Mortgage Software Solutions Blog

ABT Leads the Digital Transformation of the Mortgage Lending Industry

ABT Leads the Digital Transformation of the Mortgage Lending IndustryA laptop on the desk of a finance professional.

There is no slowing down for mortgage lenders in 2018.

Mortgage volume in the US is expected to grow and according to National Mortgage News, lenders increasingly view technology as a way to gain a competitive advantage in the growing market.

While some lenders embrace the efficiency that technology gives to the industry, a full 29% describe technology initiatives as a “necessary evil” of the industry.

Access Business Technology, a California-based fintech company, is determined to bring the industry up to speed and usher in the digital transformation of the mortgage industry.

ABT Deploys Quality Hardware & Software

Access Business Technologies (ABT) is a fintech consultant focused on technological advancement for the finance world. The company deploys both hardware and software meant to advance the technological capabilities of their clients.

For hardware, ABT deploys the Surface Pro armed with MS Office 365 for finance professionals who need the best tools for communication and collaboration. This combo provides a quality all-around foundation for finance-focused companies looking to standardize or reduce their device inventory.

ABT is also software developer with award-winning platforms created specifically for mortgage lenders. They have an array of software solutions for lenders that are up-and-running quickly while providing a seamless work environment for staff.

By working with a fintech expert like ABT, lenders save money and get a premium setup with premium service from a single channel.

ABT Provides Secure Cloud-Based Infrastructure

Quality software and hardware are not the only considerations for ushering in an age of technology in the mortgage industry.

Infrastructure also affects staffing. How can mortgage companies attract the best talent?

Flexjobs, a resource for remote workers, reports that workplace flexibility is becoming more important. From 2014 to 2017, the number of people who quit a job due to lack of flexibility has doubled.

Cue the new standard for business: the cloud-based work environment.

The cloud-based platforms that ABT offers to the world of fintech are a major solution to the increasingly remote work environment. Clients who migrate to the cloud don’t need to worry about scaring away talented finance professionals who demand flexibility.

Though the cloud is a relatively new requirement for finance companies, ABT has ensured that security is a first priority. ABT, with its finger on the pulse of the mortgage industry, has focused their fintech developments on cyber security and ensuring that data breaches are not a danger for their clients.

ABT provides cloud-based protection for Office 365 email from being hacked. ABT also provides a host of safeguards including multi-factor authentication, phishing protection on email, as well as encryption and security programs for lost or stolen devices.

ABT is the Mortgage Industry Tech Expert

With hardware, software, cloud-based infrastructure, and cyber security covered, ABT has set a new bar for fintech in financial institutions.

The push to remain at the cutting-edge of mortgage technology comes from an understanding of the industry. ABT knows that a quality tech setup gives lenders the ability to provide the best quality of service to customers.

ABT’s drive to develop quality solutions earned the company classification as a Microsoft Gold Level Partner. As a trusted developer for Microsoft solutions and the experience of deploying Office 365 in the mortgage industry, ABT is digitally enabling a newly mobile generation of mortgage workers.

Through integration and device support, ABT allows mortgage lenders to work even more flexibly and productively.

At the forefront of fintech, ABT hopes to continue the trend in the United States of increasing mortgage volumes by continuing to accelerate the industry along a full path of digital transformation.

To find out more about how ABT empowers financial professionals by using technology to transform the way they work, check out the Access Business Technologies blog.

Image: Unsplash

Topics: mortgage software integration multi-factor authentication cybersecurity mortgage documents security cloud storage productivity mortgage business data warehousing mobile technology Consumer Finance Protection Bureau Compliance Audit cloud-based data Housing Market Mortgage Lending

Why Cyber Security Comes First in the Mortgage Software Market

Why Cyber Security Comes First in the Mortgage Software Market

Equally important: physical security and cyber security.

The finance industry’s data-handling platforms have a clear bulls-eye on them.

The U.S. mortgage industry supply chain is considered a “massive target for information security breaches.” In fact, from 2015 to 2016 the number of data breaches in the United States went up by 40%.

Still, most mortgage lenders sidestep cyber security by shopping for software the old-fashioned way.

Functionality across platforms is comparable, but security is where the largest variation exists amongst current technology offerings. The regulatory and litigation atmosphere surrounding data breaches in 2018 is such that the best mortgage software addresses cyber security first and foremost.

Here is how the best mortgage software on the market is focused on security frameworks first.

The Weakest Link

Poor cyber security has a financial and regulatory impact. This, combined with the negative press of recent international breaches, is what the modern financial institution wants to avoid.

Though large institutions have tight security, an increase in automation and “digital mortgage” online customer interactions means that high-tech services are being farmed out to third-party vendors. Tools like business intelligence (BI) and machine learning (ML) also means data transfer within the industry is nearly constant.

Homebuyer information is especially ripe for hackers because it includes secondary digital assets like credit data.

Though big banks are heavily invested in keeping this data safe, the sharing of borrower data to smaller vendors has caused a disruption in the security systems. The immature security of these third-party service providers has created a weak link in a previously well-fortified industry.

Who is Responsible?

Though it seems like the third-party vendor is the one who should catch up to security norms, the tech newcomers are not being held responsible.

New legislation in the US holds financial institutions responsible for the security level of their third-party vendors—no matter where the data or breach originated from. When a smaller vendor experiences a security event, it is the large mortgage company that is on the hook.

Even if the company avoids catching the eye of regulators, cases of mishandled customer data have executed litigation of $201+ per recorded liability.

