The debate over client server vs. Web technology is quickly becoming moot. Some version of Web-enabled technology is clearly the way the industry has decided to go. When top vendors and lenders embrace .NET architecture, it's clear that we're no longer talking about a fad.
While .NET is not necessarily a Web technology, it allows flexibility when in a Smart Client setup for the software to be both docked and undocked. In fact, the power of the Web was affirmed several times over this week when it was made public that KeyBank Mortgage, a unit of Cleveland-based KeyBank NA, has chosen the LoanQuest Residential Lending System for use in its mortgage lending operation.
"KeyBank Mortgage chose MortgageFlex Systems after a lengthy due diligence process as it offered us a flexible and dynamic platform and impressive security features, as well as the depth of experience and industry knowledge that we were seeking," said Myron (Mike) Filarski, president of KeyBank Mortgage.
Actually, MortgageFlex says it was one of the company's longest due diligence cycles to date. "This has been one of the most extensive due diligence processes," noted Ted Morse, executive vice-president, MortgageFlex. "This was over six months of due diligence. However, it was unique because most large financial institutions don't run on an ASP.
"Typical due diligence is 90 days. If we get on the short list we spend a few days with them. From there they call some of our clients and we go to contract. In contrast, Key Bank had many visits here to review our site, our backups, our SAS 70 review. It was extensive."
Are more lenders asking for Web-based technology? "Two years ago it wasn't a topic, but now it's on everyone's question list," answered Mr. Morse. "Companies don't have or want the infrastructure to host these very expensive solutions in-house anymore. They want the vendor to do it for them."
"The one thing that comes up a lot these days is sharing the cost," added Craig Bechtle, senior vice president, product management, MortgageFlex. "Giving up a little bit of control to save on cost is what it's all about. We built a data center that has all the security, that has gone through the audits, etc. Sure, there will be a loss of control, but it's a viable alternative.
"The norm will be .NET and Java. You can have .NET that isn't delivered to the computer via a browser. It can be centrally managed through Smart Client. If you go browser based, Ajax provides a richer experience, but not many have been deployed. You'll see fewer client server technology going forward and more .NET with browser capability."
Adding further momentum was Wolters Kluwer Financial Services' move to .NET, also made public this week. WKFS touts that Expere IE can now "unite multiple existing documentation systems in order to produce reliable compliance documents across multiple business lines" given its new .NET architecture.
"By introducing the .NET version of Expere IE to lenders, Wolters Kluwer Financial Services is giving them continued flexibility in selecting the tools that work best for their business," said Ken Newton, executive vice president of Banking for Wolters Kluwer Financial Services in a prepared statement. "Now even more financial organizations have the opportunity to take an enterprise-wide approach to compliance."
It's all about flexibility. Besides, when the large institutions jump onboard, it becomes real to the whole industry. We'll see a similar situation with e-mortgages as more of the pilots in progress now are rolled out mainstream next year, but that's a topic for another blog.
PLEASE LEAVE YOUR COMMENTS BELOW. JOIN THE CONVERSATION. ALSO, BE SURE TO VISIT TECH NICHES REGULARLY AS IT WILL BE UPDATED EVERY WEEK WITH A NEW ENTRY. LET'S TALK ABOUT WHAT REALLY MATTERS PERTAINING TO MORTGAGE TECHNOLOGY.
