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An intelligent vendor management module in a closing solution goes beyond expiration dates and basic due diligence. In today’s world it is an absolute necessity for mortgage lenders because it allows for visibility into each vendor involved in the origination process such as title and appraisal. IT also enables lender’s to evade manual processes in tracking orders, maintaining communication, and evaluating vendor relationships and performance. An intelligent vendor management portal is simple to use, secure and cloud-based that allows you to gain full control over your vendor portfolio.Automation principles are put to work to ensure seamless workflow management. Leveraging the power of a modern-day vendor management portal, lenders can easily manage a number of vendors effortlessly by facilitating digital onboarding, collect critical information securely, register companies, streamline documentation, all while maintaining a robust vendor database along with a secure backup.Scalable Vendor Management PlatformAn intelligent vendor management portal should be a highly scalable platform where enhancement in vendor related functions can easily be achieved. The vendor portal can be scaled to support functions such as integration into existing business systems, ranking vendors based on performance, and perform vendor due diligence tasks with ease.  Here are some of the intrinsic features to look for:User accessibility within external and internal organizational useWorkflow customization to formalize your existing vendor on-boarding processCategorizing vendor information to allocate resources efficiently to save time and capitalCollect and manage vendor interactions including requests for new documents and approvalAdaptable interface that is user-friendly and easy to use for the greatest adoptionUser-Friendly & Intuitive:As a lender, you want a solution that is easy to use and friendly. An intelligent vendor management solution is built on the principle of providing a best in class experience in terms of functionality and benefits. The technology used to develop such a solution itself is intuitive and allows you to freely operate without getting confused or lost.Intelligent Vendor Management:Effective vendor management and collaboration are essential in a portal. Our vendor management module is intelligent and helps you rank, prioritize, monitor and effectively communicate with vendors. Managing vendors with respect to a specific product, client, or even geography are well within the scope of an intelligent vendor management portal.Security & Compliance Assurance:Lenders need to collaborate with multiple parties including vendors such as title agents for an efficient and successful closing. There is a continuous flow of information that is being exchanged and compliance rules and timing can make things complicated. Alleviating the pressure of tracking and establishing communication to close a deal, lenders can focus on delivering an excellent borrower experience as automation assures security & compliance parameters within the portal. With the increase of ransomware attacks and heightened attention to cyber security, security and backup are critical.Automation Features:The software is driven on automation and utilizes data-driven technology to provides lenders greater visibility into key business functions. Convenience with bulk upload, auto-typing and auto-order entry are some of the few automation features that can reduce your costs and fast-track the pre & post-closing process.AtClose – The New Generation of intelligent vendor managementAtClose Exchange is a closing solution that allows lenders to communicate directly with vendors to order services needed for the loan, receive services securely and quickly, and define and track performance standards for shorter cycle time and improved data accuracy.Most lenders today are referencing a manual checklist of vendors with whom to place their orders. A key benefit in leveraging a closing solution is the ability to define performance standards for each product.  When placing orders, lenders can rank their vendors based on quality, pricing and service levels. AtClose supports configuration to a lender’s rules for every service, such as:-using the vendor ranking to define order assignment-override ranking and change the assignment based on a “one-off” circumstance-send orders to a specific vendor in a specific geographic location based on product or price or even at a zip code levelAre you a mortgage lender and looking to elevate your closing experience by managing vendors with automation? The time is right to get in touch with AtClose as we have the new generation of digital mortgage solutions such as the powerful and secure AtClose Exchange!This is our final article in the series showcasing how vendor management through automation leads to a faster and more efficient closing. Our journey in the series commenced with the complications of vendor multiplicity and challenges, then we discussed the growing role of digital vendor management in the mortgage industry and concluded with how an intelligent vendor management module is where the solution lies. We hope this series was helpful in understanding few facets of the quickly evolving mortgage lending industry landscape.To learn more about AtClose, request a demo, or speak with one of our consultants, visit AtClose.com

