The last several years have seen a tremendous push in the industry toward electronic mortgages. Decreasing volumes and tighter margins have forced management to cut costs by becoming more efficient and productive. Huge demands have been placed on IT departments and vendors to provide solutions that streamline the origination process.
Whether through e-signatures, automated workflow, or electronic file delivery, the demand to reduce cost through automation is extremely high on the to-do list of almost every leader in the industry. Additionally, the continued increase in new mortgage-related laws, regulations, and government-sponsored requirements has placed a heavy burden on lenders and their IT departments to ensure their systems support the new compliance demands.
Given the potential financial impact of noncompliance, the urgency to get updates into production as quickly as possible places additional pressure on what is usually already an understaffed IT department. These challenges and a plethora of other business demands, combined with shrinking IT budgets, are leaving mortgage technology leaders with very few options.
Generally, their choices boil down to just two: use fewer resources, or do more with the current resources they have. One way many IT leaders have found they can get more done within their current budget constraints is to outsource a portion of their work to an offshore IT vendor. Outsourcing vendors provide a wide range of services from custom software development and maintenance of existing applications to R&D, Business Analysis and software Quality Assurance, all the while being sensitive to organizational budgets.
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