Additionally, stay-at-home orders and social distancing orders during the COVID-19 outbreak have stressed the limitations of the traditional mortgage process. DocMagic, a provider of e-closing software, claims to have experienced rapid growth during the pandemic as more borrowers and lenders go paperless.
“Customers and lenders are increasingly looking to improve their processes so that the face-to-face contact that is a huge part of the workflow is no longer required,” said Dominic Iannitti, President and CEO of DocMagic. “I wouldn’t call it another push, but we see a big push to improve their technology stacks.”
“Mortgage technology remains critical as it differentiates lenders. This is how they improve their processes and their bottom line,” added Iannitti. “Technology allows them to handle high transaction volumes effectively and not let anything fall through the cracks. It’s not just that tech-savvy lenders will be ahead of the pack — it’s pretty much a matter of survival to keep up with the digital transformation woes.”
Read more about the strategies of other 5-star mortgage technology providers by viewing the special report here: Toward a Fast and Paperless Process.