Why was there a need for vendor management through automation in the process of closings? Let’s answer this question in our 3-part article series on how automation enables a faster closing process and simplifies the concept of vendor management.The mortgage servicing industry itself is a complicated industry riddled with ever-changing compliance rules and regulations. Additionally, mortgage lenders are required to maintain complex relationships with third-party vendors during the entire process of mortgage loan acquisition, contract negotiations, settlements, and the buying of property. Closing hence becomes a lot more complicated simply because multiple stakeholders are required to be in cohesion. These stakeholders are termed as vendors, and each vendor has its specific role to play during the entire closing process. Cohesive communication with vendors also requires multiple touchpoints.The Issue of Vendor Multiplicity in the Mortgage Servicing Industry:In February 2012, the Consumer Financial Protection Bureau made it compulsory for servicers to maintain relationships with vendors during the process of mortgage loan acquisition and also be held accountable for it. Hence, the mortgage service industry is to maintains relationships with vendors according to compliance rules and regulations. The problem lies in the issues about vendor management manually as there are hundreds of vendors to be managed at times.Some of these vendors include:AbstractorsAppraisersAttorneysReal Estate AgentsSettlement Agents Mortgage RecordersDealing with multiple vendors simultaneously can be a challenge for mortgage servicers as it takes time and resources. Read more: Vendor Management: Put Your Data & Our Technology to Work for YouHow modern-day automated vendor management solutions can help:Robust vendor management module to manage all your vendors cohesively A robust vendor management module allows you to effectively manage all your vendors. As a lender, you will be able to automatically select vendors including real estate & settlement agents, attorneys, appraisers, and mortgage recorders. You will also be able to perform vendor due diligence with ease and categorize vendors by geographical location, product types and even rank them according to your preference manually or automatically. Vendor management solutions also provide support for multiple vendor distribution models and allow effective management while keeping track of each vendor’s performance.Vendor service portal to execute a wide range of servicesAutomated workflow management leverages the power of automation to make space for multiple vendor management activities. It allows you to implement configurable tracking of background checks, insurance, and license expiration checks. Furthermore, with the self-service portal, you can sign up for a new vendor online. Furthermore, you can place a control on order and service levels for seamless error-free processing.High configurability to stay adaptive in accordance to the changing industry environmentModern-day automation solutions for vendor management are highly configurable and designed and developed to streamline the whole process. Hence, these solutions offer greater flexibility and adaptability to perform at par with a lender’s business requirements. For example, onboarding new lenders can easily be initiated through configurable integration solutions. The greater the level of configurability, the greater will be the ability of the system to cater to various needs of a lender, be it integrations with a vendor or for custom report development. Hence, the industry expertise of the people behind the system also plays a vital role.Seamless workflow management that reduces manual processes significantlyContemporary vendor management solutions’ primary purpose is to automate the entire lending process. Hence such software provides an automated workflow management module that focuses on an out-of-the-box solution for mortgage lending that eradicates the need for manual processes. Automated workflow management can reduce operational risks through higher-quality management of streamline overall workflow.Run-time vendor-related notifications that enable lenders to stay ahead of the curveThe new generation of vendor management portals is user-friendly and will notify you when a significant event occurs during your workflow. For example, if a vendor submits a document, you will be notified through the portal so that you are aware of the ongoing activities. Therefore, the notification system allows users to fast-track the entire lending process.Leverage multiple vendors from a unified vendor portalA unified vendor portal can elevate your experience in vendor management by streamlining multiple manual processes and allowing you to stay ahead of the curve through seamless communication.If you are interested in finding out how AtClose provisions a state-of-the-art vendor portal for effective vendor management, get in touch with us here. This is the first article of the series that highlights how vendor management through automation can lead towards a faster and efficient closing.

