Mortgage Software Solutions Blog

Why Mortgage Companies Need the Right Data in the Right Place and in Real-time

why mortgage companies need the right data in the right place and in real-timeEven though larger corporations are making use of internet speed when it comes to mortgage applications, a proliferation of customized tech services are making those speeds available to smaller credit unions and mortgage companies. Yes, small, local mortgage companies still exist, but in order to compete with similarly sized companies, as well as those bigger, global companies, mortgage companies need the right data in the right place and in real-time.

Why? Mortgage companies not only need to stay competitive, but they also need to stay in compliance with regulations and improve customer satisfaction. Consider the following scenarios and learn how to maintain secure records, without sacrificing speed and efficiency.

The Right Data in the Right Place

With interest rates rising, more and more customers are looking to refinance their homes. Many plan on switching from variable rate mortgages to fixed rate mortgages. Mortgage companies must plan for this increase in customer refinancing, which means accessing old records and financial information. For companies that have non-migrated legacy data or older documents stored in hard copy, the process will be delayed, causing customer dissatisfaction.

MortgageExchange™ is designed to provide data at internet speed because it breaks down data silos, resulting in smoothly integrated systems, so that you always find what you need in the right place at the right time. MortgageExchange software streamlines this process by updating and synchronizing old records with new. Integrating data and updated information in real-time assists lenders in accessing the most relevant information from the most logical place at any time.

Organizations such as Summit Credit Union and Members Mortgage have incorporated this secure IT infrastructure, which allows them to move data through the cloud, where it can be accessed by the right people at the right time. This expedites the refinancing process and keeps mortgage companies in compliance with regulations.

With security updates provided by the host server, and with daily or real-time data synchronization scheduled by the business, the right data is delivered seamlessly.

Real-Time Access and Updates

Rising mortgage interest rates are like fire to consumers, they want to react quickly and lock in the best rates. And sellers, of course, want to expedite their sales. With so many stakeholders interested in moving quickly, a delay by the mortgage company is the last obstacle they want to encounter.

Whether it is updating disclosures, APRs or GFEs or remaining in contact with your customer through updates and paperwork, you need to keep pace at internet speed. Increasingly, reliable speed and accuracy is what customers expect, especially those in younger demographics. Since most communication occurs via smartphone, it is important to have these tools readily accessible on your mobile device.

MortgageExchange™ allows loan officers and lenders to interact with the data they need, when they need it. Companies have the flexibility to synchronize data nightly or in real-time so all information is current and up to date, no matter what application or system they're working in.

With no coding, no downloads, and with limited to no in-house IT necessary, mortgage companies and credit unions can interface with MortgageExchange™ to update information, keep records and documents, and communicate with other relevant parties.

Secure and Compliant

Credit unions and mortgage lenders may be a bit gun-shy when it comes to mobile applications and cloud storage. Yet, these are the two tools necessary to stay agile and competitive. Still, security is always a concern and those concerns shouldn't be taken lightly. This is why MortgageExchange™, in keeping with banking security standards, is SSAE16 Type II Certified, which means data is encrypted and protected by a Secure Socket Layer (SSL) and all of our processes meet the banking cybersecurity standard.

Not only is staying in compliance with regulations instrumental to continued success, it is also a wise business decision. You can also choose to store you documents digitally with MortgageWorkspace™.  Storing documents and data with a hosted service means that they are readily accessible during emergencies. Data centers are equipped to handle power outages and even natural disasters, so your records are safe and secure, without compromising your organization's efficiency and readiness.

With real-time access to pertinent information and updates that keep software in regular compliance with changing standards, mortgage companies, credit unions, and lenders can work to meet consumers needs, without having to spend time dealing with software issues.

For more information on how to access information through user-friendly interfaces, or to learn more about employing synchronized, real-time solutions at your mortgage company or credit union, please contact us.


Topics: ABT MortgageExchange synchronizing mortgage data