Cyber Security Solutions

The solution is to rein in weak spots by employing cyber security technology that goes beyond the traditional server model. It should cover gateways, third-party access, and employ strategies that keep an eye on common but unsafe tech-related practices.

A tech developer called ABT offers a cloud-based platform called MortgageWorkSpace that ticks the right boxes.

ABT works exclusively with the mortgage industry to develop software solutions for lenders and third-party financial institutions in the home buying industry. With the functionality of the lending platforms in place, ABT leads mortgage tech by focusing squarely on cutting-edge cyber security.

Above all, MortgageWorkSpace provides a secure gateway to access lending data. It employs multi-factor authentication and monitors system email use to fend off phishing as well.

Despite increased accountability, mortgage lenders can keep the company name and customers safe by shopping for a platform that puts security first.

Advanced Cyber Security Features

With market demand high, on-board security features distinguish better platforms from those that add build-out security capabilities as an afterthought.

ABT has a built-in consumer protection feature called Remote Desktop which gives mortgage lending employees a cloud-based real-time file management system. Offering functionality to the user, this feature actually prevents the storage of data on local PCs. This Dropbox-like feature means that the employee’s desktop is not only updateable from anywhere, but that files containing sensitive information don’t get downloaded out of the system where security is weakest.

Lenders shopping for top mortgage software should keep an eye out for features like the Remote Desktop that combine user experience with security in a way that is seamless.

Developers who have security at the forefront of their business model will also provide crucial non-tech extras for lenders.

ABT gives clients a written information security policy that outlines the software’s parameters and security compliance rules. This type of documentation may have been overkill in the past, but is increasingly required by state and federal law for legal operations in the U.S.

Though most software shoppers understandably look at usability first, the consumer financial sector increasingly puts cyber security front and center.

Mortgage broker software is no exception. Platforms should have a full range of built-in cyber security solutions, usability features that incorporate digital protection without being clunky, and advanced features that provide extended protection as regulations become more stringent.

As a target for hackers and a trend of increasing legal accountability, cyber security is now the main consideration in the mortgage software market.

Check out the full range of ABT’s security-driven mortgage business products on our website or contact us to learn more.

Image: Unsplash

Topics: Hosted Software options Mortgage Servicing in the Cloud mobile security mobile device security email security data security mortgage company security financial data security social networking safety phishing multi-factor authentication Business Intelligence cybersecurity mortgage documents security data warehousing

The Evolution From Old-School Reporting to Modern Data Warehousing

data_warehousing.jpgData warehousing is an out-of-date concept for many people, commonly associated with SQL, batch reporting, and long wait times in order to get any of the data. But today’s data warehouses are vastly different, and as a mortgage company, you have to look at the evolution of data warehousing and realize that old-school reporting and data storage may be driving you towards noncompliance.

Problems with the Old- School Approach

Old-school data warehousing doesn’t offer the safety of a cloud backup. It likely doesn’t even involve the use of a server. Instead, all of the data is stored locally. Batch reporting is common, and SQL is used in order to access all of the data.

As you continue to expand your user base, the data can become larger and larger, which means that there are longer and longer wait times in order to get the data. There are no programs or functions that will provide flexibility, and it can be difficult to obtain all of the data that you need.

Old-school data warehousing is extremely rigid within its modeling, and the IT infrastructure is weak. Because of this lack of flexibility, structured data must be modeled in advance. You must identify which reports you want from the very beginning, and once the data is structured, you cannot change your reporting needs.

This leads to a significant number of inadequacies within your mortgage company. You may not be able to prepare the necessary queries, and you are not tapping into any kind of business intelligence. All of your data is on the premises, and this can make it difficult to obtain data when you are out in the field.

If you choose instead to store your data on your laptop so you always have access, it is important to realize that the average laptop is extremely easy to steal. According to the FBI, approximately 10% of all laptops are stolen within the first year of purchase. For every 100 mortgage employees, this could mean 10 stolen laptops, which is a significant problem. If all of your mortgage software and data are stored locally on your laptop, you risk experiencing a data breach, which can leave you with a regulated disclosure issue on your hands.

Cyber criminals will often target the companies still using old-school data warehousing because these companies are easy targets. Small and large businesses alike are experiencing data breaches, and it is estimated that approximately 43% of all companies will have some level of breach this year alone. You don’t want to put your customers at risk for fraud or identity theft.

How Warehousing is Changing

The reality is that you don’t want to reach a level of noncompliance as it pertains to information security and customer data. Many professionals believe that the mortgage industry is going to move towards the same level of information security and regulations as the banking industry; you want to make sure that you are not still following the old train of thought when it comes to data warehousing. Enter hosted SQL.

ABT has been working as a Microsoft partner to bring you Power BI, a suite of analytics tools designed to help you keep track of your business data at a glance from any device. Our cloud hosted services give you the security of non-localized data storage, ease of access wherever you are, and intelligent reporting tools that give you what you need, when you need it.

There is more technology and more innovation today than ever before. There are now analytical tools, predictive systems, and more. This means that mortgage companies can actually take advantage of machine learning, streaming analytics, and real-time notifications.

Data warehousing is no longer simply an IT problem. Learning how to store and access your data will help you to secure your mortgage company, provide you with more tools, and prepare you for the future.

To learn more about data warehousing, contact Access Business Technologies today.

Get Started

Topics: Business Intelligence Mortgage BI data warehousing