Multiple LOS delivery and hosting methods more important than ever for information security, mortgage builder finds
SOUTHFIELD, MI (May 19, 2014) — Mortgage Builder Software, the Southfield, Michigan-based provider of award-winning mortgage loan origination and servicing software systems (LOS and LSS), is finding that more technology providers seem to be moving clients into fewer methods of delivering software services, but that is not necessarily the best thing for lenders – particularly in light of recent service interruptions in loan origination software services.
“Technology hosting and delivery options are more important than ever,” says Mortgage Builder President and CEO Keven Smith. “As providers of loan origination and loan servicing software, we work hard to ensure security and safety of sensitive information, as well as preventing service interruptions,” he notes. “Lenders have the right to choose what levels of risk they are willing to accept. Some will want cloud delivery, others may want an installed LOS that they can host themselves, or some combination depending on specific needs,” he says. “There is no one choice that must work for everyone, even if it makes life easier for vendors.”
Smith points out that Mortgage Builder has always held the philosophy that multiple alternatives are not only desirable for purchasing and hosting lenders’ key technology – they are necessary, as lenders may want to switch among the options as they grow and evolve. Security remains a big part of the picture, too, as some lenders may insist on greater control over data facilities. “Most of our lenders opt for us to host their LOS systems, but not just for convenience’s sake,” he says. “We pass a rigorous annual SSAE 16 Type II audit that independently evaluates our security safeguards, and we have carried cyber liability insurance since 2011.” Smith adds that neither safeguard is required for LOS providers, but both are built in to Mortgage Builder’s corporate culture.
“Vendor hosting with cloud delivery is popular because it is so convenient,” says Mortgage Builder Corporate Vice President Kelli Himebaugh. “It is also easier and less expensive for vendors to offer a single option,” she says. “It is important that options remain open for our lenders, and so we continue to provide many hosting and delivery alternatives to suit their needs and those of their investors.”
About Mortgage Builder
Southfield, Michigan-based Mortgage Builder Software, Inc. has been providing industry-leading loan origination software (LOS) to mortgage banks, community banks, credit unions and other financial institutions since 1998. Mortgage Builder was the first LOS to provide its full capabilities in Application Service Provider (ASP) form, as Software as a Service (SaaS), in the traditional licensed, server-based configuration and now in a fully browser based environment, providing complete flexibility to suit all clients’ business models. Architect by Mortgage BuilderTM is an end-to-end, “everything’s integrated” lending solution for retail, wholesale and correspondent mortgage production channels, automating origination, closing, post-closing and delivery, as well as tracking and reporting functions. Essential enhancements like pricing and product eligibility (PPE), electronic document management (EDM) and electronic loan delivery functionality are built-in and available on demand, while compliant loan documents are provided at no additional cost. Colonnade by Mortgage Builder offers a complete loan servicing system (LSS) that is scalable and fully featured, ideal for mid-sized and larger loan servicers. The company has been named by Mortgage Technology Magazine as one of the industry’s Top 50 Service Providers for the seventh consecutive year, and was the winner of the magazine’s prestigious Help Desk Award for outstanding customer service and the industry’s best technical support. Visit www.MortgageBuilder.com.