NMP - February 2018 - 69

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

for the perseveration of the
environment by doing away
with the use of paper.
Countless trees are
slaughtered every year in
manufacturing paper and
going paperless is an
environment friendly way of
processing loans while
conserving the Earth's natural
green cover.
Given the fact that the
technology has yet a long way to

go before it fully matures, experts
have major security concerns
associated with digitalization of
mortgage processing. However,
given its immense benefits

associated with greater
efficiency, reduced costs and
more, the eMortgage is a
technology that is worth looking
forward to.

Peter Pescatore is Chief Operating Officer of Jet Direct
Mortgage and has seen speed, efficiency, and loan
closing volume skyrocket at Jet Direct over the past
number of years. In addition to key procedure, operations,
and personnel improvements; Pescatore attributes a
significant reason for this additional uptick in productivity
to Jet Direct's commitment to going paperless.

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69

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compelling advantages of
the paperless mortgage is
that it can effectively reduce
the time taken across all the
various steps right from the
filling out of the application
to the approval, processing
and the disbursal of the
loan. In a trial run of the
eMortgage that was carried
out back in 2016 in
Massachusetts, it was found
that going paperless helped
speed up the entire
mortgage process by more
than 10 days as opposed to
the standard mortgage
processing that may take up
to 16 days. The paperless
mortgages or eMortgage
processing can be
completed within an
impressive three days!
Needless to say, this would
save a lot of time for all the
parties involved and make
taking out a mortgage a
lesser cumbersome process.
l Attract the Millennial
generation: With a majority
of the Millennial generation
already reaching a mature
working age, it is not a
wonder that it represents
the largest group of
homebuyers that regularly
invest in the real estate
market. That being said, the
lending institutions are
required to adopt efficient
technologies in order to
appeal to this generation of
the digital age. As such, the
eMortgage or paperless
mortgage is one of the best
technologies in the industry
that have the power to
attract more homebuyers
towards lenders that have
such solutions integrated
within their loan processing
systems. Having spent a
majority of their adulthood
ordering food online and
making payments through
Internet banking, Millennials
are bound to find the
traditional mortgages both
tedious and unnecessarily
time taking. As such, by
promising great customer
service, secure processing
and lightning-fast approvals,
the eMortgage is more than
likely to lure them into the
real estate market and help
proliferate the housing
industry.
l Going green: Another great
advantage of eMortgage is
the fact that it duly accounts

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

Contents
NMP - February 2018 - Cover1
NMP - February 2018 - Cover2
NMP - February 2018 - 1
NMP - February 2018 - Contents
NMP - February 2018 - 3
NMP - February 2018 - 4
NMP - February 2018 - 5
NMP - February 2018 - 6
NMP - February 2018 - 7
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NMP - February 2018 - Cover3
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