A new eBook claims that mortgage lenders often fail to perform proper due diligence when selecting loan origination systems.
‘For years, lenders have relied upon the overly detailed requests for proposals when they should have spent more time on determining the relationship red flags and deal breakers,’ says Frank Bocchino, author of ‘The 6 Tough Questions to Ask Mortgage Software Companies and the 3 Mistakes Lenders Make in the Selection Process’ and vice president of marketing and social media at West Palm Beach, Fla.-based OpenClose ‘The first mistake people tend to make is to treat selecting the mortgage software like selecting any product. And it's not – because it's a service. Software delivery has moved from the mainframe, to the server, to the CD and now to the cloud, yet the methods of choosing have remained stagnant.’
The new eBook asserts that most enterprise-level mortgage banking software solutions -aside from minor nuances – all provide the functionality a residential lender needs. Instead, lenders are encouraged to place greater value in determining whether their systems are adaptable to change and in developing ongoing partnerships with software vendors.
‘The 6 Tough Questions to Ask Mortgage Software Companies and the 3 Mistakes Lenders Make in the Selection Process’ is available for free download.
