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Considerations of collaborative networks
The collaborative network is capable of eliminating the communication barriers that still plague lenders, even with the growing use of the Internet for business. It is difficult, if not impossible, to create system-to-system wiring with all of the customization of each party’s system. Therefore, the key is a solution that allows all parties to share information via a collaborative network when they need to access loan-information data.
For lenders to support a collaborative network, it should address the following project-inhibiting factors:
Product risk: Leading industry players should have used the network successfully in several areas of the mortgage process to prove its effectiveness.
Market risk: The network should give parties the opportunity to simply “connect” to the system, as opposed to having to wait for lengthy installations or delayed deployment.
Risk of non-adoption: Having a network that already has numerous participants and users will eliminate the fear of creating a system companies might not use.
Most importantly, this network should help users save money immediately. It decreases cost because it is replacing less-efficient methods or systems. Mailing or faxing documents takes money as well as time. A network that offers access to the documents at no cost per viewing lends itself to saving time and ultimately, money for everyone involved.
As the concept of the paperless mortgage industry gains momentum, the collaborative network becomes more viable as a key method for reliable, consistent communications to conduct business. At the same time, collaborative networks will make the transition from a paper-saturated industry to the e-mortgage less intimidating.
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