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U.S. Residential Mortgages: Where Is That SMART Doc?

U.S. Residential Mortgages: Where Is That SMART Doc?

While adoption of SMART Doc technology has been low to date, MISMO acceptance of the XML-enabled PDF, coupled with current market demands, will create a surge in SMART Doc production.

Boston, MA, September 26, 2007 – A new report from Aite Group, LLC explores the current usage of SMART Doc technology by the U.S. mortgage industry and how it can be used to achieve a true paperless environment. The report also examines some of the challenges that must be overcome before widespread adoption will be achieved. One hundred mortgage brokers and lenders and 400 U.S. homeowners were surveyed by Aite Group in April 2007 in an effort to better understand their feelings toward SMART Doc technology, and the intentions of lending institutions to adopt such a strategy.

The report, "U.S. Residential Mortgages: Where Is That SMART Doc?" found that all of the top 20 lenders currently have in place some sort of SMART Doc technology, though adoption beyond this group of lenders has been minimal. Current market conditions such as the need to improve efficiency, cut costs and increase process transparency, however, are driving greater demand for this type of technology.

"Use of SMART Doc technology can result in savings of more than $2,000 per loan," says Christine Barry, research director at Aite Group and author of this report. "With the refinance boom now behind the United States, lenders need to identify ways to cut costs and make up for lost revenue to survive in today's competitive market."

This 28-page Impact Report contains 15 figures and 1 table. Clients of Aite Group's Retail Banking Service can download the report