by William DiPaolo
As we get closer to launching Roohmz Enterprise (in Beta) I have wrestled to define its category. Initially I called it a loan production system only to feel confined by such a tight definition. I drifted toward Process Management System, but that felt stodgy and stale. For a moment I tried Business Management System, but I laughed at the acronym. In past blogs I described Roohmz as an operating system – and it is. But even this concept is too restrictive since operating systems control hardware.
So what is Roohmz anyway?
To better understand Roohmz we’ll have to look at it from the perspective of a software engineer. In software development we use repeating sets of instructions called “objects” which can be called and then influenced by “attributes” appended to them. In this way software code can reference an object and then use any number of attributes to influence what the object does. This makes software code lighter (less lines) and stronger. Further, flexibility is greatly enhanced because objects can be combined in growing numbers of ways to produce new solutions – without recoding from the ground up each time. This concept is called Object Oriented Programming.
We built Roohmz around the Object Oriented model in that we created a super-easy, non-technical language mortgage executives could use to “teach” Roohmz how to enforce their desired business processes. Once taught, Roohmz then uses artificial intelligence to assemble every loan according to the business process it now understands. In order to build a “teachable” system, we started by creating a library of objects users could arrange visually on the screen. Each object performs tasks such as running an audit, performing a calculation, ordering a product, moving a loan file to the next person in line, delivering disclosures, receiving documents from consumers and everything else needed to ensure fully compliant mortgage loans are assembled quickly and consistently and as near automatically as possible. This object model also means that Roohmz can learn and enforce different business processes for each loan type if desired.
Because we use an object model, Roohmz continually grows more powerful each time we add new “functionality” objects into the software. As we learn from our clients, we will discover new ways to combine existing objects into brand new capabilities. It is therefore a very customizable, yet scalable solution that provides increasing value to every client that uses it.
More than just software, Roohmz Enterprise is also a private and secure internet-based exchange network. This means a lender’s business process can now include securely sharing data and financial information between any third party also in the Roohmz network (e.g., other lenders, investors, partners, vendors, consumers). It is the ability to incorporate third-parties directly into business specific management processes that makes Roohmz so powerful. Securely sharing and exchanging information in this way also brings much needed data integrity to an industry currently drowning in redundant data and systems.
So we see that Roohmz is a teachable system that enforces the ideas of executives – and also provides a secure exchange which can both receive, deliver and act upon information from third parties within the network.
Going forwared Roohmz is best described as a Knowledge Management Exchange, or KME.