AtClose provides a centralized lender’s portal to gain full control over your lending operations. The lending portal has the following features:Placing Order Requests:The lending portal allows customers to place orders and view the status of each. Lenders are notified as soon as an order request has been made and they can log into their portal and accept or reject an order request. Customers can keep in track with a lender’s action as well, as the portal provides real-time updates for customers. This can come in handy for lenders as it can speed up the process and steps needed to get the closing process started.Uploading & Downloading of Documents:Lenders can upload and download documents with ease through the portal. For example, if a vendor uploads a document, the portal will notify the lender of the event and he can simply download it. Document sharing and editing is taken to the next level with AtClose as it makes the entire process efficient.Web-Based:AtClose is a web-based software which makes it easily accessible from anywhere as long as you have an internet connection. You can access your lending portal by logging in through your credentials from your browser.  Vendor Portal:Vendor portal allows lenders to effectively collaborate with vendors during the lending process. Be it uploading of documents or ranking vendors based on their performance, the vendor portal is a great feature that allows third-party vendor integrations with ease.Admin Portal:Lenders also have the option for an admin portal. An admin portal allows lenders to have an administrator who can deal with issues and proceedings involved in the lending process.Cloud-Based (AWS)Cloud Computing has been in existence for decades but its implementation in the mortgage lending sphere is recent. Visionet realizes the importance of cloud computing and how in industries such as mortgage lending, dealing with data becomes a lot easier with the power of cloud. Hence, AtClose as a closing software is developed on AWS Cloud in order to achieve the following advantages:AtClose Improves Collaboration:Cloud-based software has the ability to provide collaborations that are easy to process and effective to carry out. AtClose provides exactly this – a sublime platform to carry out collaboration between multiple parties involved in the closing process. Data sharing, instant communication and effective integrations are carried out by AtClose through AWS Cloud. AtClose is Highly Scalable:AtClose is a cloud-based application which makes it highly scalable. It can be relied upon to work in optimal conditions regardless of the number of users and the processes being carried out. Cloud-based solutions, in general, are highly adaptable and can be customized according to customer needs. AtClose is Data-Driven:AtClose is built on an open architecture system design and is driven on the open data concept. It allows lenders to gain crucial insights through data and predict future trends. In fact, a data-driven approach can be adopted by lenders when they are working with vendors to make better decisions. Moreover, the data can be used in a wide range of ways in the form of reports through which exclusive insights can be obtained.AtClose – A Step AheadAtClose is the next generation of digital mortgage, title and escrow solutions which enables faster closings and data driven insights for better communication and shorter cycle time for both mortgage lending and title industries.

At several points last year, mortgage lenders were overwhelmed with refinance applications. But now, those applications seem to be slowing down. As the number of refi applications decline, so do the number of closings. Many ideas and worries will undoubtedly be spoken around the water cooler and behind closed doors.At first, the conversations are ‘Whew, we can catch our breath a bit” but then quickly turns to “Will we be let go?” During our industry lulls however, it is really time to go to work and ask ourselves “How can we be more cost-effective? How do we create more workflow efficiencies and preserve our human resources at the same time?”Put Technology To WorkNow is the time to put technology to work for you, because as history in this business has taught us, the purchase applications are right around the corner!   It is important to acknowledge that technology is not meant to replace the human elements necessary to ensure the personal touch you and your clients depend on. Technology is meant to manage highly repetitive and time-consuming functions by creating rules to automate the most tedious tasks.Will the mortgage process ever lose that personal touch and be replaced by technology?Real estate is, without a doubt, is becoming more of a technology-driven sector. Buyers and sellers have grown to expect technology to improve their experience and make transactions faster and more efficient, whether it’s a lead-generation system or a home-search platform.Even with all of this technology incorporated into our business operations and everyday lives, real estate remains a “relationship business” at its foundation. Every transaction is dependent on the client-agent relationship and trust. This is crucial for today’s customers.Lenders are well aware that staying relevant in a competitive industry requires new technologies. They recognize the critical need of incorporating digital solutions into their road map in order to automate operations and improve customer satisfaction.So, how do we maintain regulation and technology developments in sync?AtClose is here to help with technology and business trust!  