Document Processing Systems Inc., Novi, Mich., is touting the implementation of what it terms the first fully paperless, electronic mortgage closing, using the patent-pending DPS eMortgage Studio system.The DPS eMortgage Studio was used by all parties -- the lender, the document the provider, the title company, the settlement agent, the notary, and the borrower -- to electronically create, execute, register, and store all documents for the settlement. "This process represents a giant leap forward in the way mortgage loans are settled," said DPS president Paul Rakowicz. The loan was originated by a DPS partner, 1st Advantage Mortgage LLC of Chicago. Immediately after the borrower, the notary, and the settlement agent electronically signed the documents, 1st Advantage registered the loan on the MERS eRegistry, making it immediately available on the secondary market. Because of the registration, the loan is the first truly uniform electronic note that can be bought and sold on the secondary mortgage market, DPS said. The company can be found on the Web at http://www.directdocs.com.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry