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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

How RESPA And Other Disclosures Can Affect Your Mortgage Business

 

How RESPA And Other Disclosures Can Affect Your Mortgage Business 

More than four decades ago in 1974, the U.S. Congress passed the Real Estate Settlement Procedures Act (RESPA). This law required mortgage companies to disclose certain information at various points throughout the real estate settlement process. The purpose for this was to provide buyers with a greater comprehension of the financial impacts of their home buying decisions. It was intended to help improve their decisions by making them more informed consumers.

How does RESPA, GFE, & HUD-1 disclosures affect your mortgage business? To understand this it’s important to know what happens and what is required of lenders at different points throughout the mortgage lending process.

Beginning of Loan Application

When a borrower applies for a loan, the lender must provide the following items:

  • Special Information Booklet, consists of consumer information describing types of services involved in a real estate settlement
  • Good Faith Estimate (GFE), which shows an estimate of the various charges the borrower can expect to pay at settlement and, if the lender requires a specific settlement provider, he or she must disclose it on the GFE. The GFE is a prescribed, standardized form (updated in 2009) that the lender is required to use to provide this financial information so the buyer can make informed decisions.
  • Mortgage Servicing Disclosure Statement, which informs the borrower whether or not the lender intends to service the account or pass it on to another servicing company.

If the lenders do not give the above information at the time the borrower applies for the loan, they must do so within three days of receiving the loan application.

Before the Closing

RESPA requires lenders to disclose all Affiliated Business Arrangements (ABA’s) to the borrower before the transaction settlement date. An ABA means that the lender involved in the real estate transaction has done the following:

  • is in a position to refer the borrower to a service provider
  • has an ownership interest in a particular service provider
  • refers or influences the borrower, to choose that particular service provider

In the above situation, the referring individuals must disclose the ABA to the borrower at the time that they make the referral. Additionally, unless the referral is to someone who will solely represent the interests of the borrower (an attorney, credit reporting agency, or real estate appraiser), the referring person cannot require the borrower to use the referred services.

During the Closing

RESPA requires lenders to provide an initial Escrow Statement that lays out an estimate of the taxes, insurance premiums, and other charges that the borrower can expect to come out of his escrow account during the loan's first 12-month period. The Escrow Statement discloses the amount of the escrow payment and any reserve. In addition to the initial Escrow Statement, the lender must provide an Annual Escrow Statement to the borrower one time each year.

The lender must also provide the HUD-1 Settlement Statement, describing all the real estate settlement charges that apply to both the borrowers and sellers, including any apportionment of costs between both parties. Updated in 2010, HUD-1 is a prescribed, standardized form that HUD requires the lender to use to provide the settlement information.

After the Closing

RESPA requires that a loan servicing company send a Servicing Transfer Statement (STS) to the borrower if the loan servicing company transfers the borrower's loan to another loan servicing company. The borrower must receive the notice 15 days before the transfer effective date. The notice must identify the new loan servicing company, the address, contact information, and the date that the new company will begin to receive payments.

Because of the complexity of sensitive information throughout a mortgage-lending process, your mortgage company can save time, reduce stress, and eliminate costly processing errors with MortgageWorkSpace® from Access Business Technologies. This is a cloud-based powerhouse of a platform that allows you to keep vital documents organized, readily available anywhere at all hours of the day, and ensures 100 percent buyer compliance with the most recent banking standards and the Safeguards Rule. It’s a virtual desktop with 24/7 technical support for your mortgage company’s time-sensitive needs. To learn more about how Access Business Technologies can help you move your mortgage business into the cloud, contact us today.

Topics: Cloud Mortgage Servicing Access Business Technologies ABT's Hosted Mortgage Servicing

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

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

Mortgage Companies Can Reduce Costs When Employees Work From Home

mortgage_companies-1

Higher mortgage rates and stagnant housing inventory pools may be the reason for a drop in the number of mortgage loan applications. As the country continues to struggle up from the depths of the Great Recession, housing starts and real-estate transactions remain at the back of the pack in terms of recovery pace. Although things have improved (in April 2014, loan application submissions were 11 percent lower), mortgage companies must still keep their eyes on the razor slim margins they now maintain.

Maintaining or growing that margin can be achieved through a balance of reducing costs and increasing productivity. Technological advances offer programs and services that can streamline and speed up mortgaging processes, allowing more work to be accomplished without extending the work day. The problem is that mortgage bankers are not technology gurus. The speed of technological evolution makes it almost impossible for anyone except technology specialists to know what software products and services are both effective and safe. 

The emergence of cloud computing may offer tantalizing options, but the development of regulations and standards around security issues are lagging. Fear of losing valuable information may be unnecessarily freezing mortgage companies out of the cloud market altogether.

