What can cloud computing offer mortgage bankers?
July, 2010
Today's mortgage lenders fall into one of three categories: those that are growing faster than ever, those that are getting ready to shut their doors and those that are stable but are trying to figure out how to grow their business in this down market. By far, the largest group is that third category. The big question, however, is how does one make the leap from the third category into the first?
Of course, there are many ways to help your business thrive: expanding your sales force, moving into new geographic markets, adding new origination channels and modernizing your workflow to drive down costs while increasing the quality of your customer service. Within each of these broad ldeas there are dozens of fundamentally strategic issues that need to be explored in order to make a good decision for your business.
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Software as a service - What Key Mortgage Lending Personnel Need to Know
June, 2010
Software-As-A-Service (SaaS) has been a buzz word for a couple of years now, yet surprisingly few people (outside of your iT group) actually understand what it means, much less what its implications are for your lending enterprise.
It is critical that lenders' key staff have the highest level of comfort around the technology and systems that drive and control their business. So, to help better position key personnel to succeed, we've developed a short course about SaaS. This information will not only empower you to run a less risky business, but it could also make you very popular at your next company potluck.
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The Cons of a Saas LOS
April, 2010
Lenders that operate on a totally hosted LOS platform risk the devastating loss of both current and historic pipeline data.
Undeniably, mortgage bankers shoUld leverage some technology solutions delivered as services over the Web (known as Software as a Service or SaaS). Lenders clearly benefit from SaaS solutions such as doc prep, product pricing and eligibility, compliance checks and fraud detection solutions. The question is: Should lenders consider a SaaS provider to deliver their core origination software?
On the surface, SaaS benefits are persuasive since their immediate net result is a quick, low-cost start-up with a simplified IT infrastructure. However, a closer look suggests that the longer-term value proposition for SaaS is lacking, and the simplicity of its infrastructure entails profound risk.
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speed up workflow
March, 2010
New regulation is forcing lenders to lean on technology to improve the accuracy and speed of their process.
Gone are the days when lenders are squeamish about workflow automation. Why? There are too many new regulations hitting the market that are requiring lenders to rework their processes. As a result, electronic collaboration has become more of the norm and less of an innovative step to take.
“From a numbers perspective, the major lenders are moving to a more automated workflow because of compliance and RESPA more specifically,” said Sharon Matthews, eLynx president and CEO. “The closing agents are supporting this move and are registering on our network to e-collaborate.
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Lenders Succeed In 2010 By Leaning On Technology, Part Two
January 21, 2010
Last week, I reviewed technologies that lenders should lean on in 2010 to support customer acquisition and streamlined operations, including rules-based automated workflow for zero-defect lending and resource efficiency.
This article discusses the role paperless lending plays in a zero-defect, automated workflow environment; the operating efficiencies paperless lending creates for warehouse and investor relationships, and the impact of business intelligence gathered from automated loan processing systems. Automated business intelligence has been a Fortune 1000 business tool for decades and is not new to the mortgage industry, but its practical implications for lenders have never been more compelling.
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Lenders Succeed In 2010 By Leaning On Technology, Part One
January 14, 2010
2009 ended on an up note for mortgage bankers, relatively speaking, that is. The housing market began to stabilize in many areas across the country; the homebuyer tax credit was extended and expanded to include existing homeowners; and HUD announced a 120-day respite from RESPA enforcement. Weeks before strains of Auld Lang Syne could be heard, solid reasons for 2010 lender optimism had emerged.
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Integration Furthers FHA Automation
January 14, 2010
Origination vendor Del Mar DataTrac Inc. and Loan-Score Decisioning Systems, a pricing and automated underwriting provider here, have tightened the integration of their respective products in a bid to help originators automate the Federal Housing Administration approval process.
Loan-Score originally integrated its Web-based product and pricing engine and automated underwriting system with DataTrac in 2008. But, this newly enhanced platform automatically facilitates real time customer-to-lender communication, handles underwriting and drives workflow from the point of sale to the lender's back office.
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