Searching for the right Loan Software
Many lenders only begin looking for new loan origination software when they begin to have problems with their current LOS. Lenders have either spent so much time waiting on updates, creating workarounds for non-customizable issues, or their loan origination system no longer functions for their business model.
There are ways to avoid these software issues, if you get the right system in the first place, there should be no problems down the road. Therefore, when searching for either your first loan origination solution or completely new loan origination software, you should never forgo the research process.
When you’re looking at new loan origination solutions for your businesses, make sure you keep these questions in mind so you get the right system in place from the start.
Does the system allow for a good partnership?
This should never be forfeited for a cheaper price or flashy system. A long-term partnership where a team knows and understands your business strengths and weaknesses helps whoever you choose to ensure clients get the attention they desire and the support they need.
Does it deliver speed to market?
Speed to market is an important element because getting your business back on track quickly is essential.
Is it a secure system?
It is extremely detrimental to business if a customer’s data is compromised. Not only is there sensitive and private information out there causing damage to the customer, but your company looks ill-equipped to deal with the realities of modern cyber security. Many loan origination software providers will use things like highly redundant data centers when dealing with clients.
PCI compliance is also important. PCI compliance is 12 requirements businesses must meet to ensure the security of customer and client data. They are in place to protect stored data and minimize vulnerabilities when it comes to unauthorized data access.
Does the system adapt to your company?
Nearly every lender varies in how they run their business. Choose a LOS that allows for basic needs and adds the right amount of customization to ensure clients have a perfect solution specific to their business. Choose a platform can grow with your business. Does it offer easily adaptable new features? Can their systems keep up with the growth of your lending demand?
What sort of technical and customer service options are available with the software?
Thankfully, many companies are starting to see the customer demand for outstanding customer service. Many software companies assign a designated Project Manager who will learn about the customer’s lending process and assist them with their ongoing needs. Make sure you know if you’ll have dedicated service or if you’ll be stuck waiting for a random call center representative who doesn’t know your business.