Mortgage Builder Software, a provider of servicing software and loan origination systems (LOSs), reports 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 Keven Smith, president and CEO. ‘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 multiple alternatives are not only desirable for purchasing and hosting lenders' key technology, but they are necessary, as lenders may want to switch among the options as they grow and evolve.Â
Mortgage Builder says security remains a big part of the picture, too, as some lenders may insist on greater control over data facilities, so Smith notes that the company, for example, carries cyber liability insurance and passes an annual SSAE 16 Type II audit, which ‘independently evaluates [the] security safeguards.’