Mortgage Software Solutions Blog

Cloud Storage Reduces IT Costs and Improves Scalability for Mortgage Companies


Mobile phone in hand

Those of you who've worked in the mortgage industry for the last two decades know how much has changed in just the last five years. Technologies have evolved quickly to provide more ways to accomplish tasks, including superior organization. Despite this, you've perhaps balked on finding ways to reduce your IT costs. Doing things the same way is perhaps hard to break after being in business for over 20 years.

Don't become complacent, because many IT solutions are affordable and necessary.  Security should be paramount when storing client information.  Today's software is being written to comply with the latest regulatory requirements and not all of it is expensive either.

With a rise in cloud and mobile technologies, you can do so much more while paying less. The same goes with scalability.

Using Automation to Improve Client Communication

When you look at the biggest challenges facing mortgage organizations like yours, client communication is at the top of the list. In a time when you likely have to compete with other lending agencies a short distance away, you need to keep your clients loyal.

The way forward is to use automation to gain efficiency. The older methods of reaching your clients only by phone can frequently lead to delays. Consider other communication methods, texting for example may be the best way to shorten the business cycle.    

Automating your communication will allow you to reach your clients faster and provide the ability to personalize content for more sucessful lead generation. Through affordable mobile technology and automation, you can send information at key times to your existing or prospective clients. Doing so educates them on their mortgage options.

Using the Cloud for Data Storage and Retrieval

We noted a while ago that cloud security is the future of all mortgage companies. After saying this over two years ago, it's a fact now, and a must to prepare for the unexpected.

Considering on-site servers can easily become hacked, you need to upgrade to the cloud to keep yourself compliant with client data. While cloud pricing varies depending on needs, it still reduces cost because you're eliminating maintenance on your own servers.

During disasters, you're also preparing yourself for business continuity. You can access anything in the cloud 24/7 as long as you have an Internet connection. When a disaster strikes, you can retrieve all client information immediately to keep your lending business on its feet.

The Use of Mobile Apps to Simplify the Lending Process

Many home buyers want to simplify how they obtain a mortgage without all the protracted steps. Creating a mobile app to make the process easier helps remove complex steps otherwise increasing your operating costs.

An app gives your clients more control over the time it takes to get a loan and the terms they want. Despite apps requiring design time, they'll pay off long-term thanks by increasing business and gaining your customers' trust.

Transparency is an important aspect to lending today. Allowing this through mobile technology is essential, as long as you have quality IT management in place.

Scaling Your Mortgage Company

To keep up with demands, you can do a lot of practical things to scale your mortgage business. If you're short on clients, Zillow reminds using CRM software can often help connect better with potential customers. Also redesigning your website and starting a blog can get home buyers more interested.

During times when you just need to find room to expand data, the cloud can scale quickly for you. This eliminates having to depend on other risky storage methods. When you want to scale due to unexpected growth, you can do so with the cloud, plus still have room for further growth down the road.

At Access Business Technologies, we provide game-changing technologies and tools to help your mortgage business reduce costs while still growing. Our MortgageWorkspace product allows you to scale quickly and securely by putting your business into the cloud. It offers efficient ways to keep your data compliant using intuitive dashboards and admin tools. Learn more about how MortageWorkspace can make the mortgage process easier for your employees and customers by scheduling a call with us. 

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Topics: Compliance Cloud Mortgage Servicing Cloud Computing MortgageWorkSpace cloud storage

Why Millennials Are More Productive with Less Effort: Cloud Technology

millennials-cloud-technology.jpgThe millennial generation is getting more done than any other generation, and it is because they have embraced the technology that is available to them. Many assume that because a millennial has their head down and is holding a tablet or smartphone, it means they're playing a game or browsing social media. But there's a very real possibility that they're getting work done—even while they're waiting for their coffee, their train, or the elevator. Imagine if you could use this same approach to better serve your mortgage customers.

Cloud Technology

One of the main reasons millennials are so good at being productive is that they know the benefits of cloud computing. The cloud makes it possible to access all sorts of information from anywhere, at any time.

