3 Big Factors When Asking for Mortgage Software Integrations

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One of the most important steps toward business efficiency is ensuring that all of your software coordinates well with each other and ultimately makes your objectives easier. Take a moment to consider these helpful tips before purchasing new mortgage technology:

Ask about your other software

Do your technology solutions integrate with the current loan origination software you use? Even if you have a 3rd-party LOS, many solutions have trouble migrating your data without the need for manual entries at extra cost. Ask the IT folks that provide your software whether they have plans to increase the effectiveness of their LOS integrations. It might be unwise to use software that won’t continue to support your LOS over time.

It is also a good idea to find out how the software is accessed. Does the software require a web portal, and if so, which browsers does it support? Will they take the time to guide you through a system-to-system integration? Investing into an incompatible product is a worst case scenario. Your employees will have to learn the new software and the other systems you changed to accommodate it. Not to mention the cost involved.

Remain TRID-compliant and secure

Compliance isn’t just about your own company’s ethical practices. The software you onboard must also comply with regulations like TILA-RESPA Integrated Disclosure when it pulls data or is used by vendors. Many lenders have been fined by the CFPB for the violations of their 3rd-party stakeholders, and that risk is a top concern for most companies. Be sure that there’s no latent risk when using new software or partnering with a business–it could cost you precious time in the long run.

Eliminating manual loan processes by using XML files (instead of PDFs or Word docs) is a great way to reduce the potential risk of human error and also save time. Many integrations rely on XML files to send data between systems automatically while still being human-readable. To help ensure transparency, make note of any processes that cannot be viewed easily and adjusted in real-time. Some TRID violations have fines that accrue per day.

Simplicity is key

Adding new technology should streamline a process, and definitely not add extra steps. Is your solution really an improvement if it forces you into a lopsided user experience? Consider if you’ll need an additional login to accommodate your solution. Remember: the best technology will take away the need for many separate logins.

You should also research your customization options with new software. For instance, creating precise order groups and taking away reports you don’t need is a great way to simplify operations. Integrations have limitless potential. Try to avoid thinking in terms of “we always do things this way,” because there could be a better solution found in trying new methods.


About the Author:

Devin Turner is a copywriter from Nexsys Technologies, where he helps people better understand products, services and industry trends. He probably owns too many sweaters.
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