Roostify writes op-ed exploring questions key mortgage executives ask when moving to cloud based services
The value proposition of a cloud-based digital lending platform was well-established before the COVID-19 pandemic. Since the institution of shelter-in-place orders and, even when they’re lifted, the likely continuation of social distancing and other practices designed to reduce the spread of the virus, the cloud-based digital lending platform has taken on an even more central role in the mortgage lending process. We at Roostify are evangelists of our cloud-based system, with its many benefits, including security, dependability and a friction-free process designed to drive lender’s customer satisfaction scores.
In the April issue of Mortgage Banker magazine, Eric Drattell writes that choosing a cloud-based service provider is key when joining the digital mortgage revolution. It’s a very timely statement as well. The COVID-19 pandemic has resulted in added friction in the home mortgage process that can be alleviated when mortgage lenders decide to work with tech partners to deploy an ‘off-the-shelf’ cloud-based solution and avoid the lengthy process of building proprietary solutions.
The article explores the key questions mortgage executives, especially the head of mortgage, and to a lesser extent, the CIO and the CFO, have to consider when serving a customer base that can’t or is reluctant to have in-person contact, and suggests how some of these questions can best be answered.
“Technology provides everyone involved in originating a mortgage, from the real estate agents to the loan officers and beyond, a seamless, more efficient experience,” Drattell writes.
“Then there is the cost to have in place world class privacy and security capabilities. Companies that operate their own infrastructure often find out about nascent threats only when they are affected. Cloud vendors, however, often are able to spot threats before they pose a risk to their clients because of the vast networks they manage and maintain,” Drattell concludes.
While a “shelter-in-place” order that impacts nearly every state in the nation was not the reason we embarked on making the mortgage process digital, it has served the industry well during this time. Now, the technology has been proven and the results are overwhelmingly positive for lenders that have embraced it. The technology that was slowly being adopted by the industry is now considered essential and it comes at a time when consumers and lenders need it the most.