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Mortgage Software Solutions Blog

7 Reasons Credit Union Mortgage Departments Need to Interface to Their Core Banking System

In the fast-paced, competitive environment credit unions and mortgage companies face in the post recession age, technology is essential for great business systems. The right technology systems cut costs and increase quality at the same time through reducing data errors, communication costs and the time necessary to interact with your customers. With so many great options to manage accounting, customer relationships, and more, an interface to your core banking system is an integral part of any technology mix.why credit union mortgage departments need to interface to their core banking system

The following 7 reasons demonstrate the benefits of integrating your disparate mortgage management systems with a MortgageExchange software integration system.

Save Costs of Human Error

According to The Data Warehousing Institute (TDWI), the cost of human error in tracking contact information alone is an astounding $600 billion per year. This does not track data loss on applications, billing cycles and more. If you consider the additional untrackable costs of customer retention through all these mistakes, you have the number one reason to utilize a software integration system.

Keep Your Favorite Software Solutions

Many mortgage companies are utilizing full-scale systems to manage their business needs, moving to comprehensive mortgage-based ERPs and Desktops as a Service. This is a great solution for many of our customers, but many companies want to keep their current software and hardware configurations because of familiarity, costs, quality or other considerations. For businesses that love what they currently use but want to manage their systems better, a software interface, like MortgageExchange, provides many of the benefits of a full-scale system.

Increase Customer Service Success

One of the most frustrating things for mortgage customers is the need to continually give information to different customer service reps and loan officers. With an integrated core banking interface, your reps will have access to all the relevant information to meet the current customer needs.

Track Your Analytics

Many businesses understand the need for building great data management systems, but do not think they can afford the time or money necessary to build one. Good core interface software systems will provide automatic and real-time analytics software relevant to the mortgage industry. This is essential for continuing to improve your income, cut your costs and offer great customer service.

Drastically Increase Your Speed

Great data management traditionally requires large amounts of time and money. A great data management interface will reduce the inordinate labor and capital costs induced in traditional means. The greatest of these costs is the time it takes to create and manage business-wide data systems. A good interface system will automatically update any linked database tables for your software systems so that your information will be obtained in real-time, no matter where it is located on your local network or between clouds.

Cloud-Based Management

Cloud-based management is worthy of a post in itself, but there are several advantages to be considered here. A cloud-based information interface gives management the ability to monitor and trouble-shoot data remotely, outsources much of the costs of your IT department, increases your access to industry security experts, and promotes fast scaling of your business.

Location, Location, Location

Every realtor and retailer understands the importance of location, and mortgage experts have to approach their business as both realtors and retailers. Another advantage of the cloud-based system worth its own point is the fact that your location becomes everywhere. More precisely, your mortgage loan officers and locations are not limited by your offices and internal LAN. Create your security systems, firewalls and protocols, and let the interface software update your information via the internet, no matter your location.

These are just some of the reasons and uses your credit union needs to use a mortgage software interface to connect all your core banking needs. For more information about mortgage software, cloud-based services or industry standards, please contact Access Business Technologies today.

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Topics: MortgageExchange interfacing core banking systems credit union software solutions

Benefits of Real-time Analytics for Mortgage Companies

the benefit of real-time analytics for mortgage companiesThese days, savvy businesses everywhere are touting the benefit of real-time analytics, and so should mortgage companies. Real-time analytics help mortgage companies increase efficiency, provide better customer experiences, and gain valuable information about business processes, marketing, customer relations, and more.

Increase Efficiency

Efficiency is defined through analytics. Without a real-time analysis of your credit union's current mortgage software, you have no capability to study loan officer's, employee's, and customer's efficiency. Real-time analytics enables a system of full accountability to plan, record activities, and review successes on a regular basis. Because of real-time analytics’ immediate report generation, the reporting mechanism itself becomes an essential part of your accountability processes.

