Put simply,the way your LOS database is structuredplays a significant role in howefficient and quickyour organization is in successfully taking a loan application from the point-of-sale all the way through secondary marketing. It’s becoming known as the flat file database debacle.
Many lenders are engaged with LOS vendors that have what are termed “flat file” database structures.Flat file databasescreate numerous problemswith how information is organized and stored; it is slow to query and hard to locate information; there are inconsistencies and duplicate items; multiple employees are unable to work on the same loan file simultaneously; loading the pipeline can come to a crawl; and employee productivity is hindered for many functional areas that are trying to efficiently and expeditiously complete tasks.
Relational databases enhance performance,provide more timely and robust reporting, and deliversnumerous newfound operational efficiencies - and does it for all business channels leveraging a single, centralized database for your LOS.
See the difference for yourself, give OpenClose a call to learn how to end the flat file database debacle.