Scott K. Stucky, chief operating officer, recently wrote an article for BankNews.com focusing on the industry shift to an electronic mortgage process. Mr. Stucky identifies best practices for banks as they adopt processes in order to seamlessly transition from a static workflow to a streamlined digital workflow.
As banks embrace digital channels – online and mobile banking, remote deposit capture, person-to-person (P2P) payments and many others – the opportunity exists to also transition other services to digital workflows to increase efficiency, lower costs and improve customer experiences. One of the areas ripest for a digital makeover is in moving to electronic document management for mortgage loans.
The benefits of digital mortgages are profuse – less paper, quicker closing times, enhanced digital tracking and easier file storage, just to begin the list. Over the past few years, innovations such as electronic file vaults, e-signature support and Web-based loan origination systems (LOS), have brought the paperless mortgage process one step closer to a mainstream best practice. For many banks, however, the concept of moving to paperless mortgages might seem overwhelming. The good news is the digital loan document processes can be implemented in stages, with each new stage adding more efficiency and cost-effectiveness.
Read Scott Stucky’s full article, The Road to an Electronic Mortgage Process at BankNews.com