When the “mortgage meltdown” occurred a few years ago there was in fact a silver lining. What good could have come from the nation on the brink of a financial collapse you say?
Certainly many good mortgage lenders fell prey to the bad investments and greed, but there was a “cleaning” of the industry that washed away many of the careless and unscrupulous lenders who needed to go. The result is not only a better regulated lending system but also a rebirth for the majority: honest lenders looking to provide mortgages to qualified borrowers.
Not surprisingly this same phenomenon happened within the mortgage lending software industry but with much different results. Many of the vendors were gobbled up by larger companies. Some became stronger by complementing their existing offering while others became the equivalent of a Frankenstein’s monster piecing together whatever they could to appear bigger at the sake of the software solutions integrity.
So when you start your search for a new mortgage lending software, ask questions, do research, find out if the vendor is offering a complete, end-to-end system that is seemlessly integrated or a Frankenstein’s monster. It may surprise you.