The average millennial doesn't believe that they need to be in the office on a daily basis unless there is a meeting. Why is that? They have the versatility to do almost anything from a laptop or mobile device because they can get all the data they need from the cloud.

Likewise, loan officers don't need to be tied down to their desks any longer. They can be answering emails, reviewing applications, and contacting potential clients while out and on the go. Rather than using an internal server, your company can store all of its data securely in the cloud, giving everyone within your mortgage company access to what they need. You can also create restricted access for certain folders so that top-level data is not accessible to entry-level employees.

Millennials are hardworking and they are figuring out how to make the most of their time. They are always on the go, but they are also always connected—and this makes them more productive. So while they may be going down to get a coffee in the middle of the work day, they are still checking emails, compiling reports, and reviewing everything that is going on. They can do all of this as they wait for the barista. Compare this to sitting at a desk, completing one task at a time and getting sidetracked every time the phone rings. Using the cloud may allow you to service more customers and to provide a better level of service.

Productivity is Boosted

Millennials believe it's important to get work done. However, they follow a different train of thought when it comes to productivity: they want to first know what their role and responsibilities are, and then they will work on the to-do list. When it comes to work–life balance, they also bring a different perspective to the table: rather than striving to be the first one in or the last one out every day, they focus on getting their assignments done and then moving onto whatever's next. By utilizing the technological resources at their fingertips, they are able to multitask throughout the day, increasing their efficiency on every project.

This kind of mentality can greatly benefit mortgage companies. It’s about working smarter, not harder. Rather than being plugged into just one kind of technology and working on one assignment at a time, employees can make use of today’s developments to speed up their workflow and increase the number of clients they can be servicing at once

More efficient service will mean happier customers, and better work–life balance will mean happier employees.

The possibilities are endless if you have the information you need to do your work wherever you go. Cloud mortgage technology can bring you this freedom. ABT’s MortgageWorkSpace® is your mortgage office in the cloud.

To learn more about mortgage company technology solutions and how the cloud can work for you, contact Access Business Technologies today.

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Topics: Cloud Services Cloud Computing millennials

How the Cloud is Becoming the New Normal for Businesses in 2016

How-Cloud-is-Becoming-the-New-Normal

Around 1977, the term “cloud” was used to describe the networks of computing equipment in the ARPANET, then the CSNET in 1981, and then the Internet later on. While the concept of cloud computing has been around for some time, not until today (2016) has it become so relevant in everyday life. With that in mind, let's examine how the cloud is becoming the new normal for businesses in 2016.

Cloud Computing

There are some distinct advantages the cloud provides small and large businesses alike, such as data disaster back-up, cybersecurity, more capability for data processing and storage, outsourced IT services, flexible access, and general inter-connectivity between business systems as a whole. Businesses that are embracing cloud computing fully are even going paperless in their efforts to streamline and create more efficient business processes.

What's really accelerated cloud computing is the rise of mobile technology and wider Internet access to the masses, both in America and around the world. Software solutions and mobile apps are fueling the innovative fires, while businesses are trying to adapt and respond to evolving customer expectations.

The Numbers Indicate a Growing Cloud Trend

Looking at research from the IDC, we find the numbers correlate with the growing cloud buzz in the business world today. For instance, in 2015 only 8 percent of businesses surveyed said they weren't interested in the cloud and had no plans to get on board. This percentage shrunk from 2014, when 21 percent of businesses said they weren't interested.

The majority of businesses are evaluating, deploying, and embracing the cloud in some form or another in their processes. Most of them are using a hybrid mix of in-house IT systems and cloud computing.

When it comes to cloud maturity, only 9 percent of businesses thought of themselves as mature, while 45 percent expected to be in the next couple years. So, although only a small percentage of businesses are fully optimized with cloud computing, many others are forging ahead with plans to do so in the future.

Another telling figure analysts predict is that, over the next six years, almost 90 percent of new spending on the Internet and communication technologies will be on cloud-based services. Considering this is a $5 trillion global business, the implications denote a serious trend toward the cloud.

