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Mortgage Software Solutions Blog

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solution also provides automatic updates on all of your mortgage software, so you never have to worry about running outdated versions, as well as 24/7 technical support from ABT professionals.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

Who's making your mortgage software decisions?

I was recently ran into someone who's job title was "Software Consultant".  "Why would someone need a software consultant?" I asked, "Doesn't that normally fall on the IT department?".  I was told that in most cases it did.  But in some cases this may not be the best way to bring on critical software for an organizations. The following list gives a few reasons why a Software Consultant may help a company make better software decisions:Group of people meeting

  • Software solution requirements needed by the "business group" have not been properly analyzed. Not enough details or user expectations were uncovered in order to make a decision. Perhaps due to the next reason.
  • The IT team does not have the "bandwidth" to devote appropriate time to the project.  They are so busy with current projects and demands that analyzing software is not the priority.
  • There may be a disconnect between the end users desire for specific business processes and the IT team's "system environment" constraints.
  • The IT department's desire for retaining control may limit their objectivity in looking at "hosted" software solutions
  • In some cases there are communication issues between departments ("trust" between departments may not be part of the corporate culture), while hopefully this is not the case with your company, this type of situation does exist.

The group this individual works for, starts their process by performing a very detailed analysis of expectations expected from the software.  This task involves all of individuals who will be working with the software (users and IT).  A list is made. gathering user expectations and process vision.  With this information they objectively analyze software options available in the marketplace.  This list along with the reasons for their inclusion are presented to a steering committee. They schedule demo's of each software and help with the evaluation process.  They will then help facilitate the decision process.  

This discussion was enlightening for me.  Our company is vendor neutral and do not suggest mortgage software solutions.  In most cases, our prospects/clients have usually already decided what mortgage software they will be using.   If they are still looking, I can suggest barriers they may be hitting and provide tactics that will help them make a more informed decision.

How do you choose your business software tools? 

  • Give the project to IT?
  • Strictly a cost decision?
  • Always pick the industry leader?
  • Suggestions from peers?
Topics: Hosted Software decisions Picking Software Hosted Software options Hosted Software Hosted Software issues On Demand Software