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By Prime Processors, Inc.

Mortgage and Lending with Prime Processors, Inc.

October 17, 2007 06:13 AM

Prime Processors, Inc. Rolls Out 100% Paperless Application-to-Close eMortgage Process in Florida

For more information contact: John Tattan
614.316.7871
jtattan@closingprime.com

Prime Processors, Inc., working with AmTrust Bank and Stewart Lender Services, has introduced the first completely paperless eMortgage loan process in Florida. Beginning in July 2007 this process will be available through Prime Processors, Inc.

Using Amtrust Banks eSign platform to track Uniform Residential Loan Applications, RESPA disclosures, and other required documentation, the mortgage broker professional can cut the time it takes to originate a mortgage loan in half.

When Prime Processors service is used borrowers get the advantage of total transparency thanks to the consumer friendly interface offered by Stewarts SureClose platform. From Stewart's website: "With SureClose, home buyers and sellers have immediate access to their real estate transaction documents the minute they become available. And, you can provide a seamless online home buying and selling experience-from listing to close."

Our vision for paperless lending is now at your fingertips, enabling you to close loans more profitably, efficiently and error-free! Because we've converted all legal closing documents to a digital format, borrowers can now electronically sign (eSign) the closing documents with the simple click of a mouse.

Using Prime Processors, Inc. as the catalyst, brokers in Florida will benefit from their strategic business relationships. To quote Director of Operations, Patrick Lawson, "Unique innovations in the mortgage processing industry have fueled this joint venture and will continue set the standard for how borrowers interact with their mortgage professionals."

To learn more about working with Prime Processors, Inc. contact John Tattan at 614-316-7871

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Sean Allen

International Financing Solutions - Fort Myers, FL

International Financing Solutions

hhhmmm, I believe the day is coming were most mortgages will be closed paperless. Save more trees.

Oct 17, 2007 06:21 AM

Prime Processors, Inc.

Prime Processors, Inc. - Winter Garden, FL

Actually bloged on that a while back:

Try this academic exercise:

As a rule of thumb an acre of forested land may yield an average of 10-15 cords of wood when harvested at maturity.
A cord of wood is approximately 8 feet wide, 4 feet deep, and 4 feet high. A cord of air-dried, dense hardwood (oak, hickory, etc.) weighs roughly 2 tons, about 15-20 percent of which is water.
A 500-sheet ream of 20-pound bond paper weighs 5 pounds.
There are over 14 Million loan transactions per year...representing over 7 Billion pieces of paper!

It has been estimated that one cord of this wood will yield one of these approximate quantities of products:

· 1,000-2,000 pounds of paper (depending on the process)

· 942 100-page, hard-cover books

· 61,370 No. 10 business envelopes

· 4,384,000 commemorative-sized postage stamps

· 460,000 personal checks

· 1,200 copies of National Geographic

• 2,700 copies of an average daily newspaper

Additionally, an 1,800 square foot home requires about 10,000 board feet of lumber (roughly equal to about 20 cords of wood)

So, what effect would a paperless eMortgage mandate have?

You could save 7,000 acres of forested land.
You could provide 65,940,000 100 page hard cover text books for the nations school children.
You could provide the lumber for 3,500 low income 1,800 sq. feet homes.

You can follow this link (www.closingprime.com/videos/stewartmers.avi) to view a great video on the paperless process. Note: The video is about 10 min. long and depending on your Internet connection speed it may take 3-5 min. to load, so be patient.

Oct 17, 2007 06:28 AM

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Prime Processors, Inc.

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