There’s a quiet revolution going on in the mortgage industry: Home buyers soon will be securing mortgages and closing on sales almost as easily and conveniently as they purchase an airline ticket online. Borrowers will go through the entire process, from application to registering with the county courthouse, without the mounds of messy paperwork currently required.

Much of the time spent on loan approval comes from moving bulky paperwork from one desk to another. Not only can electronic forms be transferred almost instantaneously, but more than one person can access and work on them. That can cut loan processing time in half, or less. Instead of a turnaround time of 30 to 45 days or so, it could take two to three weeks. There’s a limit though. “Some of the time is spent on due diligence,” says Albrigo, ” and that can’t be shortened too much.”

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