Mortgage Software Solutions Blog

How Software "Solutions” are Creating Conflict Between Your Mortgage Data

how new technology and SaaS applications are creating conflict between your mortgage data sourcesThe pace of software solutions and technological upgrades in the financial market has been remarkable. There are countless Software as a Service (SaaS) solutions now available to help manage, distribute, and optimize financial products and mortgage data. While each solution has a specific benefit, the combination of them all can create significant conflict and dissonance between systems. As a result, more and more mortgage companies are finding themselves in need of a cost-effective data interface solution that can create better data harmony.

 

 

The Cost of Data Conflict

 

Data conflict results in lost time, money, and effort for mortgage companies. Not only does data conflict cost your loan officers time as they try to locate the information they need, but it can also cause them to make costly and unnecessary mistakes. For example, running a credit check and making a mortgage decision usually require pulling data from different sources. A mismanagement or misunderstanding of the data could result in a poor credit decision, causing you to lose a good customer (or gain a bad one), and costing you money in the end.

 

 

Your loan officers need up-to-date information about their industry and the clients they work with, in order to succeed in their jobs. Perhaps a borrower has a lien or a default in recent months that is not appearing in their financial history. If the loan officer is pulling data from the wrong source or mortgage data isn’t synchronized across systems, they could easily make a costly mistake. Only a system that is able to create data harmony in real-time can solve this problem.

 

How MortgageExchange Can Help

 

Access Business Technologies’ MortgageExchange solution, solves the data conflict problem, once and for all, in a low-cost and efficient way. Fundamentally, it unites the back ends of your mortgage software systems to create one unified interface. There is no loss of data, and mortgage loan officers gain greater control over the important information they need and use every day. The solution leverages the power of a third-party cloud, along with many data providers, to aggregate and streamline your different mortgage systems. Companies like Fiserv, Ellie Mae, and Accenture provide support for the secure cloud solution.

 

For example, credit unions are generally community-based credit and financial organizations. Their mortgage products serve the local population, and they have many ways to analyze credit through local data. On the other hand, some of their mortgage systems are based on national lending and data standards. The problem is that these two systems often conflict. Without a unified platform, it can require a lot of time and effort to synchronize and compare data, even using a manual tool like Excel. But with MortgageExchange, mortgage companies have the option of seamless integration. Tower Federal Credit Union is one credit union that benefits from our MortgageExchange platform.

 

The platform also provides a real-time analytics feed to help managers make smarter decision and operate more effectively. The NASA Federal Credit Union is used to working with scientists, engineers, and their families. Just as scientists are expected to be up to date with the newest technology and data, so should their financial providers. The NASA Federal Credit Union, as well as a host of other financial firms and credit unions, take advantage of MortgageExchange’s real-time analytics to make the best decisions for themselves and their customers. Not only does the platform crunch the numbers on an individual applicant, it takes into account the national financial trends to provide a more accurate interest rate and default rate probability.

 

As the MortgageExchange platform gains more and more users, Access Business Technologies (ABT) continues to grow and expand. ABT is a leading provider of hosted, cloud-based software that has been created with the purpose of helping the mortgage industry manage their data and software more easily, more securely, and more harmoniously. For more information about our mortgage solutions, please contact us. Our friendly consultants will help you understand how our products can efficiently reduce your workload and aggregate data from across all your SaaS systems.

MortgageExchange

Topics: MortgageExchange Mortgage Interfaces data interface solution create better data harmony

Accenture Mortgage Cadence and ABT

ascent resized 600 Just got back from the 2014 Accenture Mortgage Cadence, Ascent Users Conference in Denver, June 3rd, 4th and 5th. This was my first visit to their conference.  ABT was invited as a Vendor, promoting our MortgageExchange interface.  

 booth at Ascent resized 600 The event was terriffic, with Accenture Mortgage Cadence putting on an "involved" show for its Clients and Vendor guests.  Everyone had an oppportunity to visit with one another.  I found it a valuable opportunity to finally meet clients that we have worked with over the past few years.  Since we have been building and deploying mortgage interfaces for such a long time, our business process can efficiently be done over the phone and internet for the most part.  So, the opportunity to put a "face to the voice", meeting folks in person was a bonus.

 ABT Sponsored Internet Cafe resized 600  The speakers and information sessions were informative and fun with the Accenture team presenting some sessions with a game show type atmosphere.

Plenty of activities and breaks kept everyone involved and fresh.  Our "last night event" was spent at a place called "Aces" where ping pong tables were in place, with serious and not-so-serious games happening.  A great way to wrap up the week.

Thank you to the Accenture Mortagage Cadence Team for the invitation to participate.  We greatly appreciate your positive support.  And to our ABT clients and hopefully soon to be clients, who stopped by the booth, thank you as well for your support.

The ABT Team

Topics: MortgageExchange Mortgage Interfaces Accenture Mortgage Cadence Prime Alliance