*How Do You Select The Right Vendor?*
**By Tony Garritano**
***With compliance demands skyrocketing, lenders are turning more and more to technology. That’s a good thing. But how do you select the right vendor? It’s a tough decision. Education is needed. To this end, LendingQB has published a free white paper designed for lenders that are considering replacing their loan origination system (LOS). The paper addresses the challenges lenders face when evaluating mortgage technologies and outlines a strategy to assess their existing technology weaknesses, identifying areas for improvement.
****Entitled “The Five Steps to Making Better Technology Decisions,” the white paper recommends conducting an Enterprise Process Assessment (EPA) of lending operations and workflows. According to the paper, all too often lenders buy technology predominantly based on features, failing to perform a critical deep dive analysis of their workflow to effectively model and measure process enhancements using standards and best practices.
****The white paper stresses that before buying technology, lenders must establish an objective, well-defined, comprehensive process in order to overcome the many challenges associated with complex technology evaluations. Executing an EPA provides a clear understanding of and roadmap for how to select technology that reduces cost per loan, improves profitability, maximizes employee productivity and decrease the number of manual touch points throughout the workflow.
****Key points in the white paper include:
****>> Overview of the mortgage technology challenges lenders face in today’s market;
****>> Determining the technology lenders really need, avoiding what they don’t need;
****>> How to arrive at an evaluation readiness checklist;
****>> Identifying vaporware and avoiding feature buying traps;
****>> Using metrics to achieve a high ROI;
****>> The importance of a seamless workflow;
****>> How to reduce cost per loan and increase profitability.
****Interested parties can download the free white paper from LendingQB’s website at www.lendingqb.com.
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.