NMP - February 2018 - 57

APERLESS a special focus on THE PURSUIT OF PAPERLESS a special focus on THE PUR

have to call in the government to
"help," I shivered like that
snowman when he saw Bumble
the Abominable Snow Monster.
Time to move on to ...
Loan processing
If you're on a paper hunt
through the modern mortgage
enterprise, your best chance of
bagging a big file is in the loan
processing department. This is
where our best systems bleed
out documents and where all of

the borrower's little snippets of
paper come home to roost. But
even here, we're making
progress.
Eric Wilson
has spent 25
years in the
mortgage
business.
Currently, he
serves as Senior
Vice President and Business
Leader for Mortgage at SLK
Global Solutions. He says this

industry has made significant
advancements in just the last five
to seven years.
"We went from an industry that
had paper everywhere, files
literally stacked up and auditors
always asking for the paper file,
to our systems today where
virtually all of our documents are
stored electronically," Wilson
said.
Wilson leads a team that
continued on page 58

57

NationalMortgageProfessional.com

n National Mortgage Professional Magazine n FEBRUARY 2018

with providing their supplemental
documents in an electronic
manner, and this is an area that
creates a lot of inefficiencies and
errors in the mortgage lending
process. Borrowers are not
comfortable using automated
verification tools that require
them to enter login and password
credentials. The privacy
arguments aside, it's just plain
inconvenient having to even look
up those credentials. So
complete automation of
verification data is still a ways
away both in terms of technology
and user adoption."
But Cook said this isn't always
a problem for his company's
clients.
"The mortgage process is
certainly much more paperless
than it used to be. Our system
has the ability to enable an
underwriter to fully approve a
loan without ever touching a
single piece of paper. But that
doesn't mean underwriters are
comfortable doing so. I would
guess that the majority of
underwriters still print out at least
skinny files and reference the
paper documents while they are
verifying information
electronically in our system."
But he says this doesn't
necessarily mean that
underwriters are "stubborn and
old school."
"We know there is a lot that we
can do from an innovation
standpoint to make it easier for
operations staff to transition
away from paper," Cook said.
"It's a two-way street and even
that probably won't make paper
completely disappear."
But, what will that take?
"The technology for a
completely paperless mortgage
process has existed for at least
20 years," said Cook. "The fact
that paper is still used speaks
more to the depth and breadth of
the mortgage lending process
itself. There are so many different
parties that are involved with the
process-originators, title
companies, insurance
companies, warehouse banks,
investors, servicers, etc.-that
getting everyone to agree to go
paperless and adopt a pure
digital format is extremely
difficult. Unless a major player,
like the GSEs or the actual
federal government, mandate an
all-electronic process, I believe
paper will always maintain a
'thread' in the industry."
When he suggested we might


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Table of Contents for the Digital Edition of NMP - February 2018

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