Mortgage Software Solutions Blog

4 Ways Loan Management Software Improves the Mortgage Experience

4 Ways Loan Management Software Improves the MortFinancial management software makes everyday interactions smoother for mortgage lenders.

Mortgage software has relied on legacy infrastructures and paper processes for far too long.

In almost every other sector, interactions between banking institutions and customers have moved online.

Web-based transactions for commerce are increasing annually. In 2017, global e-retail sales amounted to 2.3 trillion U.S. dollars and projections show a growth of up to 4.48 trillion U.S. dollars by 2021.  As retail transactions migrate away from brick-and-mortar, the rest of the banking world plays catch up.

In the mortgage world, loan management software offers lenders high-tech solutions to keep them on the cutting edge of the finance world.

Here are the 4 ways that loan management software improves the mortgage experience.

  1. Centralized Access to Document Management

Cloud-based domain services store data on the cloud instead of on a localized server. This gives mortgage companies access to business-critical data from virtually anywhere. Office PCs, employee-owned laptops, and even mobile devices can capitalize on business opportunities anywhere that lenders are interacting with clients.

Loan management software like MortgageWorkSpace (MWS) offers a “portal” or single point of entry to all employees with internet access.

Users can synchronize their user settings and application settings data to the cloud, providing a unified experience across their devices and reducing the time needed for configuring a new device.

Lenders prefer the speed and breadth of information that online-based software provides. When lenders have quick access, customers get quick responses and customer service is perceived as fast and convenient.

Not only does this portal make remote work possible, but it keeps things secure as the mortgage industry embraces the remote working environment.

  1. Improved Security for Client Data

This single point of access protects company assets through multi-factor authentication, ensuring that data remains secure.

Further cyber security measures are managed using Windows Defender, an anti-malware component that keeps intrusions at bay for all devices joined to the MortgageWorkSpace network.

With MWS, there is a cloud-based firewall protecting the devices joined to your lending company’s network as well.

When security events do happen, this software gives the company the ability to remove company data from a mobile device or PC via remote access. This means that even if an employee’s device is stolen, the mortgage software keeps sensitive personal and financial information safe from hackers. 

  1. Effortless Compliance

Running parallel with cyber security, this software handles compliance regarding data security without needing to purchase, integrate, or maintain separate compliance software. MSW has what the industry calls “built-in” compliance features.

Other compliance issues faced by the mortgage industry are included in MSW. Documentation, record keeping, document expiration, and record retention are all features of this platform. This means that lenders using this software are always prepared for an audit without the last-minute scramble.

 In comparison to wider umbrella software, this platform is specifically built and maintained by developers who know the mortgage world.

Developed by California-based ABT, the company is an industry leader and watches the horizon for mortgage legislation that will affect their product’s performance. Lenders using MSW can be sure their software is not only up-to-date with compliance but that it will on boarding the most important finance trends as they happen.

  1. Integration Builds Capacity

Though compliance features are built-in, the platform remains flexible so that your lending company can utilize applications that give a competitive edge.

The Mortgage BI (business intelligence) dashboard powered by Microsoft gives unrivaled visibility to company data. This leads to data-based business decisions that improve the bottom line.

Analysis isn’t limited by this platform’s own BI capabilities though. MSW is vendor neutral so it integrates with loan origination systems, CRMs, Saas apps, on-premises networks, and plenty of proprietary software that makes business run more smoothly.

The days of paper-heavy processes for buying houses are numbered.

Developers are producing these sophisticated platforms that make the mortgage process better.

New financial management software is cloud-based, safe, and expandable. Customers can now enjoy a seamless experience thanks to platforms that give mortgage lenders speed and flexibility in their work.

Good software means agile lenders, which in turn means happy customers.

Does your mortgage company have outstanding software that improves this end-to-end experience?

MortgageWorkSpace is the award-winning business solution that mortgage lenders need. Learn more by visiting ABT.

Image: Unsplash

Topics: mobile device security email security data security phishing multi-factor authentication Business Intelligence cybersecurity Mortgage BI mortgage documents cloud storage productivity mortgage business mortgage industry cloud-based data Housing Market Mortgage Lending disaster recovery MBA

4 Reasons to Implement a Mortgage Business Intelligence Strategy

bim.jpgBI visuals help employees in the company get on the same page.

Business Intelligence (BI) has come a long way since its first implementation.

At its most basic, BI has always involved analyzing reports and performance information to allow companies to make decisions based on past activity.

At the complex level of present-day information gathering, BI handles large amounts of unstructured, seeming unrelated data and then makes utilitarian connections between data points.

Using modern BI, a company can turn information sets into successful business strategies that give them the edge on the market and long-term stability over their competitors. Nowadays companies even have access to industry-specific BI tools.

