2. Electronic loan delivery

Electronic delivery of mortgage-loan documents to the secondary market has become essential to remain competitive. Electronic loan delivery can bring the industry to its optimal state of paperless processing while gaining the greatest benefits for users. Leading industry participants are already using this model with success, including increased workflow efficiency, faster stipulation resolution, faster turnaround times, reduced warehouse-funding costs and increased return on investment (ROI).

Electronic loan delivery provides many advantages over paper-based delivery -- the most obvious being reduction of the paper glut associated with day-to-day loan processing and delivery. Most important, it can shorten delivery and settlement periods, allowing secondary-marketing managers to sell and trade loans more quickly, while returning funds to the seller to fund new loans.

Electronic delivery and transmission of loan documents can occur via physical transmission, e-mail transmission, point-to-point Web-based delivery or through a collaborative-document network. Each uses a number of media and transmission methods. The common denominator is that electronic loan delivery is impossible without image-based loan documentation or intelligent documents.

3. Imaging beyond archiving

Using document images instead of paper for underwriting and loan delivery is a critical component of going paperless. Many organizations use image-based solutions to archive the mountains of paper-loan folders. Companies, however, are using image-based technology for more than just document-archiving.

For instance, image-based loan files are now used in electronic loan processing, underwriting, post-closing, due diligence and investor delivery. And when used, image-based efforts are found to reduce loan-processing costs and turnaround times and to increase workflow efficiency significantly.

As imaging continues to increase in importance, the idea of using images beyond archiving also will increase. Image-based loan documentation will be a core technological piece to further the new trend of electronic collaboration.

4. Intelligent documents

Leading brokers and lenders are rapidly moving toward intelligent documents, which further streamline and simplify mortgage processes.

File formats, such as Adobe's portable document format (PDF) and the Mortgage Industry Standard Maintenance Organization's SMARTDocs, will become more mainstream as mortgage vendors continue to adopt these solutions.

Although many mortgage professionals believe that a true e-mortgage system is years away, organizations not yet adopting intelligent documents should begin exploring available technology. Consider a smart, hybrid approach. Every organization should ensure its technology investments today can evolve, seamlessly and cost-effectively, to remain a long-term competitor.

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