" Marlin noted.
No matter their take on the current technological challenges, the vast majority--97 percent--of respondents agreed that online collaboration between internal and external participants in the loan process ""is a key component of making an office paperless.""