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...roughly means adding automation and cutting back paper-based processes, would add efficiency and allow for easier application verification and faster approvals. "The timeline is a little industry joke," Larson admits. "But it doesn't mean we aren't making progress, chipping away at inefficiencies."
DocuTech is of several vendors, which, along with bankers and other mortgage lenders, belong to MISMO. The acronym stands for Mortgage Industry Standards Maintenance Organization, which has been testing individual technologies and, in effect, has been on the verge of bringing electronic home loans to the masses but for the interruptions of boom times and normal business distractions, and, more recently, the impact of the subprime shutdown. As of this writing, MISMO members were set to announce progress around items like a smart document, which would allow for easier data verification.
With the market in its current more cautious condition, the business drivers may be aligned toward pushing electronic processing onto the fast track--if participants can agree on what the ideal process would look like, that is. "There is some confusion as to what e-mortgage means in process terms," says Larson.
"Some view it as capturing paper as quickly as possible...
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