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Check LOS Vendor Stability!

Wed, May 15, 2013 @ 11:00 AM / by Joy Dowling

Checking the facts - MortWith all the upheaval in the mortgage systems space over the last couple of years, it's no wonder lenders aren't sure who's who anymore, who's still around or who has cobbled what technology together.

Well, we're still here! With 33 years of technology experience behind us.

When you are looking for new loan origination system, make sure your potential partner is financially stable and plans to be around for awhile.

Ask for 3 years of audited financial statements and investigate to determine if the company you’re dealing with is part of a larger entity. If so, then ask for financials on the entire enterprise. Reviewing the book value for the individual software that is involved may not mean a lot if there is little or no cash in the bank.

Do they have a product roadmap or they just going with the flow?  It’s surprising how many companies don’t have design plans for their products. Request a 3 year history of the Research & Development budget to determine if the vendor has a long term plan or just has knee-jerk reactions to market demands. 

You need a technology partner that is committed to improving their products and making your work easier.

---Mort

Topics: loan origination system, LOS, mortgage software, mortgage solutions, mortgageflex, LoanQuest, Mort, lending system, MortgageFlex Mascot

Joy Dowling

Written by Joy Dowling

MortgageFlex Communications Director