Microsoft Expands Cloud Capabilities For Mortgage Lenders

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Eager to compete with Google Cloud and Amazon Web Services for business in the mortgage and banking industries, Microsoft is boosting its cloud capabilities with a new offering designed to meet the privacy, security and regulatory compliance needs of financial services companies.

Microsoft Cloud for Financial Services integrates cloud services into Microsoft’s public cloud offerings: Microsoft Azure, Microsoft 365, Microsoft Dynamics 365, and Microsoft Power Platform.

The new service, which premiered with companies such as Navy Federal Credit Union and Virgin Money UK, launched on November 1. Mortgage partners at launch include Mortgage 365 and Finastra, the developer of Fusion Mortgagebot.

Bill Borden

“The pandemic has cemented the value of digitization and digital channels in the financial services industry – and has created new expectations with customers and employees,” Bill Borden, chief executive of Microsoft, said in a statement. blog post detailing the capabilities of Microsoft Cloud for financial services.

Borden said financial services companies are looking to cloud technologies and services to “accelerate their digital programs to better serve their customers and empower their employees, while continuing to lower the costs of running their businesses.”

Microsoft customers, he said, “have made it clear that they need cloud services tailored to their specific needs and challenges.”

Google Cloud launched its own solution specifically designed for the mortgage industry, Lending DocAI, in April. Google says partners like Roostify and Mr. Cooper can reduce business processing costs by up to 60% by automating data entry and creating and customizing document processing workflows.

Underwriter Assist, Black Knight’s AI-powered mortgage solution, runs on Amazon Web Services (AWS), using Amazon Textract and mortgage-specific algorithms developed by Black Knight to extract data from documents such as W2s and pay stubs.

Borden said Microsoft Cloud for Financial Services also aims to optimize business processes and is “backed by an industry data model, with new capabilities and customization unique to the financial services industry.”

Unified customer profiles provide “a 360-degree view of the customer by bringing together financial, behavioral and demographic data,” Borden said, and a collaboration manager enables automation and collaboration between the front and back office.

Security enhancements include account protection at the digital identity account level to protect against bot attacks, fake account creation, account takeovers, and fraudulent access to accounts.

Mortgage365, based in Denver, Colo., Said in a announcement that its Software as a Service (SaaS) platform is “optimized for financial services organizations adopting the Microsoft cloud,” providing “100% use of Microsoft’s data privacy and security controls, as well as assertions for the protection of customer data that is stored exclusively in the Microsoft Cloud.

Available on the Microsoft AppSource Marketplace, Mortgage365 allows lenders to price loans, view property appraisals, create complete loan scenarios, create and manage loans from the loan origination system, and send personalized marketing to borrowers.

Finastra Fusion Mortgagebot LOS is a cloud-based “all-in-one loan origination system that supports retail, wholesale and correspondent mortgages” that allows borrowers to explore rates, fees and products, and easily switch between channels to complete loan applications and review disclosures.

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