Your mortgage website should be much more than a Place out in Space!

In fact, right now we are experiencing a paradigm shift in the way we view a web site in our industry. For most, a web site represents a graphically enhanced page constructed with information about our company and product offering. Typically we view a web site as a process that is first created then published to a server for the entire world to see. Functionality of a content rich website is typically limited and static. Once the site is published it must be re-modified then published again to reflect these changes. This simple process is called web publishing.

Recently, management studies have come to view organizations from a new perspective: a systems perspective. What is a systems perspective? Some systems may seem quite simple while others can become quite complex. An example of a complex system is the human mind, social systems etc. Complex systems such as the mind are comprised of numerous subsystems that are all organized in hierarchies, and integrated to accomplish the overall goal of the system. A pile of grain is not a system. If one removes a grain seed, you’ve still got a pile of grain. This analogy can be carried over to a web site. If you have a web site consisting of static web pages and remove a web page, you still have a static web site. Creating a web system requires a means to an end and a solid answer to the “why?” question.

So, what is the difference between a web site and a web system? Web systems are designed with an overall strategy or goal in mind and may interact with several of your existing business processes, strategies, and systems to accomplish this goal. Think of it like this. You may have a web site that merely presents the public with information about you or your company as part of your advertising, image building or marketing system. The reasons and the way you do things to accomplish your goal “is” your system, the web site is only a subsystem of that hierarchies. Now, take the next step in understanding the power of the web site and you will realize that the web site can be a system in itself that accomplishes several goals, all of which complement your overall business strategy.

This is starting to sound a bit overwhelming so let me simplify it. Publishing a web site is simple and there are many web site publishers out there. Publishing a web site is typically inexpensive because all it requires is that you create a design or take an existing one, insert content (text, graphics) then FTP (upload) the pages to a server. Once the web site is published the work is complete.

Designing and creating a web system is much more complex and expensive because developing a system takes into account all of the hierarchies required to meet the goals of the system and typically requires both technical and physical interaction with others. When considering a systems approach, it is important to consider the impact the Internet is having on the Mortgage Industry. The more the industry becomes entrenched in the Internet, the more important a systems approach to a web site becomes. When we take a look at the mortgage industry today we find that the Internet is now being used for many things including underwriting, automated appraisal, credit report delivery (almost all LOS software orders via the web), communications with investors, borrowers, real estate agents, title companies, delivery of documents, imaging, process flow management, investor rate sheets and automated program and pricing discovery. Not to mention lead generation, point of sale application taking, pre-qualification and email communications. It is obvious that the web site is rapidly becoming an essential part of the business process.

Another major difference between a web site and a web system is that web systems typically recognize larger patterns of interaction rather than focusing on just one aspect of the company and customer experience. Rather than just focusing on the web site as an online brochure, it takes into account the online application, the security of such, the individuals within the organization that will work with the new borrower, how they will pre-qualify the borrower, when and how the processor will interact and what the borrower experience will be with the company, what this means to the initial originator or person responsible for customer follow up, and prospective referral business. The web system may take into account many existing business processes and may answer many of the technical aspects of this systematic approach by providing access to credit reports for prequalification, automated underwriting and pricing etc. Simply put, this type of web system becomes more of a “tool” for the company rather than just a simple web site.

The benefits of using a web system can be realized across the board within today’s mortgage company. From the prospective of the loan originator to the closing department the work flow process of web systems can influence productivity and profitability. You will usually get much more value for your money when you invest in web systems that address or meet specific needs within your organization whether you develop these in-house or seek out a provider of these types of web technologies. Remember, systems tend to seek balance with their environments while systems that do not interact with their environment tend to reach limits.

When seeking out a systems approach to your web site solution you should be looking at companies that typically focus on providing a well rounded web site and backend data integration/management solution. Take into consideration the ability for the web site to meet the needs of the organization or provide a strategy that will have a positive impact on the organization. The company should focus on providing these services to the mortgage industry and they should have both technical and industry experience and a large customer base of at least 1,000 customers nationwide. This is typically an indicator of how well their solution answers the needs of the mortgage professional.