The fears are understandable. In early 2014, the Cloud Security Alliance (CSA) issued a list of the nine most prevalent security threats in cloud computing. Of those, four are now well known because of recent hacks into retailers’ databanks. Data breaches (stealing data), data loss (server failure), account hacking or hijacking (stealing of identity and credentials), and malicious insiders (Edward Snowden) are legitimate concerns. Every industry contemplating cloud access needs to find cloud service providers that can adequately address those concerns.

Fortunately, just this spring, that same CSA issued a white paper on its “Best Practices for Mitigating Risks in Virtualized Environments” which provides guidance regarding managing security risks specific to cloud servers and services. At the same conference, CSA announced a new “Certified Cloud Security Professional” certification, which establishes an international standard for design, implementation, and management of cloud environments. The message to non-cloud participants: safety and security systems have been evolving along with the cloud itself. There are now cloud IT professionals and services that can provide excellent SaaS (Software as a Service) products and services that are secure, reliable, and ultimately, extremely cost effective.

Some cloud IT professionals have added yet another layer of cloud-based IT-security standards in response to heightened security requirements for banks. The federal government is working on standardizing protections against cyber crime in the banking industry. Because mortgage companies routinely deal with confidential client financial information, some mortgage-industry professionals have elected to bring their businesses into compliance with existing banking IT-security processes and regulations. The belief is that this will be required throughout the mortgage industry in the not-so-distant future.

So what can a mortgage broker expect to find when seeking cloud-based mortgage-support IT systems? Here are a few examples:

1. The opportunity to eliminate the rental cost of the brick-and-mortar office. Cloud-based mortgage programs can be accessed from anywhere, so bankers and their employees can work safely and securely from their homes.

2. A technology team committed to keeping cloud systems up and running, and that can coordinate cloud services with local IT support. This relieves the local technology staffer to focus on maintaining clear technological channels between clients and associates.

3. Flexibility to expand or adapt programs to accommodate shifting regulations and standards.

4. Flexibility to expand staff levels or offices across cities, counties, or even other countries, without the added expense of additional software or servers.

The evolution of cloud-computing security systems means it is now much safer and more economical to engage cloud technology and services for the management of highly confidential data. Mortgage bankers who want to improve their margins while reducing costs and keeping busy in today's challenging real-estate market can contact us at any time.

 

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Topics: Cloud Mortgage Servicing

Cloud-Based Security Is The Future For Mortgage Companies

cloud_based_security_mortgage

 

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

Mortgage Loan Servicing now in the cloud

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. 

Changing Times

 Many IT professionals encourage the proactive switch to cloud-based applications, because so many upcoming software upgrades are designed for use only in the cloud. The bulk of research and development efforts also are turning toward the ultimate goal of mortgage loan servicing now in the cloud. Ever-changing technology puts an increased burden of demand on credit unions to keep up through continual software and hardware upgrades.

Why the cloud?

Software companies love cloud-based hosting because it’s much easier for them to license and release new products, as well as provide updates and upgrades to existing ones. NewerUsing Software in the Cloud developers are now providing software exclusively for the cloud rather than offering in-house options. Credit unions benefit from increased ease of access to the newest technologies while shifting some of the workload away from their existing IT staff. The need for constant upgrades is similarly removed. Credit unions are also saved from compliance concerns, because that responsibility falls to their vendors instead.

Ideal for small credit unions                                  

 Small credit unions are already struggling to find and maintain trained personnel for the high-stress demands necessary for efficient mortgage servicing. Switching to mortgage loan servicing now in the cloud frees up valuable resources, removing the strain of keeping up in-house equipment and training upgrades for IT personnel. In the past, hardware advances have changed so quickly as to make it nearly impossible to keep up without regular system overhauls, which can be quite costly. Cloud-based hosting removes that burden from the credit unions themselves, allowing for their priority to return instead to increased customer focus.

Staying ahead of the curve

Because cloud technology is so new and its popularity is just now beginning to grow, credit unions who switch to cloud-based hosting sooner will stand above their competition. In addition to making more efficient use of their resources, they’ll also be able to take fullCloud Mortgage Software from ABT advantage of the increased time-to-market afforded by cloud hosting. The capability of offering multiple integrated services is also increased when moving to cloud-based mortgage servicing.

Safe and secure

Cloud-based hosting services for mortgage loan service providers are more likely and able to use cutting edge security precautions using the newest technology. Older in-house systems remain more vulnerable, with an increased risk for outages. Smaller credit unions may not have the staff or know-how needed to provide and maintain compliant, secure systems. Many security experts suggest that mortgage loan servicing now in the cloud provides increased safety advantages over in-house servicing.



Topics: Mortgage Servicing in the Cloud Cloud Mortgage Servicing