Mobile Technologies

Tablets, smartphones, and other mobile devices are the largest factor in the acceleration of cloud migration for business processes. Individual consumers and B2B customers alike, are using mobile devices to purchase, connect socially, access the Internet, and conduct business. The number of mobile apps is increasing, along with their sophistication in UX design and affordability.

While ten years ago, businesses (in all industries) saw the benefits of having an optimized web presence, now they're seeing the necessity to have a custom mobile app. Innovative software development groups are rising up to meet this growing demand. In fact, outsourcing is becoming the norm in software development, as well as migrating business processes to advanced SaaS solutions.

Mobile technologies and wider accessibility to the Internet are fueling the change, giving businesses more efficient ways to manage and connect with customers. For instance, using the cloud allows 24/7 access, from anywhere, and from any device – anywhere there's Internet access. Also, rapidly advancing mobile devices now have the ability to do as much as most laptops and are becoming increasingly common in the workplace.

Cybersecurity and Integration

Cloud computing is also encouraging businesses to migrate their current systems into the cloud for improved cybersecurity. Cybercrime is on the rise, but fortunately, sophisticated and innovative SaaS solutions are more capable than ever of managing and preventing cyber threats. Big data analysis and advanced software (with automation in compliance, risk detection, and management) are solving security risks at an affordable price.

Cybersecurity is also enhanced using SaaS companies, because they have the ability to integrate all business systems into a central location. Integrated ERP, CRM, WMS, and other holistic hybrid software and hardware systems are managed with sophisticated and advanced technology through a central, cloud-based interface. Factor in the improved security monitoring and management provided by cloud systems and the advantages to making a switch to the cloud become clear.

While there are many other benefits of cloud computing not touched on in detail here, this article should offer enough evidence to prove how the cloud is becoming the new normal for businesses in 2016. The benefits are many, while the drawbacks are confined to merely a fear of the unknown.

Access Business Technologies is an SaaS mortgage cloud company that is highly skilled in protecting and managing your mortgage systems in the cloud. We've designed our cloud SaaS specifically for businesses in the mortgage industry and offer companies a seamless way to migrate to the cloud with confidence. To learn more about our MortgageWorkSpace™, please contact us today.

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Topics: ABT Cloud Computing

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

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.

MortgageExchange

Topics: ABT Cloud Computing MortgageExchange data interface solution create better data harmony

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

Providing Mobility and Peace of Mind for Your Mortgage Loan Officers

mobility.jpg

The age of mobility in the workplace is well underway, with BYOD policies active in more and more companies. With statistics showing 74% of organizations use some sort of BYOD policy, there’s no reason why your mortgage company can't do the same. Increased mobility allows your lenders to work outside the confines of the office and reach clients more easily.

However, with increased mobility and BYOD policies comes the problem of security and efficiency while handling sensitive mortgage data. Though your mortgage loan officers may already be working in the field on mobile devices, they may not be taking the adequate precautions with the security of the information they are handling. Or, on the other hand, a lack of mobile security may be preventing your employees from having the kind of mobility they need to excel in their jobs.

If the computers and devices your loan officers use don’t have adequate security, you only place more stress on them. When your loan officers have no peace of mind while doing work on their devices, it creates myriad problems for how they deal with client data.

It's time you gave them more peace in their job by using a managed service that works with your existing mortgage software. Here at Access Business Technologies, we can provide this for you with MortgageWorkSpace™ as a managed mortgage desktop in the cloud.

More Peace of Mind Working with Applications

As you're fully aware, the Consumer Financial Protection Bureau (CFPB) regulations are very strict now, when it comes to managing private client data. These regulations affect all mortgage companies, including non-banks. It pays to keep up on their regulations to remind yourself of what's at stake. Even so, you're probably still concerned that the devices your loan officers use are not secure enough, especially when it comes to mobile devices.

