jf.com

(July 3, 2006) — How far away is the paperless mortgage closing?

Experts say the mortgage industry is still a long way from the day when paper doesn’t pass between lender and consumer – and it is possible that the paper-free mortgage will never exist.

Three hurdles must be cleared before mortgages inch closer to becoming paperless, says Chris Azur, chief operating officer of ATM Corp. of America, a technology provider that works with mortgage lenders. First, lenders must buy into the process. Then borrowers must do the same. And finally, the country’s more than 3,500 courthouses, the keepers of the records involved in homeownership, must be willing to convert their reams of paper files to electronic ones.

That last hurdle may be the highest, Azur says.

There is some progress being made. Some title groups already offer an option called SureClose. This online transaction-management program allows borrowers to log onto a Web site and see all the documents relating to their loan. After closing, the title company provides SureClose customers with a CD of images of all the paperwork.

Source: The Washington Post, Dan Rafter (07/01/2006)
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At Zephyr, we at least offer electronic signature capabilities for many of our documents. I can’t wait for the day that title companies will too!

From the good folks at CAR:
EIGHT CALIFORNIA CITIES AMONG NATION’S FASTEST GROWING
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Eight cities in the Golden State rank among the top 25 cities with the fastest growth rates in the nation, according to a recent report by the U.S. Census Bureau. With a population increase of 11.6 percent, Elk Grove, Calif., was the country’s fastest growing city between July 2004 and July 2005. Other California cities listed in the top 25 include Moreno Valley (6), Rancho Cucamonga (7), Irvine (10), Bakersfield (11), Lancaster (14), Visalia (16), and Fontana (23).

California also is home to three of the nation’s largest cities, according to the Census Bureau’s report. With 3.84 million residents, Los Angeles remains the nation’s second most populous city, while San Diego and San Jose rank eighth and 10th, respectively.
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I can find all the big cities on a map, but of the 8 fastest growing cities, I could only tell you where Elk Grove and Irvine are. Wow, I really am all about San Francisco