The pace of software solutions and technological upgrades in the financial market has been remarkable. There are countless Software as a Service (SaaS) solutions now available to help manage, distribute, and optimize financial products and mortgage data. While each solution has a specific benefit, the combination of them all can create significant conflict and dissonance between systems. As a result, more and more mortgage companies are finding themselves in need of a cost-effective data interface solution that can create better data harmony.
The Cost of Data Conflict
Data conflict results in lost time, money, and effort for mortgage companies. Not only does data conflict cost your loan officers time as they try to locate the information they need, but it can also cause them to make costly and unnecessary mistakes. For example, running a credit check and making a mortgage decision usually require pulling data from different sources. A mismanagement or misunderstanding of the data could result in a poor credit decision, causing you to lose a good customer (or gain a bad one), and costing you money in the end.
Your loan officers need up-to-date information about their industry and the clients they work with, in order to succeed in their jobs. Perhaps a borrower has a lien or a default in recent months that is not appearing in their financial history. If the loan officer is pulling data from the wrong source or mortgage data isn’t synchronized across systems, they could easily make a costly mistake. Only a system that is able to create data harmony in real-time can solve this problem.
How MortgageExchange Can Help
Access Business Technologies’ MortgageExchange solution, solves the data conflict problem, once and for all, in a low-cost and efficient way. Fundamentally, it unites the back ends of your mortgage software systems to create one unified interface. There is no loss of data, and mortgage loan officers gain greater control over the important information they need and use every day. The solution leverages the power of a third-party cloud, along with many data providers, to aggregate and streamline your different mortgage systems. Companies like Fiserv, Ellie Mae, and Accenture provide support for the secure cloud solution.
For example, credit unions are generally community-based credit and financial organizations. Their mortgage products serve the local population, and they have many ways to analyze credit through local data. On the other hand, some of their mortgage systems are based on national lending and data standards. The problem is that these two systems often conflict. Without a unified platform, it can require a lot of time and effort to synchronize and compare data, even using a manual tool like Excel. But with MortgageExchange, mortgage companies have the option of seamless integration. Tower Federal Credit Union is one credit union that benefits from our MortgageExchange platform.
The platform also provides a real-time analytics feed to help managers make smarter decision and operate more effectively. The NASA Federal Credit Union is used to working with scientists, engineers, and their families. Just as scientists are expected to be up to date with the newest technology and data, so should their financial providers. The NASA Federal Credit Union, as well as a host of other financial firms and credit unions, take advantage of MortgageExchange’s real-time analytics to make the best decisions for themselves and their customers. Not only does the platform crunch the numbers on an individual applicant, it takes into account the national financial trends to provide a more accurate interest rate and default rate probability.
As the MortgageExchange platform gains more and more users, Access Business Technologies (ABT) continues to grow and expand. ABT is a leading provider of hosted, cloud-based software that has been created with the purpose of helping the mortgage industry manage their data and software more easily, more securely, and more harmoniously. For more information about our mortgage solutions, please contact us. Our friendly consultants will help you understand how our products can efficiently reduce your workload and aggregate data from across all your SaaS systems.