Software as a Service

I was just reading a tech brief sent out by the Mortgage Bankers Association (link) and in it Greg Smith says “Mortgage participants are turning to on-demand or software-as-a-service applications as a way to quickly upgrade, replace or enhance current technology. These applications are flexible and scaleable. By building upon existing solutions, on-demand software enables great return on investment and quick deployment times.” This is exactly what I have been talking about – A quick way to upgrade, replace and enhance your Mortgage Quality Control Process. What is it about Software as a Service that makes it such a wonderful option for the mortgage industry? There are a lot of things I can think of –

1. Pay as you go model – this is the perfect solution for your Mortgage Quality Control solution. You don’t need to make a huge upfront investment in software with a web based product. You simply pay for the loans you do. This helps all Mortgage Companies on the bottom line. Volume goes up – you do more files but you have the budget to do more files. Volume goes down – you’re still covered and your expense is less. What is better in a widely fluctuating market than no fixed software costs?
2. Easily Deployable and Upgradeable. It’s not only easy to deploy – the deployment plan is non-existent. You simply log onto the website and start using the software. You will want to make sure that any Software as a service that you choose includes good training for your staff but other than that you simply move from the old way to the new way. As far as upgrades – we all know that Mortgage Regulations change – do you want to have to wait 6 months for a new software version then wait for your IT staff to install it – No you don’t. You want changes done quickly and with no downtime.
3. Increase your staffing options. With Software as a Service you are no longer bound by the geographical restrictions of your office. Now with a web based application you can have employees working anywhere – including from home. Web based applications these days are as secure or even more secure than your office environment so the ability to pull from a greater pool of Mortgage QC analysts nation (even world) wide is now a reality.

These are just the top 3 there are a bunch more that I can think of. Contact me through my website http://www.csiqc.com/ and we can discuss how to make your Mortgage Quality Control process the most efficient and cost effective process in your organization.