Digital Mortgages and Automation are the technology solutions adopted by lenders to deal with the complex landscape of current mortgage industry to meet with the rising borrower demands, origination costs and regulatory compliances. Enterprise Resource Planning or ERP is a suite of powerful, fully integrated data management tools that can help mortgage industry to meet the ideal process management required for digital transformation.
Benefits of ERP Tools for Mortgage Industry
Increases operational efficiency by the integration of different departments into a single platform.
Helps in regulatory compliance with built-in regulatory process standards and compliance reporting.
Promotes inter departmental collaboration as well as collaboration between different mortgage branches at different locations.
Cuts down operational costs by streamlining the business process flows.
Increases data security for in house data as well borrower confidential information using the firewalls and restriction controls solutions provided by the ERP tool.
Essential ERP Tools Functionalities
System Integration: ERP integrates all the functions of accounting, marketing, customer service management and data analysis in a mortgage bank into a single efficient system.
Data Analysis: Data analysis tools available within the ERP package collects and analyzes data on all business processes which the lenders will be able use to generate indepth and richly visualized reports on any process on a real time basis.
Customer Relationship Management: CRM functionality within the ERP Tool helps lenders and loan officers to track marketing campaigns, nurture leads and maintain contact information of borrowers.
Business Intelligence: BI functionality collects data from across the ERP and analyzes the information to provide a deeper understanding of lending process and give hidden insights.
Marketing Management: ERP’s marketing management capabilities help lenders to design marketing campaigns, implement and analyze the effectiveness of marketing methods.
Top ERP tools/products
NetSuite ERP is a complete, scalable cloud ERP solution targeted at high-growing, mid-sized businesses and large enterprises.
It automates front- and back-office processes including: financial management, revenue management, fixed assets, order management, billing, and inventory management.
SAP S/4HANA is an ERP business suite based on the SAP HANA in-memory database that allows companies to perform transactions and analyze business data in real-time.
Microsoft Dynamics ERP is an ERP software primarily aimed for midsize organizations as well as subsidiaries and divisions of larger organizations.
Oracle EBS is an integrated set of business applications for automating CRM, ERP and supply chain management (SCM) processes within organizations.
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