Essay About Large Financial Institutions And Power Outage

Eloandocs – Home Mortgage
Essay Preview: Eloandocs – Home Mortgage
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SummaryIn 1990, there are paper intensive and the process of closing home mortgage was very slow. The parties have to sign the document manually and the process can be delay because of the document regeneration. Basically, the average time between a consumer application for a mortgage loan and the final closing was about 90 days. In 1994, the owners of Premium Title located at Cleveland created eLoanDocs to improve the speed and accuracy of mortgage closing process. It can help to connect several parties involved in the process by using technology. eLoanDocs installed proprietary electronic interchange. Mortgage document delivered using HP PCL. Communication software and infrastructure was purchased. eLoanDocs relaunched with internet in 2000. Document posting service (DPS) used standard communication protocols such as HTTPS and SFTP over the internet, which eliminated the need for modern and proprietary communication software. DPS also was a multi-tenant application that provided software as a service (Saas) to the mortgage industry. The benefits of Saas for customer include cost savings, scalability, accessibility, upgrades without disruption and resilience. However, some disadvantages also exist the primary one being security. In July 2000, there were power outage in Cleveland due to heavy draw on the power grid for air conditioning. Power was lost in eLoanDocs office for over eight hours, well beyond the two-hour battery backup that was in place to support the computer systems. Therefore, there are no power to backups or generators. In 2001, eLoanDocs moved computer serves to a private cage in a third party colocation data center in Chicago, Secure Hosting. The Secure Hosting facility in Chicago featured redundant power feeds, on-site generators, multiple Internet providers, and state-of-the-physical and network security. eLoanDocs was doing business with Top 10 lenders in US and documents and data for over 50% of the mortgages in the country flowed through eLoanDocs’ systems. Customers demanded to demonstrate reliability and security. Some customer send their security officers to visit Clevend and Chicago. In 2007, demand for additional network and Disaster Recovery center. eLoanDocs acquired a competing mortgage company’s (FastForms, Seattle). They moved their primary data center from Secure Hosting in Chicago to Fastform’s co-location provider in Seattle (Sunguard). By 2009, Real tie replication of data in Seattle and Cleveland. Implemented best practices for Disaster Recovery. In 2001, eLoanDocs met customer service level agreement (SLA) for 99.9% up time of service level agreement (SLA). eLoanDocs faced issues with turnover rate and retaining employees. eLoanDocs also increased annual expenses. CFO marty Buckley does finances on public cloud computing. Large financial institutions had trust issues in moving sensitive information to cloud services.I think the problem of eLoanDocs facing is they should not just focus on small firm, and they need to focus on large business firm. Nowadays, most of the company will use cloud computing to run the business, therefore I think eLoanDocs should use Hybrid cloud to target more large firms. In my opinion, I think they should provide a secure data security to the customers. Nowadays, most of the customer will concern about their data is secured or not. Therefore, I think eLoanDocs should focus about how to secure their data with using cloud. For the future application, I think eLoanDocs should provide their product with using marketing, therefore, it will let more customers know about the eLoanDocs.