*Are You Happy With Your LOS?*
**By Daniel Liggett**
****Lenders today are tasked with doing more with less. More rules and regulations, changing investor guidelines, tighter underwriting standards, and the constant pressure to bring in more business, all while having less staff to accomplish stated goals. It’s clear that the requirements of lenders have significantly expanded in terms of the scope of tasks that need to be performed to be competitive and successful. These now include both lending and non-traditional tasks that are required.
****First, it goes without saying that your LOS should be able to handle mortgage loans of all kinds from all of the traditional channels. But it should also be able to handle consumer lending products such as personal loans, auto loans, equity and lines of credit, and construction lending products as well. It should use the same database and take advantage of the same security, data validation and related tools to maximize efficiency and eliminate the need for your staff to learn multiple system and infrastructures.
****Your LOS should also handle doc prep, secure messaging and doc delivery as well as the traditional tasks. Most importantly, your system must have in-depth integrations with business partners to help perform these tasks. Integrations allow you to offer clients faster service, decrease manual requirements and increase the quality of the information flowing in and out of your LOS. Simply put, the right LOS integration makes your operation better, stronger, and faster!
****Lastly, your LOS must perform non-traditional tasks such as assisting with marketing and customer retention. Your LOS should help you attract new customers with fast and easy point-of-sale features, instant approval messages and instant loan status updates. It should also serve as a repository of data on current customers so that you can quickly and easily reach out to them with offers on other products, or re-finance opportunities, before your competition does. Today your technology solution must reach beyond the traditional definition of an LOS and include:
****>> Consumer facing web portal for quick, secure applications w/ real time status updates to the borrower
****>> Dynamic point-of-sale functionality
****>> Secure document delivery
****>> Secure messaging
****>> Document Preparation
****>> Custom documents & letters
****>> Mortgage processing
****>> Consumer processing
****>> HELOC processing
****>> Construction Loan Processing
****>> Integration with banks business partners
****>> Ability to quickly and compliantly respond to rule changes
****To effectively respond to the challenging lending environment that lenders are faced with today, lenders need to turn to technology to answer the call.