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solution also provides automatic updates on all of your mortgage software, so you never have to worry about running outdated versions, as well as 24/7 technical support from ABT professionals.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

It may be time to hire a mortgage software hosting company if: (Part One)

As a member of a technology company, who hosts-manages and delivers mortgage software over the internet, I have had the opportunity to visit many offices across the country.  During these onsite visits, I often have the opportunity to see their "in-house server room".  I am amazed on how creative some organizations are when building their internal "server room".  

When we get involved it is usually when their systems are not running right.  Many times the organization has outgrown their current office size and are at the point of putting computers/servers wherever they can.  While it may seem perfectly reasonable to the individual to the outsider it may seem amusing.

I wanted to put together a quick list of some of the environments/scenarios I come across. If you the reader has an "ooh ooh" moment of self-realization.  Get started on fixing your potential for disaster.

   While thinking of how to compose this, I must have "channeled" one of the "Blue Collar" comedians. "Jeff Foxworthy".  Which is why I am calling this;

"It may be time to hire a mortgage software hosting company if":

Your Server Rack is next to your 5 gallon "Sparklets"  water dispenser.                                                                      

I kept thinking; how do they change the 5 gallon water jug without splashing the server rack?

Whenever you heat up lunch, your company server resets.              

This group had their company computer/server plugged into the same circuit as their microwave.  Every once in a while the circuit would get overloaded and trip.  By the way the computer area was spread around their break room.   

Your computer room is in the basement or first floor.                    

Normally this would not be such a bad thing.  Basements are usually cooler.  In most cases this is where your utilities come into the office.  But in this case the office was located in New Orleans and the (hopefully) once in a lifetime event happened "Katrina".  Everything was lost.  Of course it may not have made a difference if it was on the second floor either.

Your back-up Tapes/Discs are stored in your office desk.                                            

See previous item.  If there is a flood, fire or ? and you keep the backups in the same location, all can be lost.

Your "IT Department" consists of the one person whose qualification is, they were able to set up their own wireless Modem in their home....so they must know what they are doing.   

                                                                                 Frustrated computer user                 

I have talked  to so many individuals who are running their organizations computer systems because out of everyone in their company they were the most comfortable with computers.  Qualifications consisted of their ability to set up a wireless modem.   This is not to slight their abilities, after all, if the boss asks you to do something, you do it to the best of your ability right? They had things running but overall the company had no true thought or vision for bringing all the pieces together.  Note: I am running into this situation less often, thank goodness.

Your server room also doubles as your bathroom.                  

Ok, I have not seen this yet, thank goodness.  But I am pretty confident that it exists.

I will be adding to this list in later Blogs. 

I hope this was helpful, thanks for you time,

Chris

 

(Photo from "Internet MLM marketing Secrets" web site)

Topics: Hosting yourself alternatives Managed Mortgage software hosting software hosting