Public Wi-Fi systems are an ever-present threat if your lenders are working in public spaces or meeting with clients, and many of those Wi-Fi systems lack any security measures. This could mean that a nearby hacker could infiltrate their mobile device and extract personal data as it's entered, without your employees even knowing.

MortgageWorkSpace™, as well as DeviceGuardian™, add reliable security to your existing mortgage software. When you're dealing with digital or mobile applications during the loan process, you do not want those files stored directly on your device for hackers to openly steal. Instead, your mortgage applications go directly to our cloud server where you'll have 24/7 security protection and monitoring.

This shows how much difference it makes using a quality managed service in concert with your mortgage software.

More Peace of Mind with Integration

Integrating new systems with existing mortgage software isn't always an easy process. MortgageWorkSpace™ integrates perfectly with all existing mortgage software, so there’s no steep learning curve. This easy integration applies to any desktop or mobile device, so everything is ready to go the same day.

By hosting your entire mortgage desktop in the cloud, retrieval of data is easy and instantly accessible, no matter where your lenders are or what device they’re using. And best of all, there is no time wasted having to learn complicated new procedures.

More Peace of Mind with Updates or Upgrades

Now that you know you can give your loan officers peace of mind with added security (including the best encryption technology), you can also help them with updates and upgrades. Having to do both on their existing software is already a pain. It's easy to forget or ignore updates, leaving your lenders vulnerable once again to viruses or other threats.

MortgageWorkSpace™ does all this for you as a quality managed service does. Most of all, scalability is more than possible when you quickly need extra storage space for your data. The cloud is flexible for those times when you get an influx of business and need to upgrade the same day.

Contact us here at Access Business Technologies to find out how MortgageWorkSpace™ can create peace of mind for you and your lenders in this increasingly mobile world.

Topics: ABT Cloud Computing cyber security MortgageWorkSpace

Benefits of Switching Your Mortgage Company's Systems to the Cloud

The benefits of switching your mortgage company's servers and desktops to the cloud go beyond just joining the latest technology trends. You've no doubt heard plenty about the cloud over the last few years, with both positive and negative reactions. However, almost all of the negative reactions come from simple misunderstandings about cloud system capabilities. These days, cloud technology can not only do everything your old in-house servers and desktop computers can do, but they can do it more affordably, more securely, and with far more adaptable features.

In the mortgage industry, your servers and computer desktops become an essential technology tool because of how much private data you work with daily. Undoubtedly, you worry about the safety of the personal financial information that gets loaded into your servers and computer desktops while working with clients. You may also worry about business continuity if some major disaster occurs. Having an on-site server or on-site computer desktop may be your long-time storage method that you continue to use out of habit. However, do you really know what would happen to all your client data if your server or computer desktop shut down due to natural or human circumstances or was breached by security threats?

No matter if you have backup, a disaster plan, or security features in place, getting your mortgage firm back up and running quickly after a crash or hack is another thing. It's time you saw the cloud in a brighter light and understood how much it helps the mortgage industry in the realms of security and in saving money. You can consolidate all of this in our MortgageWorkspace™ cloud solution here at Access Business Technologies.

Eliminating the Expense of On-Site Servers and On-Site Computer Desktops

For mortgage companies, having a secure server system and computer desktops is crucial to the safety and success of your business. You can't have a mortgage firm without having a reliable server that can facilitate the continual flow of data and store all of your important data. However, hosting these servers and computers desktops on-site can be a huge expense

Not only are the servers and computer desktops themselves expensive, but the IT support and maintenance that goes along with them can add up fast as well. When you use Access Business Technologies’ MortgageWorkspace™ cloud, you have a remote space to store your data without the worry of any maintenance or support costs. We provide the cloud storage space you need and manage it at all times.

