Who: Avon, Conn.-based Norcom Mortgage
What: Norcom turns manual, time-consuming disclosure process into an easily tracked system that frees the lender up to quickly respond to incoming volume and customers, thereby improving borrower satisfaction.
Challenge:
Avon, Conn.-based Norcom Mortgage needed to improve customer service and response time by automating a labor intensive, manual disclosure process. Disclosure reforms over the past few years via the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) required lenders to pour more resources into generating, distributing and tracking mortgage disclosures. With costly staff time spent tracking down each borrower’s information manually, Norcom began searching for an automated solution that would speed up the disclosure process while enhancing compliance with regulatory requirements.
Norcom also needed a solution that would enable the lender to speed up responses to incoming volume and customers, while seamlessly integrating with their LOS.
Solution:
After evaluating their options, Norcom implemented DocuTech’s ConformX, along with DocuTech’s eSign software and the disclosure Fulfillment Service, which took mailing physical copies of completed loan documents out of the lender’s hands. ConformX creates precise document packages for all of the mortgage company’s loans and disclosures, which are guaranteed to be in full compliance with federal, state and investor guidelines based on the lender’s specific needs. By maintaining a library of loan documents compliant with all rules and regulations, ConformX removes the burden of checking each document and generates the package quickly and efficiently for them.
The eSign capabilities enable Norcom to support a paperless mortgage, providing borrowers the opportunity to digitally sign and return disclosures. This eliminates the need to print, ship and receive back paper disclosures for any borrower who opts into digital documents.
Norcom was also undergoing a conversion to a new loan origination software, Blueberry Systems. Due to its flexibility and seamless technology, Norcom executives said implementing DocuTech’s solutions while undergoing an LOS change was easy because of DocuTech’s ongoing support.
“DocuTech’s products and customer service enabled us to smoothly adjust to our new LOS provider. DocuTech and Blueberry Systems integrated seamlessly, and DocuTech’s implementation management was there to guide us through every step of the transition process,” said Norcom’s Mike Galli. “Customer service was always there to answer any questions or perform any research we needed. If customer service could not answer a question, they deferred to DocuTech compliance officers or their attorney. We always felt confident in DocuTech’s ability to guide us in compliance and document issues.”
Results:
Since Norcom first implemented DocuTech’s solutions, the company has improved the initial disclosure process by speeding up responses to incoming volume and customers, document tracking and loan document turnaround.
“DocuTech has made it easy to track customer information, as well as disclosures that are received back and completed,” Galli said. “Instead of spending our time and resources manually following document trails that went through multiple channels of staff and communications, we can find updated information with just the click of a button. By not wasting time sifting through piles of paperwork, our lenders can devote more time to serving our customers.”
Norcom added that DocuTech’s Fulfillment Services took out another step in the process for staff to worry about. Previously the lender could spend more than a week mailing physical copies of completed loan documents to borrowers and waiting for their return, a process that now takes three days with DocuTech’s fulfillment center.
About DocuTech:
Since 1991, DocuTech Corp. (DocuTech) has provided outstanding compliance services and documentation technology for the mortgage industry. DocuTech’s software interfaces with leading loan origination systems (LOS) and enables mortgage professionals to generate documents locally. DocuTech manages and secures all information needed for a loan, guaranteeing accuracy, security and compliance.