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Mortgage companies will be moving to a paperless system following regulatory pressure and consumer expectations for convenient and more efficient service.

Many companies are already taking steps towards eradicating costs, errors and delays as a result of old-fashioned paper. Many companies throughout a wide range of industries are offering paperless options to customers through the use of e-statements and online payment options.

Special consideration is needed, however, to deliver consumer disclosures in mortgages. Although major lenders, banks and credit unions are currently integrating technologies including e-docs, e-signatures and e-disclosures to help automate the mortgage process and improve customer satisfaction, it is imperative that all legal requirements would be met to reduce potential risks to customers.

Moving toward a paperless system would seem like a practical and logical first step for mortgage companies who are looking to offer e-mortgages. Taking into consideration that a paperless society is the way of the future with the rise of smart technology including tablets, smart phones – the digital age will most likely see new mortgages signed and processed electronically.