Better Security

In the last 18 months, the world has seen a sharp rise in cyber-attacks. Last year the term “data breach” became mainstream vernacular. In 2014 the Wall Street Journal devoted 1,102 articles related to data breaches, up by more than 50% from the 470 articles from the previous year.  Mortgage companies store more personal information about customers than most banks.  Mortgage companies are prime targets for hackers. With all of that data moving in and out of an on-site server and on-site computer desktops, you face some major security risks if you do not have a strong IT management team on hand and a clear plan for data security.  Even when you have a strong team they don’t always have the time to keep up with the latest vulnerabilities and continually update your hardware and software to protect against evolving threats. You need full-time security experts to properly manage the new threats in addition to continually purchasing new software and hardware. 70% of companies were hit by Cyberattack in the last 12 Months, and 43% of ALL companies have experienced a data breach in the last 12 Months. In the event that your private data is compromised, you could face legal problems, hefty fines, or more importantly, a substantial loss of trust (and potentially business) from the clients whose private financial data you have promised to keep safe.

Using our cloud solution, you're guaranteed to have the best security technology and 24/7 monitoring designed specifically for the mortgage industry, so hacking events and other cyber threats don't disrupt your business.

Without proper security tools, you're walking on a minefield, with potential security vulnerability you won't even realize exist until it’s too late. No matter if it's a holiday or weekend, with MortgageWorkspace™, you're always monitored with preventative measures that are in place to ward off the any security threats.

Convenient Upgrades

All mortgage companies start small and begin to grow as time goes on. A stellar reputation could increase that business virtually overnight, but in order to maintain that kind of reputation, you will need to keep your servers and desktop computers running without any crashes or disruptions to your workflow. Our cloud solution allows for fast upgrades and increased access to productivity tools that can change and grow with your business.

Now you can scale your mortgage firm quickly without delays and any risks of downtime. As a true money-saver, you have predictable costs with MortgageWorkspace™. You pay a steady rate for what you use, and there aren't any unexpected charges on your monthly bill. By moving your computer desktops and servers to the cloud, you empower your mortgage professionals to safely perform at the top of their game anytime, anywhere.  You can support, defend, and manage game-game-changing technologies and processes that help mortgage professionals thrive.

Contact us here at Access Business Technologies to learn more about Mortgage Workspace™ and how your mortgage firm can benefit from making the switch to the cloud.

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

Moving the Mortgage Industry Into the 21st Century

The 21st Century has seen huge advancements in technology, advancements that are changing the world and the ways we connect, communicate, and do business. But despite all these changes, many people in the mortgage industry believe that the advancements in technology don't matter to them because, all in all, their business hasn't changed. Why fix something that isn’t broken?

But the truth is the mortgage industry is changing, and that means that the technology mortgage companies use needs to change too.

Most mortgage lenders maintain local servers and manage all of their software, applications, and customer data locally on employee computers. Their systems require extensive IT support to do everything from updating company software to troubleshooting technology issues to maintaining security protocols. While this system may work for a lot of mortgage companies, technological advances have made it possible to manage all of these tasks and systems much more easily and efficiently.moving_the_mortgage_industry_into_the_21st_century

At Access Business Technologies, we’re working to move the mortgage industry into the 21st century by providing the cloud-based solutions businesses need to manage their mortgage software, safely access their important data, and ensure full compliance with Consumer Financial Protection Bureau (CFPB) regulations.

Managing Mortgage Software

One of the biggest apprehensions mortgage companies have when considering a switch to new technology solutions is that it will not be compatible with their current software or will be difficult to integrate with their current systems. However, this line of thinking does nothing but cause mortgage companies to fall behind their more tech-savvy competitors.

Cloud-based systems like Access Business Technologies’ MortgageWorkSpace™ are not only simple to integrate into your mortgage company’s systems, but they also help you manage and access those systems more easily. MortgageWorkSpace™ allows loan officers to access their desktop, software applications, and data from the cloud from wherever they are, as if they were running them locally. This cloud-based desktop solution also provides automatic updates on all of your mortgage software, so you never have to worry about running outdated versions, as well as 24/7 technical support from ABT professionals. This lessens the burden on your in-house IT staff and can reduce their cost impact.

