Mortgage Software Solutions Blog

3 Benefits of Synchronizing Data Across Mortgage and Core System Platforms

benefits of synchronizing data across mortgage and core system platformsWith growing concerns over security issues and increasing industry standard upgrades, the benefits of synchronizing data across mortgage and core system platforms couldn't be clearer.

Credit unions, such as Landmark and University of Iowa, have incorporated MortgageExchange into their workflows and experienced greater speed and efficiency managing applications, disclosures and responding to market changes. With these tools, documents and customer information are more easily and securely retrieved by authorized individuals.

In addition to increasing speed and efficiency, the right software eases security concerns and maintains compliance. By integrating systems you already use, your mortgage company, credit union, or bank can benefit in the following three ways.

  1. Deadlines and Compliance

TRID regulations are upending typical deadlines and schedules, and also altering the number of qualified personnel able to process paperwork. Loan officer Vince Nowicki told MReport,

The smaller organization you are, the more difficult it is to simply hire compliance people. If you’re a Bank of America, it’s easy to say “We’re going to bring in a half-dozen compliance people to attack this issue.” If you’re a small credit union in San Diego, you’re kind of on your own.

Nowicki goes on to state that with the new regulations, "...the timing of the loan stretches out a bit."

Keeping a compliance calendar is an essential tool for loan officers, with the American Bankers Association accentuating the importance of creating an overview of upcoming deadlines and maintaining a space for comments and other notes within the calendar.

Synchronizing your mortgage platform and core platform within a single user interface, such as MortgageExchange™, assists loan officers and others with maintaining compliance protocols. In addition, having clean data and records synchronized across systems allows for greater efficiency when compiling annual reports for government agencies.

  1. Banking Standards

Issues of security are becoming more and more relevant as banking information takes up residence in cloud accounts and mobile devices evolve into indispensable professional tools. Federal regulations are shifting, and smaller mortgage providers are expected to adopt banking security standards. Though some of these regulations are not in effect yet, it makes sense to stay ahead of the curve (and ahead of potential threats).

Access Business Technologies’ MortgageExchange software maintains a SSAE16 Type II audit certification that is industry compliant. Data transfers meet security regulations across platforms, maintaining secure data synchronization across systems and devices.

  1. Acquiring and Serving New Clients

When asked about millennials and the housing market, Nowicki explained that reaching out to that demographic involves being readily available to them, under the conditions they have grown to expect: being available through a digital, media and web-based presence. He added that millennials seek transparency and are educated consumers. In other words, they expect details up front and expect their questions to be answered quickly and accurately.

Loan officers need to have information readily available and customized for these customers' unique needs and situations. Credit unions, small mortgage companies, and loan officers already have an advantage in that they are community institutions. Even though smaller organizations are more flexible and better equipped to provide common sense solutions to clients than big banks and national lenders, backing up community-relevant needs with powerful data and fast service wins younger customers.

Community experience shouldn't be under-emphasized, but it should also dovetail with technological expertise. Crafting and maintaining a balance between speed and customization is the formula for reaching out to a technologically fluent client base.

MortgageExchange™ software meets the needs of speed and customization by syncing changes within documents and data across multiple platforms. These updates are scheduled to occur daily or in real-time, depending on your institution's preferences.

For more information on how to increase your institution's speed, efficiency and compliance with integrated software solutions, please contact us.

MortgageExchange

Topics: ABT MortgageExchange synchronizing mortgage data

Accelerating the Sales Cycle With Better Data Management And Execution

accelerating the sales cycle with better data management and executionWith complex sales that involve a lot of money, it can take weeks to complete the sales cycle. Mortgage loan officers often wait an average of four to five weeks to close on a home. However, new rules have come into effect, as of October 3, 2015, that are making that process even longer.

The Consumer Financial Protection Bureau (CFPB) now requires banks to give consumers more time to look over loan documents. This is good for consumers, who benefit from having more time to check over their documents and make decisions, but that also means that mortgage loan officers will have to further prolong the sales process. Though mortgage lenders are fully aware of this, they now must look for new ways to speed up the loan process. In order to accelerate the sales cycle with better data management and execution, credit unions and mortgage companies are choosing Access Business Technology’s MortgageExchange software.

This software takes a new approach to the way mortgage companies store documents and access data, making it faster and easier to retrieve the information your mortgage loan officers need. Before, mortgage companies had to reconcile data into a central location, without updating the source systems. MortgageExchange makes sure the information, across all of your applications, updates into the system so users can access up-to-date information immediately, regardless of what application they use.

For example, 1st MidAmerica Credit Union and Summit Credit Union both started using MortgageExchange, which integrates easily with FICS and other core systems. Two more companies, GTE and Travis Credit Union, switched to MortgageExchange because it integrates with their account processing platform called Fiserv DNA.

The benefits of this new software have allowed mortgage companies and credit unions alike to save time, increase accuracy, and secure data, in order to shorten the sales cycle.

Real-time Information

When changes happen at mortgage companies and credit unions, providing real-time information builds credibility. It also helps customers feel more comfortable in the decisionmaking process. Mortgage loan officers understand that building trusting relationships and having real-time information is key to accelerating the sale cycle.

