Almost nine out of every 10 mortgage lenders who responded to the survey said pressure to comply with industry regulations and standards is hurting their ability to adopt a paperless environment.
Still, 63% of the respondents said they have an electronic document solution already in place in this year’s Path to Paperless survey, up from 55% in last year’s survey.
On the other hand, 68% said they believe more than half of all closings within the next seven years would be an e-mortgage, down from 79% in the 2012 survey.
But the era of the paperless mortgage is upon us and its acceptance will be helped by the mandates of the Consumer Financial Protection Bureau, Tim Anderson of DocMagic said in a recent interview with National Mortgage News editor Mark Fogarty.
For 78% of the respondents to the Xerox survey, the uncertain future of the government-sponsored enterprises has not affected their e-mortgage plans. But three-quarters of respondents said their e-mortgage plans have been affected by the limited acceptance of e-notes by the secondary market. And, a similar percentage of respondents said the fact that the Department of Housing and Urban Development will not accept e-signatures has hindered their paperless mortgage note plans.