Posted by MeridianLink | April 17, 2024

3 Things To Know for a Simple Mortgage LOS Implementation 

The materials available in this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your own advisors with questions regarding the content herein. The opinions expressed in this article are the opinions of the individual authors and may not reflect the opinions of MeridianLink, Inc.   

For lenders like yourself, your LOS is the direct pathway connecting you to borrowers—it’s the engine driving your mortgage operations and a crucial tool in their homebuying journey. That’s why selecting a LOS tailored to your specific needs is vital to maintaining competitiveness in a saturated market. 

However, the idea of implementing a new mortgage LOS can be intimidating. Even though you understand the potential benefits—such as cost reduction, increased efficiency, and an improved experience for both staff and borrowers—the process can seem daunting. 

Certainly, challenges may arise. But with the right technology and support from reliable partners every step of the way, you can quickly set up and begin offering a superior mortgage lending process. 

Are you considering taking the leap to improve loan processing accuracy and streamline your internal mortgage lending workflows? It’s perfectly natural to have concerns about the implementation process. But worry not, because we’re here to ease those worries! 

Drawing on our 25 years of experience in assisting financial institutions, we’re ready to guide you through three key considerations to boost your confidence and comfort as you embark on the path toward a future-proof mortgage operation. Plus, don’t forget to download our comprehensive reference guide, where we outline how we actively support our customers throughout the implementation journey. 

1. Teamwork makes the dream work 

When starting a new LOS implementation, it’s important to get on the same page with your technology partner. They should understand your project’s scope, risks, project plan, and timeline.  

This includes validating your desired loan programs and integrations so your partner can set up a tailored LOS environment complete with your pre-configured settings and workflows. Then, you can verify that your required investors and loan programs are in place and that third-party integration vendors are connected. This process sets the stage for the entire implementation process.  

2. Elevate efficiency and innovation with flexible configuration 

The next consideration is how to set up configurable workflows and role-based navigations to help your institution scale and evolve with flexibility and financial prudence. Your technology partner can help guide you on capabilities to arrive at decisions, allowing you breathing room to tweak and adjust as you learn and grow with the LOS.  

You might choose to adopt the default settings and workflows and customize the configurations as you use them. You’ll have a dedicated Implementation Analyst to guide you through various configurations along with other materials to help you make the best decisions for your team.  

3. Test early, test often, test everything 

The final consideration before originating live loans is to test and validate your initial configurations. In a best-case scenario, very few changes will be needed. You should test against the life of loan workflows, pricing engine results, integration, and document packages. 

Your technology partner can offer a testing plan with sample scenarios and tools to help you stay on track to launch on your timeline. You decide how, how long, and what to test. It’s your time in the driver’s seat, and now is the time to make sure you feel confident about going live! 

Hopefully, this puts your mind at ease and instills confidence in your decision to invest in a modern mortgage solution that aligns seamlessly with your evolving needs and the needs of your borrowers.  

Download our Switching Is Simpler Than You Think guide to learn more.  

Download the Full Guide

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