When working with customers, decisions can take the longest time. Due to the new rule by the CFPB, mortgage lenders will now have to wait even longer to get paid. To thrive in this business, a mortgage company will need good customer service skills, in addition to real-time access to information. Real-time analytics helps staff to follow-up with data, products, services, and information that will help consumers make a fast and informed decision.

Increase Accuracy

Current and accurate information is key to keeping documents organized and secure. If your company has to key data into multiple platforms, this could lead to employee error. With MortgageExchange, staff can key data into one application and easily integrate it into multiple other platforms in the Cloud. This provides real-time data that is easily accessible to help you and your client make smarter decisions.

Secure Data

When paperwork goes into the Cloud, it’s important to securely store documents by limiting who is authorized to view the information. Clients want to work with well-established companies that they can build trusting relationships with. Now, mortgage companies have found it easier to input data and scan paperwork into the Cloud because it keeps data more secure. At Access Business Technologies, we handle Cloud server maintenance and monitoring, so you don't have to.

Access Business Technologies is an SSAE16 Type II technology service provider that provides mortgage interface software to mortgage companies and financial institutions. Mortgage companies are quickly adding MortgageExchange™ because it provides a platform to help fast-growing businesses thrive in a competitive industry. For more information on the software we provide or to see a demo of how this software can work for you, contact us today.

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Topics: MortgageExchange mortgage data management data management for mortgage companies

MortgageExchange™, the next logical step in software interfaces

       data-integration-300x157-1.jpg   You have built a solid Mortgage Department.  You have gathered software tools that are at the top in the industry. Your team likes the tools and are ready to work.  Except, during implementation you start hitting snags.  You find that your team is needing to hand key data across your system.  Perhaps some data will flow across systems, but not all the fields you require. This slows down the efficiency level you expected and opens up the possibility of key-entry error.  

Here at ABT we have been hosting mortgage software in our Mortgage Cloud since 1999.  We understand the frustration you are experiencing.  Our clients faced the same obstacles, they turned to us to see if we could help.

What better way is there to create a great product, than with help and guidence of the folks who will be using it, our customers.  They helped build what is now called MortgageExchange™. A unique cloud based integration tool.  Utilized by Banks, Credit Unions and other mortgage organizations across the country, MortgageExchange™ is providing integration between software platforms of all types from a wide variety of software vendors.  ABT's professional staff works with you to build an interface platform that follows your workflow resulting in a regulatory compliant solution. Our clients (Banks and Credit Unions) began coming to us to help them get rid of the issues related to hand-keying data between systems that would not "talk" with one another.  As we created more and more of these integrations, a new product was born, MortgageExchange.  Following integration standards and working closely with our integration software partners, we are able to provide a solid product that is always up-to-date, translates and QC's the mortgage data into a format that is ready to move into the receiving software.

What makes this solution unique is that it is cloud-based.  ABT takes responsibility for both sides of the connection points.  If a vendor has an up-grade that may "break" the flow of data, ABT gets ahead of it and modifies MortgageExchange™ so the data keeps flowing.  This is an integration your mortgage team can rely on.

We have intgrations and software relationships with:

Accenture/Mortgage Cadence LFC
Calyx®
Encompass®
Byte®
ComplianceEase®
D+H Servicing Director®
D+H UltraData Enterprise®
FISERV DNA (formally OSI)
FICS Mortgage Servicer®
Jack Henry Silver Lake®
Jack Henry Symitar Epysis®
Dovenmuehle Mortgage

To discuss your integration needs click below

MortgageExchange

 

Securing Your Mobile Workforce in Your Mortgage Company

These days, more and more mortgage companies are beginning to implement a mobile workforce. However, with this newfound mobility comes a number of potential security risks. When mortgage loan officers need to access or enter sensitive information from their mobile devices, they run the risk of exposing that information to security threats.

When a mortgage company focuses more on mobile convenience and less on security, this can become a risky routine. While it's easy to tuck security concerns away due to complacency, data can easily get stolen without the company even knowing. It could happen to your own mortgage company, especially if many of your loan officers work away from the office.

While having a mobile workforce provides some welcome freedom to your loan officers, security for your clients, and the company as a whole, becomes a real concern. As a result, your lenders may not feel confident in their tools or their ability to provide secure and reliable services to clients.

Perhaps by now, you've conducted searches to find a security tool that integrates well with the mortgage software you’re already using. However, your search may have run into snags, since many security tools don’t offer the kind of specific protection the mortgage industry needs.

At Access Business Technologies, we've developed MortgageWorkSpace®, a Cloud-based mortgage desktop that integrates perfectly with all common mortgage software brands and, more importantly, provides a means of security like few other solutions on the market today.mobile workforce

Let's see how this tool protects your mortgage business and gives your loan officers peace of mind when it comes to mobile security.

A Managed Cloud for Personal Data

The mortgage business is one industry that requires quite a bit of personal information from its clients. Your loan officers already know that it's extremely risky to take so much financial information from clients and store it in a private server without monitoring.

If you have your own on-site server, you may not have the extra money to pay for proper 24/7 monitoring. You may do this only because operating an on-site server is already enough of a monthly expense.

