In an article written by Rick Triola and posted on MReport, Endorsing the eMortgage takes a look at why companies have not embraced the eMortgage process. Many have been waiting for the industry to update their out-of-date processes, but there seems to be something holding them back. This article gives a response as to why many of the concerns mentioned by those in the industry are unfounded and only seem to be blocking them from moving into the future of mortgage lending.
Everyone is aware of all the benefits the eMortgage could bring but there seems to be an imaginary hold-up. Some argue ambiguity of the law is holding them back, others argue outdated technology. These are not legitimate arguments, according to the article. The recent Digital Mortgage Conference proves the right technology is currently available, and we now have clear laws governing electronic real estate transactions in all 50 states.
It could be the investment lenders made in scanners and digital signing pads, thinking they were moving into the digital mortgage space. What they may not understand is that a true eMortgage is one that is paperless from end-to-end. These are currently being originated today, showing that it is possible. A demonstration at the Digital Mortgage Conference showed a notary verifying a signature 3,000 miles away and most of the required work completed within an eight-minute demo.
More are expected to adopt the eMortgage this year, with full adoption expected in five years.