As the real estate and mortgage lending industries move toward paperless closings, headway is being made at both ends of the process. While many lenders now use sophisticated loan-origination systems, there's almost inevitably a stack of paperwork to contend with at closing. After closing, lenders conduct painstaking quality-assurance reviews, doublechecking mountains of documents to confirm they are internally consistent and meet the underwriting and servicing requirements of secondary-market purchasers. It might not seem obvious, but moving the post-closing process into the digital realm by converting paper forms into digital files represents progress on the road to paperless closings. According to a midsized lender that's believed to be the first to outsource the post-closing process, its new capabilities are a "Trojan horse" that's speeding the adoption of paperless processes elsewhere in the company. With $7.25 billion in residential loans funded in 2006, First National Bank of...
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