Mortgage Software Solutions Blog

7 Reasons Credit Union Mortgage Departments Need to Interface to Their Core Banking System

In the fast-paced, competitive environment credit unions and mortgage companies face in the post recession age, technology is essential for great business systems. The right technology systems cut costs and increase quality at the same time through reducing data errors, communication costs and the time necessary to interact with your customers. With so many great options to manage accounting, customer relationships, and more, an interface to your core banking system is an integral part of any technology mix.why credit union mortgage departments need to interface to their core banking system

The following 7 reasons demonstrate the benefits of integrating your disparate mortgage management systems with a MortgageExchange software integration system.

Save Costs of Human Error

According to The Data Warehousing Institute (TDWI), the cost of human error in tracking contact information alone is an astounding $600 billion per year. This does not track data loss on applications, billing cycles and more. If you consider the additional untrackable costs of customer retention through all these mistakes, you have the number one reason to utilize a software integration system.

Keep Your Favorite Software Solutions

Many mortgage companies are utilizing full-scale systems to manage their business needs, moving to comprehensive mortgage-based ERPs and Desktops as a Service. This is a great solution for many of our customers, but many companies want to keep their current software and hardware configurations because of familiarity, costs, quality or other considerations. For businesses that love what they currently use but want to manage their systems better, a software interface, like MortgageExchange, provides many of the benefits of a full-scale system.

Increase Customer Service Success

One of the most frustrating things for mortgage customers is the need to continually give information to different customer service reps and loan officers. With an integrated core banking interface, your reps will have access to all the relevant information to meet the current customer needs.

Track Your Analytics

Many businesses understand the need for building great data management systems, but do not think they can afford the time or money necessary to build one. Good core interface software systems will provide automatic and real-time analytics software relevant to the mortgage industry. This is essential for continuing to improve your income, cut your costs and offer great customer service.

Drastically Increase Your Speed

Great data management traditionally requires large amounts of time and money. A great data management interface will reduce the inordinate labor and capital costs induced in traditional means. The greatest of these costs is the time it takes to create and manage business-wide data systems. A good interface system will automatically update any linked database tables for your software systems so that your information will be obtained in real-time, no matter where it is located on your local network or between clouds.

Cloud-Based Management

Cloud-based management is worthy of a post in itself, but there are several advantages to be considered here. A cloud-based information interface gives management the ability to monitor and trouble-shoot data remotely, outsources much of the costs of your IT department, increases your access to industry security experts, and promotes fast scaling of your business.

Location, Location, Location

Every realtor and retailer understands the importance of location, and mortgage experts have to approach their business as both realtors and retailers. Another advantage of the cloud-based system worth its own point is the fact that your location becomes everywhere. More precisely, your mortgage loan officers and locations are not limited by your offices and internal LAN. Create your security systems, firewalls and protocols, and let the interface software update your information via the internet, no matter your location.

These are just some of the reasons and uses your credit union needs to use a mortgage software interface to connect all your core banking needs. For more information about mortgage software, cloud-based services or industry standards, please contact Access Business Technologies today.

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Topics: MortgageExchange interfacing core banking systems credit union software solutions