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August 2010, Progress in Lending
Greg Smith: The Truth About Paperless Adoption
Xerox Mortgage Services released a survey on paperless processing technology adoption. What got most of the headlines was that 80% or so of respondents say it will take up to seven years for the industry to be 100% paperless. Are we as an industry that far behind?
Not really. Xerox vice president and general manager Greg Smith has the real facts. What are those facts? He shared them with PROGRESS in Lending Association.
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August 2010, National Mortgage News
50% E-Mortgages in a Couple of Years?
So-called paperless mortgages still have a long ways to go, but the number of people who believe they could be a few years away from a 50% penetration of the market has grown in the last two years, according to a survey on the topic that is done roughly every other year.
“The industry does see us getting closer,” Xerox Mortgage Services vice president Greg Smith told National Mortgage News. “The population is clearly seeing progress toward the e-mortgage adoption or believing that it's going to happen.”
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July 2010, Mortgage Technology
Xerox Mortgage Services Named in Top 50 Service Providers
Each year Mortgage Technology magazine names its Top 50 Service
Providers. Our four major criteria for inclusion of eligible vendors
and service providers on our list are customer satisfaction, functionality,
market share and viable revenue model. Demonstrating functional
value to lenders is our most important criterion. It is crucial
that the providers on our list have satisfied users and show the
ability to hold them by keeping those customers apace of the technology
deployed by competing lenders.
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July 2010, Housing Wire
Paperless Mortgage Industry Still Years Away: Xerox
According to a survey from Xerox Mortgage Services,
82% of respondents working in mortgage finance said it would take
three to seven years before the mortgage industry is processing
more than 50% of all loans electronically.
Xerox surveyed 50 professionals at different mortgage firms. Of those, 49% said
they have implemented paperless origination and underwriting. Of those surveyed,
69% said they were seeing an increase in electronic disclosures, up from 36%
in 2008.
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May 2010, National Mortgage Professional
Pieces of the P.I.e: Paper, Imaged and e-Documents
It’s no question that the mortgage industry is in a state of transition. To overcome the obstacles and survive market turmoil, lenders must face the realities of the market and evolve their processes to become as efficient and cost-effective as possible. In recent years, an increasing number of mortgage companies have committed to going “paperless.”
Companies are moving toward paperless offices at different speeds and are often working with a combination of paper, imaged and electronic documents—or “P.I.e.”
By having a holistic view of the entire mortgage loan process and a better understanding of each component of the P.I.e, organizations can streamline processes and ensure their outsourced partners will meet the demanding needs of the current market environment and make their operations as efficient as possible.
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April 2010, Mortgage Technology
E-Closings Will Be Common, Believe It Or Not
In total, 87% of 23 respondents think electronic closings will be common in five years. Adding fuel to this claim is news that Xerox Mortgage Services is up and ready with electronic vaulting capability and currently has over 35,000 e-notes already sitting in its e-vault. You can never have too many e-mortgage players in my opinion.
“We’re big believers that this is going to be the year for e-mortgages,” said Nancy Alley, vice president-product management at Xerox Mortgage Services. “We are holding over 35,000 e-notes for the industry right now. We’ve been vaulting them since 2009. We have full MERS integration. We’ve also successfully completed integration with Fannie Mae’s e-mortgage delivery system. We can support everything from selling, certify the loan and all the related servicing functions, all electronic.”
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April 2010, DS News
Xerox Looks to Accelerate Lenders' Adoption of Paperless Mortgages
While the ultimate benefit of moving mortgage originations into the electronic age is a streamlined process that saves time and resources and minimizes errors, the actual transition to a paperless environment can be cumbersome and costly.
Enter Xerox Corporation. The company says it can help the industry overcome the hurdles of eMortgage adoption with new on-demand services that require little set-up or upfront investment.
At the Mortgage Bankers Association’s National Technology in Mortgage Banking Conference this week, Xerox Mortgage Services, showcased eVault, a virtual repository of electronic loan documents that directly connects to the Mortgage Electronic Registration System (MERS).
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April 2010, HousingWire
Xerox Aims to Lead Originators into Paperless Mortgage World
The latest venture in mortgages for Xerox Corp. is a move to make the name synonymous with paperless electronic mortgage origination, according to the company.
The company is now focusing efforts on its eVault, an off-site digital storage repository for electronic loan documents, as a way to try to grab more market share in paperless origination. Currently the company holds more than 35,000 mortgages in the vault. The software-as-a-service (SaaS) is offered on a per-loan basis, which the company said makes it more affordable for originators with varying levels of loan volume.
The data storage demands of housing mortgage documents are not that great, approximately one megabyte of data per loan file. Xerox said its service integrates with the Mortgage Electronic Registration System (MERS) eRegistry platform as well as provides secure access to mortgage investors and servicers and meets standardized storage and security requirements.
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April 2010, Scotsman Guide
Get Smart About Collaboration
Adjust quickly to business changes with seamless information-sharing
With the first quarter of 2010 in the books, many mortgage-industry professionals would rather forget the turmoil of 2009. Not so fast.
Delinquencies plagued the residential mortgage market in ‘09, and many industry observers believe the problem will persist through this year. The shifting market dynamics of ‘09 also resulted in an unsustainable demand for mortgage modifications.
These challenges, however, taught us an import lesson: Collaboration -- from initiation and processing to closing and loan servicing – represents a critical component of a sustainable recovery. Our industry must embrace more-sophisticated processes to share and evaluate information to meet the demand for new loans and modifications while also adapting to market and regulatory changes.
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March 2010, Secondary Marketing Executive
Is Your Company Ready For E-Mortgage Solutions?
The mortgage industry is ready to leave chaos behind – the stress and pace of the past 24 months have been overwhelming as delinquencies and foreclosures plagued the country. This downturn has shed light on the need to continue to enhance and improve access, transparency, effectiveness and scale. Practical steps toward stability are a welcome and necessary breath of fresh air.
The problems have largely been traced back to a lack of information sharing and consideration – problems that can be addressed by embracing available technology. Brokers and lenders that evolve their loan processes to include collaborative mortgage document capabilities become more efficient and cost-effective. A hosted, online model helps companies manage paper overload and encourages communication among all parties involved.
Reprint courtesy of Secondary Marketing Executive
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January 2010, Inside Mortgage Profitability
Technology Still Driving Mortgage Evolution
Mortgage industry professionals are leaning more and more upon the latest technology
applications to streamline their workflow, enhance collaboration, facilitate regulatory
compliance, and otherwise take more advantage of “going paperless,” according to officials
at Xerox Mortgage Services.
The company recently surveyed 59 underwriters who use the company’s BlitzDocs
Collaboration Suite of products and found increasing use of e-mortgage solutions to write
more loans per day, speed delivery and improve communications.
“We’re trying to stay current with underwriters using our system at least to get some idea of what’s changing, what they like, what they do not like, and where they are deriving the benefit,” said Greg Smith, vice president and general manager of Xerox Mortgage Services. “Some of the newer things have to do with leveraging technology to do more.”
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