Can you imagine why the mortgage industry should harness this ability? Here are 4 reasons to implement a Business Intelligence Strategy in your mortgage company.

  1. Integrated BI for Complete Data

By integrating business intelligence, a mortgage company has the ability to gather data on their activity via an existing mortgage enterprise management system (EMS) and then work with that data using the BI module.

With two or more applications communicating seamlessly, administrators have all the company information at their fingertips.

Integrating BI with existing tools like EMS and CRM platforms makes the data sets more ample and complete.

  1. Improved Strategic Awareness

Integrated Mortgage BI goes beyond just connecting platforms. It develops a rich business intelligence data warehouse (BIDW) that forms the basis for future decisions.

The BI module has the capacity of building data model visuals that are easy to understand. Using the full range of information available, this feature processes information to make it actionable. Pulling information from all sources means providing the company with rich prescriptive and predictive analytics output.

The strategy of information awareness and fact-based decisions produces a positive influence on the bottom line.

  1. BI Accessibility Breeds Positive Change

It used to be that companies needed IT analysts to interface with the data and come up with insight. It was a management level activity shared between tech folks and decision makers in the company.

With an industry-specific BI strategy in place, everyday users in a mortgage company can view easy-to-understand level-specific data related to their work. Placing BI in employee dashboards empowers them to make informed decisions. It goes beyond IT data and links up with HR, employee metrics, customized dashboards, and more to give the power of data to employees at every level of the company.

Smart decisions go from being seen as top-down directives to using real information as the basis for decisions company-wide. This change in company culture has the benefit of increasing employee job satisfaction and efficiency, which also affects the bottom line.

  1. Industry-Specific Bi is Affordable

There are plenty of BI applications on the market. From Tableau to Microsoft, the tech industry has developed a plethora of BI platforms with a range of executions.

There are also visionary platforms like Salesforce that are extremely flexible but require in-house IT customization. They come with bells and whistles that aren’t meant for the mortgage industry.

Mortgage companies without the resources to create their own fit have a better option. Industry-specific software with ample performance ability is the sweet spot. A mortgage-specific BI tool like this is the most affordable choice.

Mortgage companies who implement this type of “goldilocks” platform will be able to harness the power of BI quickly and easily.

Mortgage BI, developed by the same Northern California-based company that produces the data-sharing software MortgageExchange™, is a perfect example of this type of “goldilocks” platform.

ABT’s takes Microsoft’s Power BI software and their own MortgageExchange and combines them for a leading example of how companies can harness the big-brand power of BI without being oversized or overpriced. Not too expensive, no surplus of addons, and customized to be just right for the finance industry.

BI offers huge improvements to every modern mortgage company’s business strategy. The improved strategic awareness will save your company from financial missteps and BI-generated visual representations of performance data will put employees on the same page across the company.

With BI implementation, companies can efficiently put their data to work and move forward with clear direction.

Contact ABT directly to learn about Mortgage BI business analytics for your bank, credit union, or mortgage company.

Image: VisualHunt.com

Topics: Cloud Services information security for mortgage companies data interface solution data security mortgage software integration Business Intelligence Mortgage BI security productivity mortgage business mortgage regulations mobile technology mortgage industry

ABT will be at the annual MBA Technology convention in Chicago

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Access Business Technologies will be attending the annual MBA convention in Chicago as a vendor and sponsor this March 26-29 2017.   Visit us in booth #1201 to see a live mixed-reality of the new technology...Mortgage Business Intelligence. As a mortgage industry technology leader we've experienced change... the type of change that requires us to come together to share ideas and find solutions. The past several years have presented many challenges. We've risen to the occasion and as we continue focusing on our customers, efficiency and transparency, we are moving our industry's technology forward. #TECH17 

It's a new day and our industry has never been stronger. Which means there's no better time or place to forge ahead than at the industry's largest gathering of mortgage banker professionals. Join us March 26-29 2017 in Chicago at MBA's Annual Technology Convention & Expo for unparalleled opportunities to network, learn and lead our industry.

MBA's Annual Technology Convention & Expo is taking place at the Hyatt Regency in Chicago.

Chicago is a city of world class status and unsurpassed beauty, drawing visitors from around the nation and the globe. Located on the shores of Lake Michigan in the heart of the Midwest, Chicago is home to the blues, several sports teams an internationally acclaimed symphony orchestra, spectacular live theater, celebrated architecture, and thousand s of restaurants, museums and shopping.

Access Business Technologies, headquartered in Northern California, was founded in 1999 as a leading provider of hosted, on-demand software for mortgage loan origination, servicing and pipeline management. Access Business Technologies (ABT) provides access to business technologies that empower mortgage professionals to safely perform at the top of their game anytime, anywhere. ABT proactively supports, defends and manages game-changing technologies and processes that help mortgage professionals excel. We are a certified SSAE 16 Type II cloud solution provider to over 500 mortgage financial institutions.