Efficiency requires accurate information across the board. A good real-time analytics system uses metadata from your various management software systems to give you an accurate picture of the health of your mortgage systems. Rather than having to run disparate reports from various systems, you have the information necessary to accurately and swiftly assess the state of your business. This is one of the reasons that the Credit Union Mortgage Association uses our MortgageExchange software to manage their Accenture Mortgage Cadence system.

Provide Better Customer Experience

Customer experience is determined by the speed with which loan officers can access information and make informed decisions. Without real-time analytics, potential business and residential customers may have to wait days for a response to come back about their financing. While the paperwork may still take time to process, real-time analytics allows your loan officers and customer service representatives to deal with customers with confidence and provide them with the best possible experience.

Rather than bringing your customers into a system that feels bureaucratic and overwhelming, use real-time analytics to empower your team members to accurately assess whether the customer is a qualified prospect and then walk through the entire mortgage process with them. This will turn the mortgage process into a clear path, where your employees are seen as essential assets for the stressful process of purchasing real estate.

Maintain Systematic Information

A credit union's mortgage processing is often seen as an intangible aspect of the business. It is hard to walk into an office and see how many customers you have, who is paying on-time, how your loan officers are doing in the field, or any other aspects of your mortgage business. With real-time analytics, you can begin to track all the processes involved in running your company.

Systematic information includes information concerning your customers, your employees, your investors, and creditors and governmental agencies. All these interested parties have a right to know certain specific information about your business. Each of these parties will benefit from access to real-time analytics that is tailored to their needs. In turn, this will help you understand your own business systems and exceed customer expectations.

With the right analytics on hand, you can make informed business planning decisions, capital expenditures, and marketing decisions. Without the right analytics, your decisionmaking will be limited to your experience, and in the changing world of modern finance, it makes sense to keep as much information on the table as possible.

The benefits of real-time analytics can help build the foundation of your business; without analysis you cannot make accurate decisions. With great information and data, presented in an understandable format in real-time, you are setup to make informed decisions in every level of your business, whether at the level of your customers, your financing, or in your boardroom.

Access Business Technologies offers comprehensive cloud-based mortgage solutions designed specifically for mortgage institutions. For more information concerning analytics, data management, mortgage management software, and other solutions, please contact us today.

If you'd like see for yourself how our mortgage software can help you, click below to start your free demo.

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Topics: ABT benefits of real-time analytics real-time analytics for mortgage companies

ABT Selected to Speak at 2015 Annual MBA Connference

If you are a Mortgage Company owner… Pay Attention!!!

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You need to get your business secure and compliant! Your organization no matter the size, has the same security responsibilities as the largest banking institution.  What sets you apart? Not much.  You have a multiple number of access points (employees) tying into your mortgage systems.  Many of the devices used today are employee owned. You can either lock them out which can minimize their ability to close loans or open up your mortgage environments to maximize access.  No matter your path to success, the data they access and perhaps store is YOUR responsibility. Today mortgage professionals are running all types of devices;  Phones, Tablets, iPads, Desktop PC’s, Mac’s, Laptops and Thin Client devices. Email also needs to be considered due to the security of information passed though and stored. If you have a generic yahoo or google account, what does that tell your client about your commitment to protecting their data.  All of these touch points need to be controlled. They can all be vulnerable to a Data Breech. 

This year at the 2015 MBA Annual Conference in San Diego.  ABT was selected as a presenter during the show.  A presentation was delivered showing the frightening statistics regarding Data Breeches that face Banks, Credit Unions and all Mortgage Professionals.

ABT discussed their development path for safely delivering all of a mortgage companies software tools, through a single controllable portal that is accessible using any computer- anywhere - at any time. we also touched upon our total security and compliance suite called MyHomeLoanGuardian, which puts together a suite of security tools controlling all of the ways a company employee accesses their work place. 

MortgageWorkSpace™

DeviceGuardian™

eMailGuardian™

These ABT tools cover the entire spectrum of possible touches.  Providing total security and compliance for the mortgage professional. 

“By removing the worry of their IT responsibilities our clients are able to grow and fully concentrate on their business, making them as efficient and successful as they desire.” States Justin Kirsch CEO and President of ABT.

