Using loan servicing software to service loans in-house is not popular among all lenders, considering that it comes with pros and cons. There are lenders interested to look for software in order to bring the servicing back in-house, because they do not trust the reports received from third-party servicers, or they need more flexibility and a good option to save some money. Others actually prefer working with a third-party servicer because they do not want to be concerned about things like staff recruiting and training to use this software. In other words, they are more interested in the sales side than to worry about maintaining hardware, purchasing and upgrading adequate software etc.
If you are not sure which option is right for you, ask yourself the following questions:
- Do I have experienced staff to work with this software, or am I prepared to invest in recruiting and training people?
- Do I have compatible hardware to run this software?
- Can I provide the required security methods to keep the system permanently safe (strong firewall protection, off-site storing data options)?
If you cannot answer positively to these questions, keep in mind that third-party servicers typically own their own hardware and will meet these needs, like https://themortgageoffice.com, so you should consider contacting them for services related to loan servicing software.