When selecting a fully hosted, on-demand mortgage lending solutions, advance lenders must guarantee that their existing staff can understand, put into practice and, most importantly, control the technology and associated data. The key technology concerns facing mortgage lenders are implementation, observance, security and safeguarding. Mortgage lenders contemplating creating or growing mortgage lending processes should consider the following criteria when exploring their technology options:
Implementation: Solutions that require more than 60 days to fully execute are not only more costly, but are also exponentially more expected to fail.
Compliance: An automation strategy must contain data integrity checks that make sure data entered makes sense, access to historical data (capability to identify when and what data was changed), and configurable security rights for various users based on the status of a loan record. In addition, rules-based disclosures should be provided on loan terms, changes to the annual percentage rate, and mortgage indemnity
Data Collection: requirements for key activities, such as printing, interfaces, dates, closing docs, must be driven by business logic rules based on user roles and loan status. Customers should be assigned system rights that permit a user to accomplish specific activities within a shared data environment.
Maintenance: Systems should be designed to necessitate an absolute minimum of support for regulatory and functionality upgrades. The lending industry requires a constant technology and systems observation to ensure loans are properly originated, approved, and closed within the guidelines established by Federal, State, HUD, and investor exact requirements.
Support and Training: Systems should simplify the administrative and user support processes. Advance systems offer the ability to reach devoted support specialists familiar with the system functionality and mortgage industry standards. Training should be accessible on demand or on a regular basis on via online lectures, videos, or classroom webinars. This allows lenders to recognize expand usage of existing system characteristics and quickly implement future tools and services.
Security: Documented and proven controls are becoming more serious as threats and new government mandates develop. Service providers should have third party audits such as a SAS 70 to ensure controls are implemented and followed. Controls are needed to address software development, system support, and physical security. This normally includes access, climate control, redundancy, calamity recovery, and business resumption. Controls must also deal with network/data security, including encryption, authentication, and data reliability based on user roles and loan file status.
Learn more about Web-Based, loan organization software and how mortgage lenders can changeover easily from their software-in-a-box, out dated operational infrastructure into a Web-based, streamlined mortgage loan origination software system. To learn more about Knowledge base software and their features, please visit www.software.smarttvweb.com or go to www.janupk.blogspot.com
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