Mortgage Software Solutions Blog

The 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.

Credit unions and mortgage companies are entrusted with some of clients’ most private information. From social security numbers to bank statements, it’s imperative that those companies are taking measured steps to protect borrowers and their private documents from cybersecurity threats.Often the borrowers themselves place their information in jeopardy when they send non-public information via unencrypted emails. This places many lenders in a predicament. Somehow, they must maintain trust, security, and compliance, without sacrificing client efficiency and convenience. Though achieving this balance was once a problem for mortgage companies, there is now a tool available that can do just that: DocumentGuardian. 

The 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.

Even 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.

With growing concerns over security issues and increasing industry standard upgrades, the benefits of synchronizing data across mortgage and core system platforms couldn't be clearer.

With complex sales that involve a lot of money, it can take weeks to complete the sales cycle. Mortgage loan officers often wait an average of four to five weeks to close on a home. However, new rules have come into effect, as of October 3, 2015, that are making that process even longer.

          You have built a solid Mortgage Department.  You have gathered software tools that are at the top in the industry. Your team likes the tools and are ready to work.  Except, during implementation you start hitting snags.  You find that your team is needing to hand key data across your system.  Perhaps some data will flow across systems, but not all the fields you require. This slows down the efficiency level you expected and opens up the possibility of key-entry error.  

These days, more and more mortgage companies are beginning to implement a mobile workforce. However, with this newfound mobility comes a number of potential security risks. When mortgage loan officers need to access or enter sensitive information from their mobile devices, they run the risk of exposing that information to security threats.

With Quicken Loans' recent unveiling of real-time loan applications, competition between mortgage companies has reached internet speed. How can mortgage companies, credit unions and banks compete with this online vendor? By using cloud platforms and integrated software to cut down on the chaos of information sprawl and data silos and speed up their loan services.Cloud Platforms

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.