If you have ever closed a loan or worked in a mortgage office, then you know the mounds of paper it takes to produce one loan file.

Between the appraisal and the home inspection report alone you probably have upwards of 30 pages right there. So it is refreshing to hear that Bright Green Mortgage is out to make the process a tad more eco friendly.

Bright Green Mortgage is a new initiative from 1st Metropolitan Mortgage, a national originator based in North Carolina, to bring awareness to the mountains of paper that the mortgage industry runs through.

Did you know…

for every loan, 500 pieces of paper are used, which means for 17 closed loans, one tree is consumed 811 gallons of waste water is created and 242 pounds of green house gases (CO(2) are created.

They have an all out campagin that includes the giveaway of a Toyota Prius. Yes, the most eco friendly sedan on US roads. And if that weren’t enough, they also plan to donate a tree with every loan closed.

The 411….

As for how will the origination process be more eco friendly, this will be achieved through the use of paper recycling, document scanning and e-signatures where it is allowable. Plus training for mortgage brokers on how to green up their offices.

Just the effort on the part of Bright Green Mortgage to raise awareness is worth mentioning.

Source: Earth 911