Business guru blogs about the latest in green biz.
Mortgage lender goes paperless
Lend America has transitioned to a 100 percent paperless loan origination process.
Wed, Feb 25, 2009 at 05:58 PM
If you are one of the millions of homeowners in the United States, you know that there are stacks and stacks of paperwork that must be signed during the mortgage loan process. Many lenders have automated several of these steps into an electronic format, but Lend America has recently converted the entire loan origination process to a 100 percent paperless, automated process.
“Lend America launched its automated paperless platform in early February 2009, and today all of the Company's loan originations from entry into the organization to closing are conducted as a paperless transaction. Utilizing key technologies, this fully integrated collaborative solution allows borrowers to e-sign disclosure documents via a secure portal and/or submits the documents required for their loan.” Source: PR Newswire
I have only purchased two homes in my lifetime but each time, there were hundreds of pieces of paper – usually legal size. There wasn’t just one copy of all of these documents, however, there were usually two or sometimes even more. It is truly wasteful and these stacks of paper take up precious space.
With the electronic loan origination process, any representative at any of the offices can access the information. This allows customers to inquire about the status of their loan with any of the Lend America employees instead of trying to get in touch with one specific representative.
The opinions expressed by MNN Bloggers and those providing comments are theirs alone, and do not reflect the opinions of MNN.com. While we have reviewed their content to make sure it complies with our Terms and Conditions, MNN is not responsible for the accuracy of any of their information.