Many lenders are looking to change and/or enhance their loan software technology this new year. But regardless of whether you are looking for a new LOS to and or improve loan pricing, loan origination, banking, or post closing, you’ll need a Change Implementation Plan (CIP)
Here are a few key questions to ask yourself prior to an LOS change:
1. Why are you changing? Never change for the sake of changing or because the budget allows for it. Change for the right reasons
2. Why now? Is this the best time to change or simply start the review process. Is there a merger down the road with a company that will require additional functionality.
3. What if we don’t do this now? Waiting to change in not always good and not always bad.
4. How will we get there? Who will make the decision. Will IT be consulted?
5. What’s in it for our people? Will this make the employees lives easier or more complex.
6. How will the gains outweigh the losses? Will it cost ypou more or less per loan to modernize. Will you lose time, people?
7. How will we bring our people along with us? What is the training procedure in your company? Will you need additional resources
8. How will we consolidate change? Here’s where implentation and scheduling are key