Leo Loomie, SVP Business Development at Digital Risk LLC, Florida was recently published on Credit.com in the article titled “Mortgages Are Bad for the Environment. Here’s What Can You Do About It” regarding the impact of technology on the environmental impact of the mortgage process.
Mortgage industry is definitely paper intensive but exactly how much paperwork Americans buying homes consume annually may come as a surprise. FreeandClear, a mortgage education website, says about 2.2 billion sheets of paper are used each year in this country for mortgages. That translates into 264,000 trees felled to print mortgage documentation.
Digital Risk LLC is developing products to allow more digitization of the mortgage processes and over the next several years, there will likely be a shift to greater usage of paper-free technology like e-signatures and the ability to review documents online or on your phone, said Digital Risk vice president Leo Loomie.
“A lot of strides have been made within the last year to move away from the historically paper intensive process. The technology is already there. It really just comes down to adoption.” Said Loomie.
Some actions you can take to help reduce the amount of paper used when buying a home could be Doing your research, Asking questions while shopping around and Not ignoring the Surveys.
To read Leo’s comments in length and to know how you can contribute to the environment while buying a house, click here.