ABT Blog

Move Beyond Hand-keying

If your team is hand keying loan data from your origionation software to your servicing platform consider MortgageExchange.  The benefits of a managed Mortgage Interface in today's marketplace are apparent. A managed system ensures your data is compliant and accurate because the translation process is always monitored and tested for accuracy.  No matter which vendor makes a change, a managed system is constantly monitored and updated to keep your data flowing correctly. Platforms like MortgageExchange generate new digital strategies employing innovative, cloud-based technologies that focus on providing compliant, effective performance.   

As a Business owner you work very hard day in and day out.  You have a great client base which you have developed over the last few years.  Your clients trust you and refer their friends to you, which was one of your goals when you started your business. You have a great staff using the latest in computer equipment. The computer tech team you hired has set up a network with all of the safeguards. Your client data is protected and you have automatically scheduled data backups.  You have thought of everything.  Sure every once in a while there is a drive or network failure but your tech team is able to get to you in a day or two. Life is good.

• Can the software be safely and quickly deployed?
• Is the user applying the software updates quickly to ensure compliance?
• Is the system (software and equipment infrastructure) compliant with current banking regulations?
• Is your mortgage department ready for an audit?  Is your mortgage technology testing and certifications current?
• Consider the entire servicing process from origination through servicing, Including feeding the core system.  Interfaces can provide solid data flow through these unique systems.  Eliminate hand-keying mistakes and speeding up the loan process.
• Are all of your control points in place and actively managed.  Is the system environment and client data safe from others?
• Does the entire system work together? or are you still using excel to complete the process.

What is a Software Interface?

A software interface should seamlessly connect your software (in this case two mortgage software platforms) and move data to other services.  For example; a mortgage loan origination software to a core banking system. This movement of data should be easy, secure and in the best scenarios totally automated. Some Mortgage software applications provide "built-in" connectivity.  But if they don't this can cause a huge disruption in moving data through your business work flow. Don't think your only alternative is to manually re-enter data from one system to the next.

ABT spent October 21st through the 24th at the MBA Annual convention in Chicago.  Booth 1313 was our location in the Expo.  

It seems that whenever a a calculation seems "off" or a problem arises when using mortgage software tools, the operators tend to assume that the mistake is the fault of the computer  program. No system is perfect, but it is important to understand that user error is often the culprit here. What it comes down to is that consistent data entry generates accurate reports. As busy as you are, how will you ensure that your data entry is being done correctly? Here are four tips to help you achieve the accurate mortgage reports that you rely on.

1. Error Reports
 Most mortgage softwares will allow you to create error reports to catch mistakes before they become a major issue. No person or computer program is flawless, so you must plan on mistakes before they occur, and set up a way to quickly correct them. By setting up error reports, you can manage your data as each day you will receive a program report. These reports will show you any "bad" data that the system picked up on and removed. You have the power to go back and re-enter the data if it was actually "good", and correct any errors that are still in the system.

 2. Business Rules & Software coding
 Think about configuring your system with value rules. Rules can be established for each data entry field, checking for appropriate characters. For example, if the data field should represent telephone numbers, the field should only allow ten numeric characters. Pop-ups and alerts can be built in to show when data has been entered incorrectly and needs attention. Limitations can be coded into the program for data size, and you can also use specific verbiage coding (ie: IF...THEN...) to customize data entry to the appropriate scenario.


3. Auditing
 Reviewing data entry records is not a lot of fun, but it is absolutely necessary as consistent data entry generates accurate reports. Set up a regular auditing schedule for routine review of all records. Make sure that all data is being entered uniformly and correctly. You may consider creating a scoring system which will require all administrators to achieve below a set percentage of errors in their work. When you make data entry auditing score a part of performance reviews, your employees will be encouraged to take care to enter data accurately.

4. Training
 Never underestimate the value of training. Because consistent data entry generates accurate reports, each of your employees must be trained to enter information in a specific and uniform manner. You must also make certain that each of your staff members are aware of the importance of the data they will be entering. It is easy for individuals to slip into a mind set where simply entering numbers and words into a mortgage software system seems menial and unimportant. It is your job to thoroughly explain the implications of data entry on your business. Conduct refresher tests or scenarios for those who may otherwise become sloppy after they reach their comfort level. And, as mentioned before, make auditing a part of performance reviews, being sure to reward consistency and accuracy.

 When you consider the importance of accurate data entry on the state of your mortgage business, it can be a scary thought to entrust all of that information to administrators and other staff members. It is for this reason that it is vital to monitor data entry through error reporting, business rules, regular audits, and thorough training. If you always keep the fact that consistent data generates accurate reports at the front of your mind, your business will run with the smoothness and correctness that you deserve. 

Access Business Technologies hosts Mortgage Servicing Software for some of the largest Credit Unions in the country. It's "Tax Time" again and we don't want your members to miss out on their mortgage deductions. Some tax deductions to consider are those relating to the purchase of a home, refinancing an existing loan, an existing mortgage, or a short sale.  This article is written for them.

Purchasing of a home.  At closing you will receive a HUD-1 statement, also referred to as the closing statement. This statement should show all the money that you have spent in relation to the purchase of the home and the allocation of the money spent.  In most cases, there will be a small amount of property tax that you have paid, this is a tax deductible expense.  You will also see mortgage loan origination fees and Points on the HUD-1.  These are also tax deductible expenses.  What is a mortgage loan origination fee?  This fee is the administrative costs associated with getting the loan, such as fees paid to attorneys, notary public fees, and the preparation costs.  Are you wondering what a point is?  Points are the upfront fees that equal one percent of the loan.  Points can lower your mortgage interest rate.  Remember, don't miss out on your mortgage deductions this year.

Cloud computing is an excellent way for businesses to save money while growing their infrastructure. With the rapid demand of cloud computing comes many technology firms that specialize in this. While many are helpful, it’s important you find one that is right for your business.

More and more mortgage lenders are utilizing software tools including loan servicing through cloud solutions, not just in an effort to save overhead, but also to streamline their current infrastructure. There are multiple reasons to upgrade to cloud-based mortgage loan servicing over in-house servicing.