Adoption of Electronic Mortgage Closings Will Be Slow but Steady Over the Next 24 Months, Says Meridien Research; Lack of Standards Hindering Widespread Acceptance.

Business Editors

NEWTON, Mass.--(BUSINESS WIRE)--June 14, 2002

The adoption of electronic mortgage closings by financial institutions is on the rise but the rate of acceptance of this new method is less than enthusiastic, according to a new report from Meridien Research. Although there is much to be gained from electronic closings, the US mortgage industry has a few important barriers that must be surmounted before wide-scale adoption occurs.

"We expect the US mortgage industry to continue to implement electronic mortgage closings in a limited fashion over the next 24 months," said Jeanne Capachin, Research Director at Meridien Research. "As standards are further developed and the legal environment more defined, we will see stronger growth in the use of technology as its savings and efficiencies become too compelling to resist."

"Electronic Mortgages: Closing the Deal" is a comprehensive look at the marketplace for electronic mortgages and profiles the issues and vendors surrounding these initiatives and also contains a look into the future of this emerging sea change. More information on purchasing this report can be obtained from [e-mail] or by calling 617-796-2800.

About Meridien Research

Meridien Research of Newton, MA, provides analytical research services to users and providers of financial industry technology. Meridien Research targets three technology areas of strategic importance to financial services firms: eFinancial Services, Trading & Risk Management and Customer Relationship Management. Each practice delivers reports detailing new issues and challenges and uses its knowledge to advise clients on technology related decisions. Visit www.meridien-research.com/press to register for announcements as new research becomes available. For media relations, contact Parallax LLC at 781.235.7025 or [e-mail].