Xerox Survey Reveals Compliance Pressure Impacting eMortgage Initiatives

  Xerox Survey Reveals Compliance Pressure Impacting eMortgage Initiatives

Business Wire

ATLANTA -- December 18, 2013

Pressure to comply with industry regulations and standards is the greatest
factor impacting eMortgage and paperless initiatives, according to 88 percent
of respondents in Xerox’s (NYSE:XRX) ninth annual “Path to Paperless” mortgage
survey.

Survey participants represented mortgage professionals involved with loan
origination, underwriting, closing, archiving, investing/funding and
servicing.

With compliance demands front and center, 63 percent of respondents noted
having electronic document solutions in place, compared with 55 percent in
2012, which underscores the commitment to adopting paperless technologies in
the near term.

Down from 79 percent in 2012, 68 percent of respondents believe that the
mortgage industry will close more than half of all loans as an eMortgage
within the next seven years.

“While industry enthusiasm for eMortgages has wavered slightly, interest
remains,” said Ken Marlin, vice president, general manager, Xerox Mortgage
Services. “In fact, 82 percent of respondents experienced an increase in
eDisclosures and 32 percent noted an increase in eClosings.”

Other challenges facing mortgage professionals and their eMortgage initiatives
include:

  *Seventy-eight percent indicate that their eMortgage plans remain
    unaffected despite perceptions that government-sponsored enterprises
    (GSEs) will eventually be eliminated
  *Seventy-four percent admit that the lack of eSignatures acceptance on
    Housing and Urban Development (HUD) origination has hindered their
    paperless plans
  *Seventy-four percent said their eMortgage plans have been affected due to
    the limited acceptance of eNotes from the secondary market

Almost all respondents – 97 percent – said that online collaboration among
internal and external participants in the mortgage loan process is a key
component of making an office paperless. This includes cooperation among
lenders, borrowers, closing agents, investors and servicers working together
through an electronic loan folder.

Xerox’s BlitzDocs^® intelligent cloud-based collaborative network helps
simplify the mortgage process by integrating all of the providers in the loan
process -- from origination to closing to servicing; supporting the 78 percent
of respondents who said that a very important attribute of technology is that
it works during the entire loan processing lifecycle.

Complete results of the Path to Paperless Survey are available online at
www.xerox-xms.com.

About Xerox

Since the invention of Xerography 75 years ago, the people of Xerox (NYSE:XRX)
have helped businesses simplify the way work gets done. Today, we are the
global leader in business process and document management, helping
organizations of any size be more efficient so they can focus on their real
business. Headquartered in Norwalk, Conn., more than 140,000 Xerox employees
serve clients in 160 countries, providing business services, printing
equipment and software for commercial and government organizations. Learn more
at www.xerox.com.

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Contact:

Media:
Xerox
Kevin Lightfoot, +1-214-841-8191
kevin.lightfoot@xerox.com
or
Text 100 for Xerox
Jamie Palmeroni, +1-585-697-7762
Jamie.palmeroni@text100.com
 
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