Mortgage lending software: Ask the Tough Questions

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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.