You generally have to take surveys conducted by tech companies with a grain of salt, given the mission of the research sponsors. But there were some findings in Xerox’s eighth annual “Path to Paperless” survey that are eye catching, since they reveal discernible anxiety about mortgage regulations that’s impacting the pace of innovation.
Xerox’s findings on the growth of automated closings demonstrates robust adoption. More than 43% of the lenders believe that more than half of all loans will be closed electronically within the next four years, up from 28% who believed that in 2011. More notable is the 90% of origination, underwriting, archiving, investing/funding and servicing professionals who cited access to an audit trail as an important benefit of going “paperless,” and the 88% who consider how well a “paper reducing” tech product supports compliance when shopping for a solution.