Mortgage Software Solutions Blog

How Software "Solutions” are Creating Conflict Between Your Mortgage Data

how new technology and SaaS applications are creating conflict between your mortgage data sourcesThe 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.


Topics: MortgageExchange Mortgage Interfaces data interface solution create better data harmony

Why Mortgage Companies Need the Right Data in the Right Place and in Real-time

why mortgage companies need the right data in the right place and in real-timeEven though larger corporations are making use of internet speed when it comes to mortgage applications, a proliferation of customized tech services are making those speeds available to smaller credit unions and mortgage companies. Yes, small, local mortgage companies still exist, but in order to compete with similarly sized companies, as well as those bigger, global companies, mortgage companies need the right data in the right place and in real-time.

Why? Mortgage companies not only need to stay competitive, but they also need to stay in compliance with regulations and improve customer satisfaction. Consider the following scenarios and learn how to maintain secure records, without sacrificing speed and efficiency.

The Right Data in the Right Place

With interest rates rising, more and more customers are looking to refinance their homes. Many plan on switching from variable rate mortgages to fixed rate mortgages. Mortgage companies must plan for this increase in customer refinancing, which means accessing old records and financial information. For companies that have non-migrated legacy data or older documents stored in hard copy, the process will be delayed, causing customer dissatisfaction.

MortgageExchange™ is designed to provide data at internet speed because it breaks down data silos, resulting in smoothly integrated systems, so that you always find what you need in the right place at the right time. MortgageExchange software streamlines this process by updating and synchronizing old records with new. Integrating data and updated information in real-time assists lenders in accessing the most relevant information from the most logical place at any time.

Organizations such as Summit Credit Union and Members Mortgage have incorporated this secure IT infrastructure, which allows them to move data through the cloud, where it can be accessed by the right people at the right time. This expedites the refinancing process and keeps mortgage companies in compliance with regulations.

With security updates provided by the host server, and with daily or real-time data synchronization scheduled by the business, the right data is delivered seamlessly.

Real-Time Access and Updates

Rising mortgage interest rates are like fire to consumers, they want to react quickly and lock in the best rates. And sellers, of course, want to expedite their sales. With so many stakeholders interested in moving quickly, a delay by the mortgage company is the last obstacle they want to encounter.

Whether it is updating disclosures, APRs or GFEs or remaining in contact with your customer through updates and paperwork, you need to keep pace at internet speed. Increasingly, reliable speed and accuracy is what customers expect, especially those in younger demographics. Since most communication occurs via smartphone, it is important to have these tools readily accessible on your mobile device.

MortgageExchange™ allows loan officers and lenders to interact with the data they need, when they need it. Companies have the flexibility to synchronize data nightly or in real-time so all information is current and up to date, no matter what application or system they're working in.

With no coding, no downloads, and with limited to no in-house IT necessary, mortgage companies and credit unions can interface with MortgageExchange™ to update information, keep records and documents, and communicate with other relevant parties.

Secure and Compliant

Credit unions and mortgage lenders may be a bit gun-shy when it comes to mobile applications and cloud storage. Yet, these are the two tools necessary to stay agile and competitive. Still, security is always a concern and those concerns shouldn't be taken lightly. This is why MortgageExchange™, in keeping with banking security standards, is SSAE16 Type II Certified, which means data is encrypted and protected by a Secure Socket Layer (SSL) and all of our processes meet the banking cybersecurity standard.

Not only is staying in compliance with regulations instrumental to continued success, it is also a wise business decision. You can also choose to store you documents digitally with MortgageWorkspace™.  Storing documents and data with a hosted service means that they are readily accessible during emergencies. Data centers are equipped to handle power outages and even natural disasters, so your records are safe and secure, without compromising your organization's efficiency and readiness.

With real-time access to pertinent information and updates that keep software in regular compliance with changing standards, mortgage companies, credit unions, and lenders can work to meet consumers needs, without having to spend time dealing with software issues.

For more information on how to access information through user-friendly interfaces, or to learn more about employing synchronized, real-time solutions at your mortgage company or credit union, please contact us.


Topics: ABT MortgageExchange synchronizing mortgage data