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

10 Reasons Why Cloud Storage Is Safer

why-cloud-storage-is-safer.jpgWhere is the safest place to store a valuable item: in a locked box in your home, or in a safe deposit box at a bank? It should be obvious that something of value will be better protected at a bank, even though it's out of your immediate possession. Banks have better security procedures, trained staff, and less penetrable physical structures.

The same concept applies to your data storage. Storing loan application information on a desktop computer at your office exposes it to significantly more risk than entrusting it to a reputable cloud service. Breaches in security, mostly caused by haste or lack of experience, have caused numerous compromises of mortgage data.

Let's look at some of the reasons why cloud storage can offer better security to a mortgage business:

  • Cloud facilities are physically secure; your building is not. Anyone who walks into your office can see what machines you’re using. Even with normal building security, someone might be able to sneak in after hours and tamper with a computer or steal a hard drive. Even someone surreptitiously plugging in a malicious USB stick during business hours might be enough. Cloud facilities are in locked buildings that allow few visitors and have careful check-in procedures at all times.
  • Data on a cloud server is always backed up. Your data will be stored in more than one location at all times, so a disk failure or even a disaster in one place won't wipe out your information.
  • Your data is isolated from other software. On a desktop system, the general rule is that any of your software can access any of your files. A weakness anywhere in your system can compromise confidential customer data. On a cloud system, only authorized software has access to your data; there is no risk of email downloads or malicious web pages accessing your system.
  • Data transfer between branches is secure. If you use ordinary email to send a document to a co-worker at another location, it passes through one or more mail servers without encryption and is vulnerable to interception. When you transfer data through a cloud service, it is encrypted both going in and coming out.
  • Cloud service software is always up to date. Keeping your operating system and software up to date all the time is a lot of work, especially when you have other work to do. But old software tends to have known security defects. Because a cloud business must provide the most reliable servers possible, it updates its software promptly and regularly.
  • A cloud service monitors its computers. Cloud service providers are always monitoring their hardware; if anything goes wrong, the problem is caught and remedied quickly. This same level of monitoring is nearly impossible to maintain at a busy mortgage office.

Aside from these technical factors, "people factors" also make the cloud more secure for mortgage companies than their own desktop machines:

  • Security is at the core of a cloud business. At a mortgage business, the first concern is mortgages. It's easy to neglect security for the sake of getting work done. For a cloud service provider, keeping data safe is the work they do.
  • Cloud servers don't engage in risky behavior. Unlike the average employee, cloud servers never accidentally open a spam email or browse websites out of curiosity. Even the most innocent click of a mouse can endanger your data.
  • A full-time staff is always ready to deal with problems. A cloud service utilizes monitoring software, which is always watching for breaches and suspicious activity. If the monitoring software detects something has gone wrong, trained staff members will deal with it quickly. On your local computer, if a breach occurs outside business hours, the attacker might have hours to exploit it before anyone notices.
  • A specialized cloud service provider has security expertise tailored to your industry. When you choose a cloud service that specializes in your area of business (e.g. finance), it employs experts who understand the risks and requirements that are specific to handling your type of data.

Of course, everything we have listed here assumes that you're dealing with a reputable, competent cloud service provider. Anyone can claim to provide "cloud computing," but you have to know what you're really getting. Using insecure cloud services to transfer loan documents is actually the riskiest way to transfer them—even worse than email. Consumer-quality file sharing systems and cloud systems specifically designed for security are two completely different things.

You need a service with a strong reputation for security and privacy. Even your own access to the service should entail strong security protocols. You need a written guarantee that the service will protect your data from unauthorized access. And for finance-related businesses, the service needs to satisfy all applicable regulations and guarantee security compliance.

At Access Business Technologies, we understand the mortgage business. ABT provides a cloud-based platform called MortgageWorkSpace®, which meets all of a mortgage company's storage and security needs. MortgageWorkSpace® meets SSAE 16 Type II standards and meets or exceeds all regulatory requirements, while still granting secure access to authorized users from any location. Contact us to learn more.

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Topics: cybersecurity cloud storage