If you think you know digital mortgages, you’re probably wrong you know digital , you’re wrong ■ ■ ■
We’ve all seen the headlines: “Electronic mortgages are sweeping
the mortgage industry.” They first appeared around 2002 and then
again around 2008 right before everyone started discussing nothing
except defaults, foreclosures and mortgage regulations. What did they
tell us about electronic closings and digital mortgages back then?
Usually it was “We’re almost there.”
It feels like we’ve been discussing the electronic mortgage, or
e-mortgage, forever — but only in theory. In reality, far too many
mortgage professionals continue to perceive the digital transformation based on outdated information. The digital mortgage is here now.
It’s time to understand where we really are in the process. ■ ■ ■ ■
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By Mark McElroy
President and CEO