Meeting Modern Security Needs

The 21st century has brought with it some incredible new technological advances, but it’s also brought with it the most advanced and pervasive cyber security threats the world has ever seen. As a mortgage company, you are tasked with the major responsibility of protecting your customer’s private information. However, if your business is still relying on outdated security methods and ignoring mobile security altogether, then you’re simply not doing right by your customers.

Security should be the number one priority of any mortgage company. A breach of security can not only cause irreparable damage to your customers but to your business as well. At ABT, we offer services that are specifically created with modern security needs in mind. From our MortgageWorkSpace platform to our EmailGuardian and DeviceGuardian™ applications, we provide essential protection for every aspect of your mortgage business. This includes complete protection from spam, viruses, malware, phishing, and data leaks, as well as sophisticated backup and disaster recovery protocols that enable you to restore your data in the case of an emergency.

Ensuring CFPB Compliance

CFPB regulations are more stringent than ever for mortgage companies, requiring that extra measures be taken to ensure the protection of consumers’ financial information. Managing and maintaining the compliance of your mortgage company can be a big task without the right tools. As more and more companies face audits from the CFPB, it’s becoming increasingly that old compliance methods just don’t work.

At ABT, we ensure that all of our mortgage solutions are 100% CFPB compliant and that they continue to be. We regularly update our systems to guarantee that your mortgage company meets all of the regulatory requirements.  

Access Business Technologies addresses all of your modern mortgage needs. Our primary mission is to provide superior mortgage lending product applications over the cloud as a managed service. Our platform supports an infrastructure and provisioning system that fosters world-class speed in deployment, coupled with unparalleled security. We also have a cloud integration and data warehousing product that brings all of our mortgage software platforms together to allow our customers to fully integrate their systems without the use local servers or software. ABT has unequaled customer technical support, complete compliance, custom-detailed reports for each client, the highest possible mortgage industry expertise, and security that rivals Fort Knox, all for one affordable cost! Contact us and let us help move your mortgage company into the 21st century.

Topics: Cloud Services software hosting Hosted Software Cloud Mortgage Servicing Cloud Computing ABT Hosting Services

How MortgageWorkSpace Secures Data and Builds Powerful Performance for Mortgage Companies

Mortgage companies are now required to adhere to the same stringent regulations for protecting consumer data as banks. These regulations can add to the time it takes to process applications and increase the costs of training your staff on the proper handling of data. To avoid these wasteful expenses, Access Business Technologies has provided mortgage companies with a solution through our MortgageWorkSpace platform. This innovative platform allows mortgage companies to process applications and monitor current client information, while training employees and adjusting business practices to comply with the new regulations.

Adjusting to the CFPB Regulations

Mortgage providers and loan officers work with the tools they have that make them most adaptable to the conditions of the job. Some might choose to use their smart phones or tablets to access information when theyre away from the office, but the new regulations prevent this type of activity due to security issues. Many mortgage providers are being audited to determine how effectively they follow the new Consumer Financial Protection Bureau (CFPB) information security regulations. These audits add to costs, take up valuable time, and can have a big effect on consumer confidence. To prevent any interruption in business, mortgage providers can look to MortgageWorkSpace as a vital solution.

MortgageWorkSpace: A Cloud-based Solution

MortgageWorkSpace is a technology platform specifically designed to meet the CFPB information security regulations. It provides mortgage companies with a simple solution that streamlines the work process, while ensuring that business practices are compliant with the new regulations. It also provides a reliable method for staff to collaborate and share information so that normal practices can continue wherever your employees are. MortgageWorkSpace is a flexible, Cloud-based solution that allows mortgage providers and loan officers to access, store, and protect their vital information in one secure location. It can also be easily integrated with a mortgage companys existing software for a seamless transition.

Some of the advantages that a Cloud-based solution offers are:

-Flexible performance that adapts to any software (like Calyx or Encompass)

-Enhanced access to the information and systems you need, whether youre working from the office on a desktop or laptop, or from the road on a mobile device

-24/7 safeguarded protection from security threats

-Dependable network performance, allowing staff to always stay connected

-Automatic software updates and patches to prevent any unauthorized data access and enhance security performance

-Complete, easy-to-implement CFPB compliance

MortgageWorkSpace simplifies the process of adapting to the new regulations. It also consolidates most networking and IT expenses into a single cost, while giving staff the appropriate tools for performing secure, dependable work.

