Mortgage Software Selection Criteria

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When choosing a totally hosted, on-demand mortgage lending answer, mortgage lenders have to ensure that their existing staff can fully grasp, implement and, most importantly, control the technology and related information. The key technology concerns facing mortgage lenders are implementation, compliance, security and upkeep. Mortgage lenders contemplating creating or growing mortgage lending operations need to take into consideration the following criteria when exploring their technologies choices:

Implementation: Solutions that call for a lot more than 60 days to completely implement are not only a great deal more expensive, but are also exponentially even more most likely to fail.

Compliance: An automation strategy ought to include information integrity checks that make confident data entered makes sense, access to historical data (capacity to identify when and what data was changed), and configurable security rights for several users based on the status of a loan record. Moreover, rules-based disclosures need to be supplied on loan terms, adjustments to the annual percentage rate, and mortgage insurance.

Information collection requirements for key activities, such as printing, interfaces, dates, closing docs, must be driven by business enterprise logic rules based on user roles and loan status. Users will need to be assigned system rights that permit a user to accomplish certain activities inside a shared information environment.

Upkeep: Systems need to be designed to call for an absolute minimum of support for regulatory and functionality upgrades. The lending business calls for a continuous technologies and systems vigilance to make certain loans are properly originated, approved, and closed inside the guidelines established by Federal, State, HUD, and investor precise requirements.

Support and Training: Systems should really simplify the administrative and user support processes. Advance systems give the ability to reach devoted support specialists familiar with the program functionality and mortgage market standards. Training should really be on the market on demand or on a regular basis on via on line tutorials, videos, or classroom webinars. This allows lenders to identify expand usage of existing technique functions and promptly implement future tools and services.

Security: Documented and verified controls are becoming significantly more vital as threats and new government mandates evolve. Service providers should really have third party audits such as a SAS 70 to ensure controls are implemented and followed. Controls are required to address software program development, method support, and physical security. This generally consists of access, climate control, redundancy, disaster recovery, and company resumption. Controls ought to also deal with network/information security, which includes encryption, authentication, and information integrity based on user roles and loan file status.

Find out even more about Web-Based , and how mortgage lenders can transition quickly from their software-in-a-box, out dated operational infrastructure into a Web-based, streamlined mortgage loan origination software program method.