AtClose is the next generation of digital mortgage, title and escrow solutions which enables faster closings and data driven insights for better communication and shorter cycle time for both mortgage lending and title industries. The solution is designed to include a robust rules engine that automates complex order routing decisions to your vendors. These rules can be configured on geographic location, product, price, and even the quality of work your vendors have historically performed; better yet – all of these features in combination.Then, since your data belongs to you, let the data go to work for you as well. With the AtClose open data and analytics platform, now statistics and reports for all of your vendors and functions are at your fingertips. Build your own reports to monitor performance or use the reports that we have built-in, ready to go. Reports may be triggered to run at any time and distributed directly to your preferred team members or can be accessed on demand.A unique order dashboard with status, comments, and due dates is also available at your teams’ fingertips to keep their portfolio of transactions organized and up to date with the most current status.Your technology solution should well complement the skills of your existing teams so you can continue to focus on the personal relationships that will continue to drive our industry success.Get in touch with an AtClose team member today to discuss the new generation of digital mortgage solutions to help drive operational efficiencies across your organization.Sources How Digital Technology Changed The Face Of The Mortgage IndustryMortgage Applications Sink to Their Lowest Level Since Before the Pandemic Hit

In-person events were decimated in 2020 due to COVID-19. However, face-to-face conferences will always matter, and here is how you make the most of it. One of the most beneficial things you can do for your job is to attend conferences. You’ll learn about industry trends, pick up some new skills, and meet dozens of new acquaintances.However, the sheer number of speakers, sessions, connections, and interactions may be exhausting.What else should you be thinking about when you have an event coming up? Aside from carrying a boatload of business cards and collecting them from others, what else should you be thinking about?Here’s everything you need to know to make the most of your next conference, from planning beforehand to having a good time while you’re there.Tips for making the most of these opportunities to meet face-to-face.Pre-Conference: Plan AheadDefine what you expect to get out of the conference topicsLook over the schedule ahead of time so you can map out your experience, especially if you have a limited amount of timeAre there topic sessions that are “a must” versus “optional”? It is always good to have a back-up planMake a specific plan for each session that interests youSchedule face to face meetings with those contacts that can help advance your conference goals or just to catch up with old colleaguesA 10-minute hallway or coffee break conversation can work wonders!During the Conference: Network and LearnBreak free from the pack – If you’re traveling in a group, it is time to step out on your own. When it comes to networking, your biggest excuse is your coworkers and friends. They become a safety net for you to use in new or unfamiliar social settings. So, if you just interact with individuals you know, you are severely restricting your opportunities to meet and engage with new and fascinating people.Connect with the speakers Ask questions and request assistance and clarificationTake notes to share with people who are not there but would like to follow along; ensure you note any action items for yourself or your company along the wayProvide feedback to the leaders of the meetingSeek out personal instruction on useful methods, techniques, and or toolsPost-Conference: Act on What You Have LearnedFollow up with personal calls or emails to your new contactsHighlights and outcomesWhat worked, what didn’t workCommitments, action items, and datesPay it forward – At the conference, you picked up a lot of fresh knowledge, inspiration, and contacts, and one of the greatest things you can do with them is share them with your coworkers, colleagues, and friendsReady for your next conference?Attending conferences have the potential to offer significant value and provide an excellent opportunity to create new connections as well as reconnect with old ones. Attendance requires a significant amount of time and effort, however, if you approach the event open minded and well organized, the possibilities are endless. Our Next Event: AtClose | Diamond Sponsors of The NS3-2021The National Settlement Services Summit (NS3) is the premier annual destination for all professionals involved in the real estate transaction to come together for unrivaled networking and education. The summit garners more than 700 real estate professionals including mortgage lenders, underwriters, technology solution providers and relevant personnel from the real estate industry.AtClose is the next generation of digital mortgage, title and escrow solutions which enables faster closings and data driven insights for better communication and shorter cycle time for both mortgage lending and title industries.Our highly configurable web-based solution, backed by 25+ years of technical and industry expertise, enables digital transformation of mortgage lenders, financial institutions as well as title and settlement companies by providing a full scope of digital operations, intelligent document processing solutions, and proprietary technology products.The AtClose team invites you to stop by tables 3 & 4 outside the Royal Palm Ballroom to discuss the next generation in digital industry solutions. Source10 Tips for Successful Face-to-Face Meetings

