Last week, we started a conversation about shopping for LOS vendors and how important partnerships are for a successful implementation.
Going back a few years, remember when President Reagan said, "Trust but verify"? Well, he was spot on and if it worked for Reagan and Gorbachev, who am I to disagree!
When looking for new lending technology, it isn’t that purchasers don’t ask the right questions, but they sometimes get side-tracked and that can result in partial answers. It is important to check the veracity of the answers. Most well-informed sales people are happy to explore inquiries and substantiate what they say with tangible data.
Look beyond the canned sales presentations and slick power points. Ask the hard questions and ask as many as you want. Send RFIs and RFPs, ask for remote and on site product demonstrations. Reputable vendors won't mind.
It's a big investment and you need to understand and be comfortable with the answers.