Mortgages going paperless
October, 2012
Homeowners and first-time home buyers will likely be catapulted into the 21st century when it comes to making their mortgage payments as paperless mortgages are on the way.
The recently released eighth annual Path to Paperless survey from Xerox revealed the 43 percent of lenders believe more than half of all home loans will be closed electronically in the next four years. This is a 28 percent increase from last year.
"If you look at the last couple of years there's been a lot of turmoil…you need to be accountable," said Nancy Alley, vice president and general manager for Xerox Mortgage Services. "The survey revealed [lenders] are under pressure to comply with standards."
Alley added that with mortgage laws and regulations moving toward more stringent lending standards, lenders are in greater need for an audit trail that will help in disclosures to borrowers.
Currently, 15- and 30-year fixed-rate mortgage averages are near record lows, indicating that now is the time to buy a house if that is an investment that you're interested in.
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