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When beginning your search for a new mortgage loan origination system (LOS), it’s important to consider a variety of factors, such as total costs and technology capabilities.
Within these considerations, it’s also crucial to understand the ROI your current mortgage LOS offers, as well as how that ROI may stack up against the financial and technological elements of the potential new LOS.
However, as lending professionals, we know that you and your team are very busy people and that, as a result, you don’t have time to comb through option after option for new mortgage technology. That’s why we created a handy shopping list to remove some of the guesswork and help you determine what to look for in a mortgage LOS system!
Below are five questions to ask yourself based on this list to help you in your search for new mortgage technology.
- Is the Mortgage LOS Modern, Browser-Based, & Cloud-Native?
Today’s borrowers demand a fast, frictionless digital journey with a personalized touch. Browser-based, cloud-native mortgage technology solutions can help you meet those expectations by not only enhancing operational efficiency but also reducing costs, boosting ROI, and prioritizing the borrower’s experience.
- Are Point-of-Sale Capabilities Prioritized or Merely an Afterthought?
Point-of-sale (POS) solutions that integrate with your mortgage LOS empower you to create powerful, personalized borrower-facing experiences with ease, resulting in lower loan-manufacturing costs, improved pull-through rates, and faster closing times.
- How Configurable & Flexible Is the Mortgage LOS?
Your mortgage LOS should help you elevate efficiency and innovation on your terms without incurring extra expenses such as professional services or third-party fees. Look for capabilities like native tools, configurable workflows, and role-based navigations to help your institution scale and evolve with flexibility and financial prudence.
- Are There Any Time-Saving, Advanced Automations?
Manual tasks can take up valuable time, resources, and revenue, hampering your operation’s efficiency and profitability. Your new mortgage LOS should provide user-friendly workflows and automations that streamline tasks while offering robust customization options that help you maintain full control of processes. The result? Easier, faster operations without sacrificing accuracy.
- How Comprehensive Are Reporting & Analytics?
Robust data analytics and reporting are crucial to keeping your mortgage business healthy, giving you insights into borrower trends and issues that can help you optimize performance for enhanced effectiveness. Before committing to a new mortgage LOS, be sure to examine analytics and reporting functions, as well as real-time dashboards and other data-driven features, to ensure the technology can help you truly enhance borrower experiences and boost revenue.
Want to learn more? Check out the full mortgage LOS shopping list here or schedule a quick demo to learn how MeridianLink® Mortgage and related solutions can help your organization.
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