We are partnered with nearly a dozen leading mortgage software vendors. Our partnerships with the best mortgage software in the world integrate our cloud suite of products, to empower your workforce to produce more loans safely anywhere and anytime.

Topics: ABT MortgageWorkSpace Mortgage BI

ABT will be at the Experience 17 convention in Las Vegas

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Access Business Technologies will be attending the Ellie Mae Experience 17 convention in Las Vegas as a vendor and sponsor this March 6 - 8 2017.   Visit us in booth #704 to see a live mixed-reality of the new technology...Mortgage Business Intelligence. As a mortgage industry technology leader we've experienced change... the type of change that requires us to come together to share ideas and find solutions. The past several years have presented many challenges. We've risen to the occasion and as we continue focusing on our customers, efficiency and transparency, we are moving our industry #EXPERIENCE17. 

It's a new day and our industry has never been stronger. Which means there's no better time or place to forge ahead than at the industry's largest gathering of real estate finance professionals. March 6 - 8 2017 in Las Vegas at Ellie Mae's Experience 17 convention & Expo for unparalleled opportunities to network, learn and lead our industry #FORWARD

Experience 17 Convention & Expo is taking place at the Wynn Hotel. Join ABT as we exibit at the Experience 17. An entire community of Ellie Mae product experts, 3,000 Encompass users, and mortgage industry leaders will be on hand to demonstrate new innovations, discuss the latest strategies, share best practices, and provide hands-on training. The networking alone is an incredible opportunity to get problem-solving techniques, real-life insights, and practical approaches

For years, Las Vegas has enjoyed its own place in American culture. Elvis, showgirls and neon lights are just some of the pop culture icons associated with the Entertainment Capital of the World.
In recent years, Las Vegas has secured its place on the cultural map. From the highbrow to the kitschy, you can bet on the destination to deliver a well-rounded dose of art and culture.

Access Business Technologies, headquartered in Northern California, was founded in 1999 as a leading provider of hosted, on-demand software for mortgage loan origination, servicing and pipeline management. Access Business Technologies (ABT) provides access to business technologies that empower mortgage professionals to safely perform at the top of their game anytime, anywhere. ABT proactively supports, defends and manages game-changing technologies and processes that help mortgage professionals excel. We are a certified SSAE 16 Type II cloud solution provider to over 500 mortgage financial institutions.

We are partnered with nearly a dozen leading mortgage software vendors. Our partnerships with the best mortgage software in the world integrate our cloud suite of products, to empower your workforce to produce more loans safely anywhere and anytime.

Topics: ABT MortgageWorkSpace Mortgage BI

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.

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Topics: Business Intelligence Mortgage BI data warehousing

ABT will be at the annual MBA convention in Boston

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Access Business Technologies will be attending the annual MBA convention in Boston as a vendor and sponsor this October 23-26 2016.   Visit us in booth #802 to see a live mixed-reality of the new technology...Mortgage Business Intelligence. As a mortgage industry technology leader we've experienced change... the type of change that requires us to come together to share ideas and find solutions. The past several years have presented many challenges. We've risen to the occasion and as we continue focusing on our customers, efficiency and transparency, we are moving our industry #FORWARD. 

It's a new day and our industry has never been stronger. Which means there's no better time or place to forge ahead than at the industry's largest gathering of real estate finance professionals. Join us October 23-26 2016 in Boston at MBA's Annual Convention & Expo for unparalleled opportunities to network, learn and lead our industry #FORWARD

MBA's Annual Convention & Expo is taking place at the Hynes Convention Center

The greater Boston area is a wonderful blend of stylish sophistication and historic New England charm. Attend one of its renowned events, uncover Boston's history by walking its famous Freedom Trail, dine in one of its new restaurants (or dine in an old favorite), shop anywhere from upscale boutiques on Newbury Street to premium outlet malls a short distance from downtown Boston, take a tour... the possibilities are endless!

Access Business Technologies, headquartered in Northern California, was founded in 1999 as a leading provider of hosted, on-demand software for mortgage loan origination, servicing and pipeline management. Access Business Technologies (ABT) provides access to business technologies that empower mortgage professionals to safely perform at the top of their game anytime, anywhere. ABT proactively supports, defends and manages game-changing technologies and processes that help mortgage professionals excel. We are a certified SSAE 16 Type II cloud solution provider to over 500 mortgage financial institutions.

We are partnered with nearly a dozen leading mortgage software vendors. Our partnerships with the best mortgage software in the world integrate our cloud suite of products, to empower your workforce to produce more loans safely anywhere and anytime.

Topics: ABT MortgageWorkSpace Mortgage BI