TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/152295
Feature Going Feature Is the mortgage industry truly ready to step away from paper in the daily workflow? By Roger Hull, VP of Genpact Mortgage Services T he e-mortgage has been "just around the corner" for more than a decade. In 1999, the Uniform Electronic Transactions Act (UETA) was a model law, establishing a basis for electronically signed, legally binding documents. The Electronic Signatures in Global and National Commerce Act (ESIGN) followed in the year 2000, and over the next few years, individual states enacted legislature enabling electronic transfer and execution of legal documents. The foundation was set for a mortgage workflow that needed no paper. Digital data files would drive the processing of the loan, and borrowers would electronically sign their documents. Lenders looking to save time and expense during the loan process would use eDocuments to eliminate paper printing, shipping, and storage. The digital foundation would remove the need for different departments to wait on the loan to move from station to station. Fourteen years later, and we're still chasing the dream of 22 | The M Report