Industry NewsTechnology

Moving to e-mortgages

Part 3: Paperless real estate transaction coming soon
Published on Dec 2, 2004

Editor's note: The paperless real estate transaction is back in vogue. Big companies, trade groups and entrepreneurs are investing in technology platforms, back-end systems and software to automate the home sale. This three-part series looks at new technologies that are streamlining various parts of the real estate process, making it less cumbersome, costly and time consuming. (See Part 1: Innovations in streamlined home sales and Part 2: Paperless Realtor free to roam.) A Naval officer stationed on a submarine in the middle of the Pacific Ocean could apply for and close a real estate loan without leaving his post by using a paperless mortgage process. The Navy Federal Credit Union had that scenario in mind when it decided to create a paperless mortgage transaction. With so many of its members on active military duty, the Washington, D.C.-area-based lender couldn't deny its members mortgages just because they are stationed in a remote place where it's difficult to rec...

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