Document Management for Mortgage Lending. On premises, or in the cloud?

Posted: Sep 22, 2015
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One big question that is frequently asked among lenders of all sizes is whether to implement an on-premises deployment of their electronic document management (EDM) solution, or move to the cloud. While each option has its advantages and challenges, organizations have unique needs and characteristics that make one of these options more viable and advantageous in their efforts to streamline their workflow and close more loans.

The fundamental point is that not all solutions work best in the cloud or on-premises and the choice often  comes down to security and costs to optimize returns. There are benefits to both:

 

Cloud Benefits

On Premises Benefits

  • No investment in servers, support infrastructure or license fees. User pays a monthly subscription and per transaction costs.
  • Initial investment is high but pays off over time.

 

  • Fairly quick and easy to get set up, so lenders can be up and running in a matter of days.
  • Integrate into existing LOS and other relevant applications within your data center.
  • Users will always have access to the latest version and features of their cloud EDM.
  • The risks associated with lending can be managed according to your own organization’s policies.
  • Security: Secure data centers house all your customer documents.
  • Security: Manage all your customer data within your own firewall.

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When it comes to cloud versus on-premises, the best delivery option isn’t the same for every business. What works for one company won’t necessarily be ideal for another. The answer depends on a variety of factors and priorities, some of which we’ve outlined above. One company may value control to ensure all security and document controls, where another may say budget and fast time to market are their priorities.

Knowing the facts about how each deployment approach meets your business and financial goals considering cost, time to market, and how the EDM you select will help you close more loans in less time.

For more information on how XDOC can help you close more loans with less clicks, contact us.