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Today's mortgage process is both highly collaborative? and highly paper-based. E-mail, fax, overnight express and more have all created a tremendous paper burden which has led to higher processing and paper costs, greater inefficiencies, poor service and longer turnaround times. This volume of paper has reached staggering proportions because, even though the industry has grown, paper has remained the main medium for communication among all of the various mortgage participants. It's only natural that lenders are seeking ways to lower costs while increasing their efficiency and enhancing communication. Specifically, once paper has been converted to an electronic format or electronic documents have been generated by other systems, paperless technology must support a strong level of electronic collaboration among mortgage participants.
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