Doing More with What You Have
The last few years have been tumultuous for the mortgage industry and the broader economy. As firms slowly climb their way out of this mess, and through the multitude of new federal and state laws, regulations and rules, having technology tools that help them manage these processes is more imperative than ever. In today’s climate mortgage professionals simply cannot rely on yellow legal pads and sticky notes to manage their books of business.
Selecting a technology tool that streamlines the loan workflow process, while also helping stay connected with your clients, is essential. There are simply too many compliance implications alone to manage without a technology tool in place. And with overall loan volumes substantially down from just a few years ago, there are more originators than ever chasing the same borrowers. Staying in constant communication with your potential prospects, current borrowers, and clients that have purchased from you in the past is absolutely essential to surviving in this market. And more importantly, selecting the right technology tool that simplifies and automates this communication is the difference between this essential task getting done on a daily basis and it falling by the wayside.
Nearly two decades ago, loan origination and underwriting automation software began to surface and take wide hold in the industry. The days of creating loan files and documents from multiple sources quickly moved to the computer saving immeasurable time and adding efficiency to the entire process. The management of your critical borrower information, including marketing and compliance, is now undergoing this same transformation. Selecting the right technology tool to address this critical piece of your business is essential to surviving, and thriving, with today’s climate.
What should you look for in your process automation solution?
First, and most importantly, is the vendor behind the solution. Make sure you do your homework and select a partner that knows the industry and has a proven track record of delivering solutions that work. Don’t be afraid to ask for references and make sure you actually follow-up on those reference checks.
Second, ensure you select a solution that integrates tightly with your other back office products. Most notably, it’s essential that your workflow and compliance solution easily share data with your LOS and banking platform. If it doesn’t not only will you have a huge duplication of data entry, but you will lose many of the efficiencies you are hoping to gain by investing in the solution in the first place. Make sure you ask your vendor of choice to show you exactly what is being replicated between your various back office systems, and again, ask the references how well this process works.
Last, with ever dwindling resources internally it’s probably a good idea to host your process automation solution “in the cloud.” What is this elusive cloud and how can it benefit your organization? The cloud is really nothing more than a hosted technology platform that you don’t have to manage any aspect of, including hardware and software upgrades, security management and backups. Keeping your solution in the cloud means you don’t have to spend any time or capital keeping your solution protected, up to date and in good working order. In short, cloud solutions allow you to do what you do best: close loans.
Find a solution that fits your processes and systems, and do it this year. Implementing the right process automation solution in 2011, while volumes are still at their lowest in decades, means you are well positioned to take full advantage of the market in years to come as volumes pick back up to more historic norms.
FocusIT, Inc., the market leader in hosted mortgage software solutions, will be launching our innovative sales, marketing, workflow and compliance automation solution, Pulse. To get the latest updates on this exciting new software from focusIT click the link below and enter your contact information.
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