BLOGS. November 8, 2019
The Top Five Challenges of Legacy Commercial Loan Systems
Within the current low-yield environment and growing regulatory workload, the mortgage industry faces real and ongoing challenges to reduce operational costs. At the same time, lenders need to be nimble and agile to respond to borrower and investor demands. Many large financial institutions, however, rely on legacy software applications and IT infrastructure to run their core lending and servicing businesses. Once attractive for their ability to process high volumes of transactions, these legacy systems are costly to maintain and support, difficult to integrate with other applications, and do not scale efficiently. There is also significant operational risk resulting from relying on the limited population of technical resources who still know and understand legacy code.
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