by: Ruth Lee
MBA NewsLink “Survey: Industry Still 3-7 Years Away from Widespread eMortgage Use”
I think the article is interesting…but puts the onus on the tail to wag the dog. It doesn’t really matter what the originating lender wants or prefers…and being “paperless” is apples to oranges with advancing eMortgages – i.e. having a digital archive doesn’t have a thing to do with eMortgages per se. It is true… the industry is slowly becoming more comfortable with digital… and we see the slow cultural shift from the tactile security of paper. But more importantly the article misses the real impediment behind the advancement of eMortgages… that it is driven from the top down… not the bottom up. While Flagstar is miles ahead of the mainstream industry… until all the investors and/or the interim funder/warehouse lenders embrace eMortgages… they will still be primarily the exception rather than the norm.
