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Standards, regulation in place for electronic closings

Part 3: Paperless progress: Who's winning, who's losing

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Editor's note: More big companies, trade groups and entrepreneurs are investing in technology platforms, back-end systems and software to automate the real estate transaction, but most consumers are still closing deals the old-fashioned way. In this three-part series, Inman News eyes progress on the paperless front. (See Part 1, "Brokers realize benefits of paperless office" and Part 2, "Real estate plays catch-up with e-signatures.") The paperless closing is turning out to be sort of like landing a man on the moon -- we've got the technical know-how to do it, but it's not exactly a routine event. The complexity of the real estate transaction, although not quite as daunting as a moon shot, means there are many participants, procedures, forms and laws to contend with. The key to making e-closing an everyday occurrence lies in standardization, regulation and adoption rates, those pushing the real estate, mortgage and settlement services industries in that direction say. Much has been d...