ESRA Position on paperless mortgage processes

ESRA supports and encourages the nationwide adoption of a paperless mortgage process that consists of creating, delivering, executing, registering, securing and storing all mortgage loan documentation electronically.

ESRA recognizes that the mortgage lending industry would benefit from a fully electronic mortgage process. Due to limitations in law and regulations, a hybrid approach using both paper and electronic documents has provided an intermediate step towards achieving a fully electronic process.

ESRA supports and encourages the nationwide adoption of laws, regulations, standards, and investor guidelines that:

• advance, enable and support the adoption and interoperability of a fully electronic mortgage process that accomplishes the objectives above in all U.S. states and territories;
• are technology-neutral and device agnostic;
• enable full accessibility to the eMortgage process for people with disabilities; and
• embrace new technologies that eliminate current obstacles to achieving the nationwide adoption of a fully electronic process while still providing valid and reliable documentation under ESIGN and UETA.

ESRA opposes laws or rules that that create more stringent or burdensome requirements for electronic processes as compared to existing widely-accepted requirements for paper-based mortgages.

For our complete position, read ESRA’s entire Public Policy Statement on paperless mortgage processes here:  ESRA Public Policy Position on paperless mortgage processes