Mortgage Software Solutions Blog

Cloud computing can empower the mortgage industry by streamlining processes, reducing errors, and improving efficiency. However, some institutions are still a bit hesitant, when it comes to integrating Cloud computing into their strategies.

The benefits of switching your mortgage company's servers and desktops to the cloud go beyond just joining the latest technology trends. You've no doubt heard plenty about the cloud over the last few years, with both positive and negative reactions. However, almost all of the negative reactions come from simple misunderstandings about cloud system capabilities. These days, cloud technology can not only do everything your old in-house servers and desktop computers can do, but they can do it more affordably, more securely, and with far more adaptable features.

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?

Higher mortgage rates and stagnant housing inventory pools may be the reason for a drop in the number of mortgage loan applications. As the country continues to struggle up from the depths of the Great Recession, housing starts and real-estate transactions remain at the back of the pack in terms of recovery pace. Although things have improved (in April 2014, loan application submissions were 11 percent lower), mortgage companies must still keep their eyes on the razor slim margins they now maintain.

As technology evolves, mortgage companies must change their systems, security plans, and business processes in order to meet current and future security challenges. Cloud-based information systems enable companies to manage employees in diverse locations and situations, increase locations with limited infrastructure, and aid in security and data recovery.