Cost Benefits and Performance Improvements

With MortgageWorkSpaces cutting-edge technology, all expenses for running a network, maintaining storage space and databases, and monitoring security points is reduced into one manageable cost. Access Business Technologies offers all the services mortgage companies need, while following all required regulations. ABTs services also improve performance by allowing employees to work from any device anywhere they have access to an Internet connection. This helps sales teams to be more accessible to their colleagues and to their clients, while converting more leads. Workers can use their desired device (laptop, tablet, or smartphone) and still be within the regulations regarding secure consumer information. Instead of storing data locally on their device, providers and staff will access their records through the MortgageWorkSpace Cloud network.

Consumers today worry greatly about their privacy and securing their information. To handle this demand, newly created regulations require mortgage companies and loan officers to follow strict guidelines that outline the storage, collection, and processing of consumer data. To help manage this with a simple solution, Access Business Technologies developed MortgageWorkSpace: a Cloud-based platform that provides flexible and dependable services to make working with consumer data safer and more effective. The configurable platform provides optimal performance for any selected software application, access through different mobile devices, and the certified security that consumers demand.

For more information about how MortgageWorkSpace configures to the needs of your business, please contact us.

Topics: ABT Cloud Cloud Computing Mortgage Cloud Services MortgageWorkSpace

Cloud-Based Security Is The Future For Mortgage Companies

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As technology evolves, mortgage companies must change their systems, security plans, and business processes in order to meet current and future security challenges. Cloud-based information systems enable companies to manage employees in diverse locations and situations, increase locations with limited infrastructure, and aid in security and data recovery.

With so many data breaches in the news recently, mortgage companies are especially vigilant. A cloud-based information system is one of the most secure ways to manage employees: in the office, at home, and on the road.

Security vs Insecurity

Generally speaking, the more customized a system is, the more secure it is. Richard Feynman, in his autobiography, describes the fact that he was able to hack most safes in the Manhattan Project by entering in the factory default settings. When faced with an issue of security, many people will simply rely on someone else's expertise.

In modern information systems, this is seen in using default security settings, not creating unique passwords for each user, not requiring a certain standard (length, caps and lower case letters, numbers and symbols), or simply creating one password for all personal, business, financial, and other systems. 

As data become more and more valuable, mortgage companies become more and more of a target, and must use specialized software for the utmost protection. As an example, a mortgage company won't use Excel as their entire loan management system, likewise, they should not use default windows, Apple, or Droid OS security systems to manage their security.

Cloud-Based Security

Many businesses see the use of the cloud as introducing private data to a third party, and therefore highly suspect. While this is understandable, it is false on several levels. Cloud-based delivery systems are protected from anyone except the administrators and managers who set up the account. Additionally, mortgage companies and banks that deal with cash trust their hard assets to an independent security team every day, with limited risk.

Cloud-based data systems store servers apart from your main site, and your servers are housed in secure datacenters which have a dedicated team of IT and physical security experts to monitor, prevent, and correct any security problems which arise. Additionally, a cloud-based system limits the access which any one user or group of users will have to your systems. Each user you set up will only have access to the information required to do their job, preventing the type of data breach caused by a disgruntled employee walking off with all the servers.

Create Freedom With Cloud-Based Mortgage Software

With multiple password logins and software housed entirely on a server, you can set the security and access levels for every employee. This gives mortgage companies the opportunity to utilize freelance and work-from-home employees without taking on the risk of giving them full access to a software system.

A cloud-based mortgage-management system reduces costs in infrastructure and IT, increases security and user-specific functionality, and creates the opportunity to expand and find low-cost employees through telecommuting from home. For more information on the security benefits of a cloud-based mortgage-software solution, please contact us.

 

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Topics: Cloud Mortgage Servicing Cloud Computing