By: Patrick Barnard for MortgageOrb, “Digital Mortgage: Lenders Must Focus on Security,” featuring an interview with Paul Wetzel of Mortgage Cadence
PERSON OF THE WEEK: The e-mortgage has been evolving for several years now and the mortgage industry is very close to achieving a true, end-to-end, fully digital mortgage process. Although some roadblocks remain, particularly with regard to the acceptance of e-notarization and e-notes, “hybrid” e-mortgages, where most of the process is digital, are now quite common.
However, there still is no standard approach to how lenders do e-mortgages, which is not a surprise when one considers all the different technologies that are used – plus the fact that each lender uses a slightly different process, depending on the type of mortgage being originated and other factors. Therefore, it is important to view the e-mortgage as constantly evolving – not something that’s set in stone. As regulations and market forces continue to re-shape the mortgage industry, the e-mortgage will, by design, reflect those changes.