Implementing a Loan Origination System? Beware of the Pitfalls!
SCA News: One of the great things about SCA is the range of issues we get to see, and the wealth of knowledge we get to tap into while working with dozens of clients on a monthly basis. Today, we'll share some important insight and information about implementing a loan origination system (LOS).
By Bill Dolan:
Implementing a loan origination system is critical to both your institution and to your borrowers, for it impacts almost every phase of mortgage origination through the entire manufacturing process.
You have just completed the daunting task of selecting your LOS provider from almost 30 players in the industry today, and have made a significant commitment and investment in both time and money that will hopefully produce far reaching effects on your core business and organization.
Don’t drop the ball now!
A successful LOS implementation requires rigorous timelines, infrastructure, readiness and workflow management.
Score, with SCA’s professional lending technology team comprised of consultants, integrators and system’s administrators, with hands-on practical mortgage lending experience to help your bank, credit union or non-depository institution implement your LOS process in order to minimize costs, lower risk and provide a greater ROI.
Implementing your new system and managing your organization’s unique needs can be equally challenging but also highly rewarding. In order to create an easy transition from your prior LOS, our team with years of mortgage industry exposure will utilize custom build-outs after gaining a complete understanding of your operational and business requirements.
It doesn’t stop here! Our subject matter experts pre-configure, develop best practices for both testing and deployment, customize installation of settings, business rules, dashboards and documents as well as condition configurations.
A LOS implementation is a long and complex process. Business, technology and human resources must all come together to ensure success. Don’t attempt to go it alone but collaborate with a proven partner you trust to eliminate the enormity and complexity of your implementation, allowing you to generate greater process efficiencies while placing your borrower at the nucleus of your value proposition.
For more information, call us!
Spillane Consulting Associates has served the residential mortgage lending business since 1991. We have specialized in mortgage banking consulting services and provided quality control reviews, risk management and process consulting and employee training to credit unions, community banks and non-depository institutions. We are a thought leader on the strategic growth of residential mortgage lending. You can learn more by visiting our website, or scheduling a meeting with me or one of my colleagues.
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