Using a cloud solution is the answer the mortgage industry has been looking for. MortgageWorkSpace® stores all of your client data in our fully monitored cloud server for full-time protection. However, your data doesn't become more difficult to access like it might with other storage solutions. Your applications are accessible in an instant, from anywhere you have an Internet connection.

Having a holistic security solution in place not only gives your loan officers peace of mind, but also your clients. Knowing your mortgage company takes mobile security seriously will make your clients feel more comfortable giving out their personal information. It's worth every effort that your lenders show your clients exactly what kind of technology they’re using to keep their private data safe. If not, clients could easily get scared and end up heading to one of your mortgage competitors.

Adhering to Consumer Financial Protection Bureau Regulations

The Consumer Financial Protection Bureau constantly updates their rules, and our MortgageWorkSpace® helps you stay compliant with every regulation. It's rare to find other mortgage programs that help you stay up to date on CFPB amendments without mistakes or overlooking recent rule changes. MortgageWorkSpace® makes compliance easy to achieve and maintain, no matter the current regulations.

Your loan officers should also take time to explain all CFPB regulations to clients, so they understand what's at stake and what regulations are in place to protect them. The more your clients understand how you are working to keep their information safe, the more they'll develop a sense of trust in your mortgage company. They'll know you don't place mobile convenience ahead of client security, just to make your team of loan officers more comfortable.

Contact us at Access Business Technologies to learn more about MortgageWorkSpace® and how well it integrates with your current software, while protecting client data. Want to see for yourself? Request a demo below. 

Demo

Topics: mobile security mobile device security mobile workforce

Calm Chaos, Increase Speed and Satisfy Customers by Avoiding Information Sprawl and Data Silos

With Quicken Loans' recent unveiling of real-time loan applications, competition between mortgage companies has reached internet speed. How can mortgage companies, credit unions and banks compete with this online vendor? By using cloud platforms and integrated software to cut down on the chaos of information sprawl and data silos and speed up their loan services.avoiding the chaos of information sprawl and data silosCloud Platforms

Mortgage companies, banking institutions and credit unions offer quality service and personalized touches, perks that major online mortgage companies simply cannot provide. Still, potential customers may choose speed over quality. However, those customers shouldn't short change themselves. They can have both.

Mortgage providers, banks, and credit unions, like 1st Mid-America Credit Union, Members Mortgage, and Tyndall, are able to provide consumers with both quality and speed because they have eliminated information sprawl through integrated software platforms and decreased data silos with improved cloud security. With MortgageExchange, mortgage providers can close loans, improve security and comply with federal banking standards.

Here's how the problem occurs and how MortgageExchange software solves the issues:

  • Information Sprawl

    Information sprawl occurs when organizations have redundant information in various places. This happens when old data never migrates to new platforms or when employees enter and exit the organization but their documents are never properly expunged or transferred. The result is slow processing of applications, redundant or contradictory customer files, and the painstaking process of compiling information from an old server to a new one. Storing information in the cloud makes that data immediately accessible to other stakeholders for updates and information gathering. Items are archived and managed across platforms, reducing redundancies and increasing efficiency.
  • Chaos

    While collected information sprawls across servers, laptops and even hardcopy files, your business is slowing down. Applications aren't being closed. Chaos is costing money and even expansion. Once issues of information sprawl are addressed, it's time to start thinking about moving forward. Since cloud platforms are scalable, they grow with the operation. There is no need to control information sprawl as your company grows because the information is being corralled and managed while your business moves forward.
  • Data silos

    Data silos were built in an attempt to ward off security attacks. Initially this idea was a good one. Sensitive information was stored in one area, safe from cybercrime. Less sensitive, but still necessary, information was stored in another. The danger of silos is the lack of information transfer and integration. In this scenario, the left and right hands don't know what the other is doing. As a result, data silos are becoming obsolete. With increasing security measures like Secure Socket Layer (SSL), data encryption and a three-tier security system, MortgageExchange is a safe place to integrate all your data and keep from isolating it.

MortgageExchange

Cloud platforms store digital information, making physical servers unnecessary, but still retain the speed and security of local storage. Additionally, security updates, compliance regulations and data uploads happen immediately and consistently across all integrated software to include Calyx, Byte, Encompass and others. Legacy data migrates to the cloud, decreasing redundancies and time spent compiling and transferring older information.

Cloud platforms and integrated mortgage software aren't a band-aid or a fix-it. Rather, these technologies house deeply structured architecture that aligns with your existing mortgage application practices and processes. Coupled with IT support, MortgageExchange™ software and MortgageWorkSpace® provide you with the information you need to rapidly close loans and effectively reach out to current and future customers.

In answer to the question of whether or not small banks and credit unions can compete with large, online companies: Yes, they can, and more. Mortgage customers deserve the quality of care that smaller institutions can deliver, and smaller businesses need the ability to scale up.

To find out more about flexible IT and data management solutions, please contact us.

Need some help determining the right solutions for your mortgage business? Click below. 

MortgageExchange

 

Topics: MortgageExchange avoiding information sprawl avoiding data silos