AtClose would like to take this opportunity to revisit the topic of women leaders in the mortgage industry!  Since women are frequently required or tend to work twice as hard to gain the respect of their male clients and coworkers, we do believe it is worth highlighting over and over. Out of the S&P’s Top 500 Companies, only 6% have women as their CEO. Why is this?  As experts in our industry, do we need to reach out to colleges and high schools and speak to young women as they are forming their career decisions? “Female leadership is not common. The biggest reason is that some women may feel discouraged by the ‘boys club’ atmosphere that was prevalent in the industry for so many years. Not being included for a long time can leave one disheartened,” says Keri Stichler. *What Steps Could We Take to Encourage and Increase Female Leadership?The first stage is to become conscious. If you don’t talk about it, you won’t be able to do anything to change it. The finest strategies to improve opportunity for women — and other groups – is to bring it up in conversation.It is no surprise that reports continue to show us the financial services industry is a male-heavy space, but studies also show us there is a significant opportunity and benefit when encouraging a diverse work environment.In McKinsey’s “Delivering Through Diversity” report, they found that companies in the top quartile for gender diversity on executive teams were 21% more likely to outperform on profitability and 27% more likely to have superior value creation.So, we know that there is a disparity, and we know there is a significant benefit to closing the gap between male and female representation, now how do we go about making continuous, positive change?How To Go About ChangeWhen choosing people for higher positions, organizations should show an active interest in treating women candidates equally to male applicants.Attend and provide training opportunities.Women’s leadership may be increased by providing training for female members. Gender equality training for all team members is a transformational process that attempts to give information, strategies, and resources to help people acquire skills and make positive changes in their attitudes and behaviors. As a team, we need to attend training opportunities and take advantage of resources to promote growth.Effective career mapping for ALL employees.After workers finish their probation term, organizations should have a solid career mapping strategy in place.Men and women who are assessed with equivalent talents should have equal access to development plans, stretch assignments, promotions, and networking opportunities.Women need to become leaders for other women.Other women need to set an example for women who are just starting out in the workforce by being open, encouraging, and collaborative.Seek out, engage with, and serve as role models for other women.Women may assist others in setting and achieving objectives, promoting collaboration, and devoting time to training, mentorship, and personal development.Balancing Responsibilities A large number of women are not just entrepreneurs or career people—they have families, spouses, and other responsibilities. Demands from personal and professional commitments can pressure a woman to decide to focus on her business or her family. Traditional gender roles expect women to be a mother and wife, while the business requires her to be the leader and show commitment. Companies can empower women facing the decision between work or home responsibilities with more flexible polices such as work from home, child care benefits, maternity/paternity leave and listening to employee needs. There is also a need for more mentors and sponsors encouraging women leaders. This can come from fellow women in the organization, but just as critical is the support of male colleagues and leaders. A mentorship or coaching program allows for the right support and resources to go towards cultivating talent and confidence for the future leaders.Along the same lines we can focus on cultivating this environment of gender equality from the beginning through education. Encouraging young women to join STEM programs and learn about the increasing need for technology and innovation in financial services is the perfect opportunity to support the future female leaders into our industry.Per Suvarna Nikam, Sr. Vice President of Human Resources at Visionet Systems, “Challenges around less women in technology seeded from the early gaps observed in girls pursuing education in tech. Thankfully over the last decade & more we have seen conscious efforts in education across the globe to develop accessibility and affordability. Inspiring women leader role models now drives a 25-40% girl population in technology courses & it is only to increase.”“At Visionet, we constantly endeavor & encourage women to take up leadership roles. Key positions in our Delivery & Operations, Sales & Functional leadership are held by some inspiring women who have built their careers at Visionet or have joined from the industry to take step–up roles offered to them by us. Our recruiting efforts for fresh talent campus specifically caters to having a fair & equal representation of women. Our lateral hiring efforts focus on enabling women starting their second careers by providing them an opportunity to cross skill or upskill when they come aboard.”It is important to point out that gender diversity in leadership roles is not a company specific issue; rather it is an industry-wide challenge. Organizations have slowly started recognizing the advantages of employing more women in their leadership teams. Still more work needs to be done to ensure women’s leadership in the industry, with safe work environments, the benefits they need and positive changes regarding all unconscious biases.**Source:Why female leadership is crucial to the mortgage industry – HousingWireAchieving Gender Equality in Technology | (analyticsinsight.net)