Norcom Mortgage Transforms Its Business With Loan Vision

Posted by Patrick Barnard on September 27, 2016 No Comments
Categories : Residential Mortgage

A year ago, Avon, Conn.-based Norcom Mortgage – which has been serving borrowers in the Northeastern U.S. for more than 25 years – switched to Loan Vision, an accounting and financial management solution geared toward mortgage lenders and developed by Bestborn Business Solutions.

Today, Norcom executives say Loan Vision has changed the business.

“Our previous accounting system was really inefficient,” said Dan Humphrey, chief financial officer at Norcom, in a recent case study by Bestborn Business Solutions. “We looked at a number of options, but some companies made me feel like they were saying, ‘You’ll fit nicely into our box.’ Whereas the team from Loan Vision wanted to really understand how we did things. They were interested in learning about our processes and trying to make sure that they would have solutions for different ways that we do the accounting here that might have been different than others in the industry.

“Everything Bestborn promised has been correct,” Humphrey added. “Loan Vision completely changed how we’re able to use financial information in our company.”

Built on Microsoft Dynamics NAV, Loan Vision brings enterprise-level accounting and business management functionality that can interface with any loan origination system, passing detailed loan-level information directly into the accounting system. The system reduces manual workload and mitigates the risks of human error that come with rekeying data, Bestborn claims.

Norcom Mortgage operates 34 retail mortgage branch offices serving the entire East Coast, as well as a growing wholesale mortgage business. With more than 260 employees, the company is a Fannie Mae and Freddie Mac seller and servicer and a Ginnie Mae issuer that offers a selection of conventional and government programs.

About 50% of the company’s volume is made up of Federal Housing Administration-insured loans.

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