MBA NewsLink recently posed questions to Brent Chandler, founder and CEO of FormFree Holdings Corp., Athens, Ga.
MBA NEWSLINK: We’ve been talking about the paperless mortgage for more than 20 years. Are we finally there?
BRENT CHANDLER: While the adoption rate for both mobile and online banking is rising, paperless lending is not yet the norm. Banking resources are being tied up with regulatory compliance issues, so there’s not a lot of money left to invest in paperless technology or to train staff. I think we will continue to see growth in paperless mortgages but it will take quite a while before it becomes this standard operating procedure.
Having said that, it’s important to understand that paperless is the only way to achieve the kind of security investors in the secondary market need. There are tools today tool that utilize data obtained directly from the source, which makes it impossible to forge or fabricate the data needed to make a sound and compliant lending decision.
The full Q&A originally appeared in MBA Newslink.
