Many options for loan origination software exist in the market. Just pick one you like and you’re set, right?
Lenders must be able to rely on their LOS providers not only to deliver a quality product, but also to build a great relationship. Trust is at the heart of this relationship because if you can’t trust your LOS provider for a system that helps maximize your business for the long term, your team and your customers will feel the negative effects of your decision.
It may sound daunting, but identifying an exceptional LOS provider among the pack isn’t so difficult. Here are some considerations for picking a provider that is both trustworthy and game-changing:
Longevity and Experience
Technology, features, and ease of use: These are all important requirements in an LOS provider. However, experience must be at the core of your software decision. All the bells and whistles in the world won’t mean a thing if the software you pick is not efficient. The ideal LOS will ensure accuracy and compliance and work for mortgage professionals and their borrowers (and not against them). The most experienced providers—the ones who have been in business for decades and are still going strong—know the mortgage industry well and understand exactly what lenders need from an LOS. Experience is vital, and in today’s fast-changing lending environment, it is critical to success.
The loan origination space has evolved over the years, offering greater convenience and efficiency for borrower and lender alike, but also demanding greater diligence and compliance from mortgage operations. Great LOS providers are constantly innovating their solutions, creating and refining their technology for the benefit of all parties. Eventually, these innovations become expected features, standard for any LOS, but it is important to look for a provider that sets the standard rather than trying to keep up with it.
The LOS you choose should keep up not only with a changing industry, but also with the changing needs of your mortgage operation. If your software can’t keep pace, it can put you at a competitive disadvantage and inhibit growth. Pick a partner with the means and commitment to scale their LOS to industry and market developments and your unique requirements. Again, this is an area in which an experienced provider accustomed to adapting, upgrading, and innovating can offer a strong resume to take you into the future.
Customer service isn’t just about how fast you can get someone to answer the phone or reply to your email. Responsiveness is essential, of course, but only one part of how a trustworthy LOS provider delivers excellence. Speed of implementation is another consideration—how soon can a provider get you up and running with a new system? Also, how frequent and easy-to-apply are updates, particularly updates in response to, for example, a new government regulatory interpretation? Finally, consider how well an LOS integrates with third-party solutions and your existing systems. The software you choose should be ready to use after a streamlined implementation from Day 1.
A trustworthy LOS provider is more than a vendor—it is a true partner, committed to your success as much as its own. The guidance such a partner provides is invaluable in making the most of the LOS and boosting your team’s results. This journey starts with your provider working with you to determine what your institution needs and what solutions best meet those requirements. It continues with training, webinars, and educational resources so your team not only learns how to use the software better, but also refines their skills with best practices, industry developments, and more.
A trustworthy LOS partner offers something that other providers struggle with: peace of mind. From your first interactions during the selection process through implementation to training and beyond, a great LOS provider is focused on your requirements, your concerns, and your success.