The word "revolutionized" is used far too often to describe technological improvements, of course, but that shouldn't preclude us from pointing out the obvious fact: document imaging has revolutionized the process of getting a mortgage.
If you have never taken out a mortgage, or it's been a while, this fact may not be so obvious. But to the borrower who's going through the process now, document imaging is a godsend.
Document imaging saves every player in this process money and time. Loan officers can receive scanned loan applications and lock interest rates faster. Lenders can request documents via email, and borrowers can scan documents and email them to the lender within minutes.
All this without the use of a fax or, much less, a messenger service.
Many lenders will even accept scanned documents to finalize and fund a mortgage. Some lenders, though, like mine, still require hard copies...which means that my wife and I have to wait three more days, and pay $345.67 extra, while the snail mail creeps along.
Next time around, I'll ask about that ahead of time.
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