West Palm Beach, Fla. Aug 1, 2012 –According to a new eBook from OpenClose, lenders who regret their loan origination software selection likely asked the mortgage software companies the wrong questions. “The 6 Tough Questions to Ask Mortgage Software Companies and the 3 Mistakes Lenders Make in the Selection Process” provides mortgage bankers with insight on what to ask, how to determine the right software, and how to avoid the pitfalls of mortgage software selection.
Finding research material on loan origination systems can be difficult, however the eBook asserts that most enterprise level mortgage banking software solutions — aside from minor nuances — all provide the functionality a residential lender needs. So rather than concentrate on checking off software features from a list, “6 Tough Questions” encourages lenders to seek out mortgage software companies like a relationship and place greater value on such things as adaptability to change, a focus on mortgage, corporate culture compatibility, and development partnerships.
“For years, lenders have relied upon the overly-detailed RFP when they should have spent more time on determining the relationship red flags and deal breakers,” says author Frank Bocchino, vice president marketing & social media of 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. This eBook sheds light on how to select wisely.”
“The 6 Tough Questions to Ask Mortgage Software Companies and the 3 Mistakes Lenders Make in the Selection Process” is available for free download here.