Xerox Mortgage Services recently carried out a survey regarding adoption of paperless mortgage. A process needs to be in place if paperless mortgages are to be adopted by all. The underwriters to the attorney need to collaborate online with each if paperless mortgages are to become the norm.

The key component of a paperless process is online collaboration across the multiple players in the loan process. This was the response received from the mortgage professionals surveyed by the seventh annual Path to Paperless survey. In the last year, emphasis on online collaboration has increase more than twice. As compared to 45 percent of respondents in 2010, 96 percent of respondents this year feel online collaboration is important. According to respondents, a paperless mortgage environment can be achieved by working together through an electronic loan folder.

According to the survey, the number of respondents who have implemented components of an eMortgage has increased by nearly 15 percent. While paperless origination underwriting is being used by 61 percent of respondents, electronic acknowledgement and electronic signatures on disclosure documents are being leveraged by 39 percent of respondents. Closed loan folders are also being delivered electronically to investors by 61 percent of respondents.

In a release, Nancy Alley, general manager of Xerox Mortgage Services, said, “There’s traction in the industry’s path to achieving a true eMortgage, evidenced by the growing need to extend electronic collaboration to all participants in the loan process.”

According to the majority of the respondents, their eMortgage initiatives will not be impacted by the uncertainty around MERSGSEs.

A Tweetjam will be hosted by Xerox Mortgage Services on pressing industry issues. The Tweetjam will be hosted via @ServicesatXerox using #MortgageJama on October 6 at 1 pm ET.

The Xerox Corporation is a top global enterprise business process and document management company worth $22 billion. Xerox provides the essential back-office support through its broad portfolio of technology services. Clients can therefore focus on their real business.

Xerox has its headquarters in Norwalk, Conn. The top-edge document technology, services and software office printing environments of any size are provided by Xerox. Clients in over 160 countries are served by nearly 134,000 employees of Xerox.