The rush toward the digital mortgage is still in full force.
Today, Norcom Mortgage just became the first Connecticut-based lender to offer fully digital closings.
Norcom will use Pavaso’s digital closing platform to float its new eClosing process, dubbed “Swift Sign.”
"By maintaining a true, 100% digital loan process, our borrowers will see drastic improvements over the traditional paper mortgage process while Norcom's processes become more efficient," Norcom Senior Vice President and Operations Manager Mike Dimech said in a statement.
"We look forward to growing our partnership with Pavaso while enhancing the customer experience for our borrowers," he added.
This is the latest instance in what has been a year chock-full of lenders adopting third-party technology to catapult themselves into the digital age. Tech companies like Pavaso, Blend and Roostify have been arguably the greatest winners in the real estate industry this year, taking in clients hungry for a competitive edge in this tough market hand-over-fist. As the margins constrict, the real estate industry has turned to technology to find some breathing room. (Subscribers can read more about this trend in HousingWire Magazine here.)
"The world is evolving technologically, and the mortgage industry needs to continuously work to avoid falling behind," Pavaso CEO Mark McElroy said in a statement.
"With the ongoing upgrades and advancements Norcom is making, they will continue to be leaders, not just in Connecticut, but also in the mortgage industry as a whole. Pavaso is proud to work alongside them to help to facilitate their digital transformation," he added.
Going forward, you can expect to see more and more of these deals come across the wire. The floodgates are open; the way we lend is changing rapidly and we are approaching critical mass quickly.
The ability to destress and accelerate the lending process for customers seems to be the prime objective for lenders hoping to grease the wheels of an increasingly competitive lending market struggling with low volumes.