 

Cloud Computing and the Hesitant Mortgage Company

cloud computingCloud computing can empower the mortgage industry by streamlining processes, reducing errors, and improving efficiency. However, some institutions are still a bit hesitant, when it comes to integrating Cloud computing into their strategies.

Cloud Security Alliance has recently released a survey observing the intersectionality of Cloud computing technologies and financial services. The survey discovered that about 61 percent of respondents believed that the Cloud is still in its formative stages, with only a relatively small number of respondents planning to include Cloud computing altogether. None of the respondents noted that they are willing to entrust major applications and systems to a public cloud.

Interestingly enough, the survey puts a spotlight on how financial services, including the mortgage industry, are progressing in terms of including Cloud technology and providers into their repertoire.

The Public Cloud Is Not Enough

When it comes to the mortgage industry, these businesses require more than what a public Cloud can offer. 80 percent of financial services want increased transparency when it comes to auditing controls from Cloud services, especially since the Cloud will inadvertently deal with sensitive and private information.

Encryption, security, and flexibility are real concerns for financial institutions, as respondents indicated that infrastructure capacity was a top concern. Mortgage companies want to work with Cloud providers that are keen to comply with banking regulations, protection protocols, and national regulations. The Cloud has made solid strides in the industry, with the capabilities of Cloud technology improving efficiency on an exponential basis.

Here's how Cloud computing and the mortgage industry can work together, underlining the importance of mortgage professionals and their customers.

Why Use a Mortgage Vertical Cloud Provider?

The banking standard of information security now applies to all mortgage companies. A mortgage vertical cloud provider must have its regulatory compliance certifications. As a result, you are better protected with a certified mortgage vertical cloud provider.

A mortgage vertical cloud provider understands your mortgage business. A mortgage vertical cloud provider can protect your servers, computer desktops, software applications, and even the way your browser accesses the internet against new cybersecurity threats.  

It is time to get serious about information security.  Fannie Mae’s CIO, Anthony Johnson, during a panel discussion at the Mortgage Bankers Association (MBA) annual 2015 conference said, ““In my view, there is only one thing that could absolutely destroy a company overnight, and that is [a lack of] cybersecurity.”

The Cloud Is Highly Accessible

Cloud services can be accessed from a tablet, smartphone, and PC, as well as from different operating systems. Mortgage Cloud providers also have specific mortgage industry applications that work with the Cloud, further expanding the influence and capabilities of the mortgage professional. Cloud integration works with data warehousing to bring mortgage software platforms together seamlessly.

Additionally, Cloud computing has empowered online business and allowed mortgage professionals from different niches to be able to engage customers remotely and securely store their information in the Cloud. When implemented correctly, the Cloud can mediate errors and complete tasks, like credit stipulation, with the click of a button.

Mortgage applications and Cloud computing also reinforce trust with customers. In the study noted above, 18 percent of all smartphone owners note that they are willing to apply for certain financial products right through the convenience of their mobile devices. This is particularly important for future-proofing a mortgage company, as millennials prefer companies and brands that have a strong presence in the digital sphere. Generation Y is a generation that is particularly open to working with mortgage companies and cloud computing, even willing to apply for a home loan right from their personal device. Mortgage Cloud applications also allow the mortgage industry to:

  • Close Deals Faster

    Required documents can be easily accessed with Cloud computing, with apps being able to help mortgage professionals conceptualize when they should initiate with certain applicants. Cloud computing can notify when it is appropriate to reach out to a customer or when to upsell certain services.

  • Mortgage Applications Underlined the Importance of Customer Service 

    Being able to respond quickly and efficiently to a notification is a hallmark of a competent mortgage loan officer. In today's competitive market, loan officers need to be able to access information quickly, especially in a market driven by commodity and cutthroat tactics.

To learn more about how the right mortgage cloud provider can help you execute with technology, contact us today.

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Topics: Cloud Services ABT Mortgage Servicing in the Cloud Cloud Mortgage Servicing Cloud Computing Mortgage Cloud Services