(RECAP: An electronic mortgage process could cut 30 days off the average 52 days it takes to close a loan, according to a team developed by Fannie Mae to study e-mortgages. What’s more, going paperless could save the mortgage industry an average of about $1,100 per mortgage—or about $1 billion a year. About 25,000 mortgages had electronic promissory notes in 2013—but that only represents about 1 percent of all U.S. mortgages originated last year.)