Financial 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.
- 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.
- 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.
- 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.
- 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?