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Demystifying eMortgages

Summary: With the potential to simplify a notoriously intricate process, online mortgages are becoming more and more common. This article from Mortgage Banking Magazine examines mortgages' complex nature and the various challenges involved in automating its many components.

For years, the mortgage industry has been wrestling with the challenge of how to make applying for and getting a mortgage faster and cheaper. Today, it can still take months, involve several parties, and require the completion of up to a 1000 pages of highly regulated, legal documentation.

The parties involved can tally nearly a dozen and include the buyer, the seller, the lender, a real-estate agent, a closing agent or attorney, the county recorder, a title company, various insurance companies and various real-estate services. Ultimately, the entire process becomes quite costly.

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