The Need for Mortgage Managers to use Industry Specific Software
Times change and so does the mortgage industry. For the past few years, private investments allocated towards mortgages have been growing both in number of mortgage opportunities as well as available funds. This is a good problem.
In the mortgage business, banks and trust companies traditionally refrain from financing construction loans or bridge financing. In places such as Vancouver, the need to supply construction loans and short term bridge financing is obvious just from the number of construction cranes scattering the downtown skyline. Canadian mortgage investment vehicles such as MICs (or Mortgage Investment Corporations) and private equity mortgage lenders have been filling this growing niche financing market with growth expected to continue.
The capital to fund these mortgages is also growing exponentially in size and strength. Funds maintained by Mortgage Managers, are derived from private investors investing either directly into a mortgage or into a pool of mortgages within a MIC. Investment growth is escalated through the consistent and somewhat low risk nature of mortgage investment returns for investors looking for an alternative to the public market avenues and the low rates of GICs. This growth has happened quickly and dramatically and subsequently managers of mortgage investments can find themselves struggling to maintain and stabilize their growth.
For instance, Mortgage Investment Managers are increasingly finding their staff allocating days to manually maintain the large amount of data of these investments into mortgages. Increasing needing to maintain new investors, subsequent dividend payments and mortgage data prove cumbersome in time and chance for error.
With the need of MICS and Mortgage Investment Managers to successfully maintain and service their loan and investors; consideration for industry specific software is becoming more sensible and vital. Managers are increasingly seeking software to decrease errors of data management and increase efficiency to allow for more time to focus on managing their investments and mortgages.
Canadian software companies such as Dolphin Enterprises are discovering an enormous interest in the mortgage and financial industry for their Mortgage Investment Management software. Clients of Dolphin are finding that the adoption of software for applications such as dividend calculations saves their administration staff tens if not hundreds of hours per month. Similarly, the adoption of software further integrates data into a system allowing for management to review and analyze corporate progress to allow for effective decision making thus increasing corporate performance.
With the adoption of a software system specific to maintaining data associated with Mortgage Investment, loan servicing for companies is becoming less cumbersome and more accurate and efficient. Advantages gained from using software are now being realized by Mortgage Companies with the adoption of industry specific Mortgage Investment Management software.
- Having all your data integrated into one system is more effective overall.
- Allows for instant access to information to review corporate status for accurate analysis and proactive planning.
- The cross-referencing of data throughout the corporate records ensures consistency and accuracy with data input and editing.
- Integration provides for the ability for analysis of corporate progress by generating customized reporting.
- Increase revenue through identification of inventory and perhaps see opportunities you didn’t know existed.
- Able to grow quickly and efficiently
Client Relations:
- Able to generate professional statements and deliver a modern and updated image.
- Client requests can immediately be resolved by instantly searching and reviewing their status and historical records.
- Instantly review mortgage status and be able to quickly respond to questions.
For more information pertaining to software advantages or specifically Mortgage Investment Management software solutions, please contact Dolphin Enterprises at 604-685-6721 or [email protected]
