The mortgage industry has become increasingly vulnerable to outsiders accessing consumer protected information. A data breach can result in costs to the business for recovering information and adopting higher security protocols. It may also result in lost customer relationships and damage to the business’s reputation.
When your mortgage business moves its core business operations to the cloud, you can eliminate many risks to consumer data and security compliance. The transition to the cloud isn't only about storing company documents. Now companies can host and access their entire desktop, including all business applications, directly from the cloud.
Moving to the cloud can, in turn, ease the minds of customers about security and help your mortgage business increase productivity. Here are our top 10 reasons to move to the cloud:
1. Data Storage
All of a mortgage company's electronic information can become stored in cloud-based servers and can include the additional protection of backup servers. If your company's primary cloud-based servers go down, the business applications that they contain will move over to backup servers, thereby minimizing the impact on your business operations and keeping your customers’ personal data intact.
2. Data Security
Your company can use newer software within a mortgage cloud platform in order to protect better consumer information. All electronic data that your company collects will be stored in the cloud, and it will be harder for hackers to gain access because of better data encryption technologies that govern the exchange of information in all areas of the suite.
3. Ease of Collaboration
Every person who handles consumer data and information related to mortgage transactions will access information faster from any on-site or off-site computer. All it takes is access to the software suite through an Internet connection and a valid set of login credentials.
4. Ease of Communication
All employees are recording their work on a customer's account in the same productivity suite, which is based in the cloud. They can "talk" to each other through the same system. One person who processes closing paperwork for a mortgage transaction, for example, can complete tasks without having to wait until the lead person on the account is back in the office. Every mortgage gets worked on when an assigned employee has the time to devote to it.
5. Ease of Recordkeeping
Electronic records of a client's mortgage file are easy to create in a productivity suite and to store in the cloud. A cloud-based suite ensures that every document is also stored in an electronic archive. For complying with government regulations and for auditing purposes within your busy mortgage enterprise, electronic record retrieval makes perfect sense.
6. Virtual Protection of the Paper Trail
By moving to the cloud, your company does not have to worry about physically protecting the same volume of paper records from hazards such as fire and theft. Use a suite with cloud backup solutions to obtain electronic records on demand.
Employees can choose which part of the productivity suite to use for their business activities. They can use a cloud-based workspace to make notes about every aspect of a transaction.
8. Remote Access
Employees can work from home or when they are away on a business or personal trip. They can access important details about a client's file and give feedback to people in the office. They can easily obtain the status of work that other employees have performed on the same file.
9. Technical Support
All of your business applications require ongoing support from IT personnel. With all desktop applications operating from the cloud, you can use a combination of in-house personnel and outsourced personnel to service these applications. For example, desktop support on evenings and weekends may get outsourced so that you don't have to pay your IT people overtime.
Your organization can become more transparent to customers. Use a cloud productivity suite to give updates to each customer about the status of his or her mortgage application. Message customers from a secure cloud-based workspace and give access to any employees who should view the history of all communications with a client.
For more details on how to move your mortgage business to the cloud through our MortgageWorkspace™ technology—without buying any new machines or software licenses—contact us today.