NMP - October 2016 - 79

tremendous advances in LOS architectures and cloud-based delivery. But implementations and conversions from one system to another are not trivial processes. It is important to have a real-world understanding of how long it takes to get a new system up and running, and the LOS provider will have metrics to lay out an implementation schedule, as well as existing customers to speak with. Lenders will want to know about the support capabilities of the LOS company, as well as the expected maintenance and who will provide it. Customization is important when buying a new car-but it's absolutely critical when looking at a loan origination system. Lenders have different ways of doing things, and though the best LOS come with best practices presets, it is vital to be able to set things up the way you want them, according to your rules. Finally, never underestimate the power of existing client input. Legend has it that a casual observer at an auto show in 1900 asked the fellow next to him, "Is that Packard car a good one?" The man, who happened to be J.W. Packard himself, replied with "Ask the man who owns one," a suggestion that became one of advertising's most iconic lines. It's also great advice. LOS providers will make available customer retention rates, satisfaction surveys and other metrics that will aid in the lender's decision. But it always a great idea to speak with multiple users directly-and in several disciplines, including sales, operations, QC, IT and management. There is much to consider when looking at options in loan origination systems, but there are also tremendous benefits to be gained by making an informed choice. The LOS is the foundation for any originator's business, and there is much to be learned regarding what is evident both above and beneath the surface- if the time and energy is invested. Lionel Urban serves as CEO, founding partner, and chairman of the board for PCLender LLC, responsible for the overall strategic direction and the vision behind the technology development of the company. Since 1987, Lionel has acquired vast mortgage banking experience in management, origination, operations, secondary marketing and compliance roles within banks, credit unions, and independent mortgage bankers. 79 Be Part Of Utah's Biggest Gathering Of Mortgage Pros Each year, the Utah Association of Mortgage Professionals stages an extraordinary event, celebrating, advancing and supporting the men and women who finance residential and commercial real property. With top speakers, great hands-on sessions and a wealth of opportunities from exhibitors and sponsors, it's a can't-miss day for hundreds of mortgage professionals. Join us this year on Friday November 18th, 2016 at our exciting new location, the Zermatt Resort & Spa in Midway, Utah. The 2016 UAMP MORTGAGE EXPO provides an exceptional opportunity to showcase your solutions, while networking with hundreds of mortgage industry leaders, brokers and lenders. And all of them are there because they want to improve their business practices - the best environment for you to show them how you can help them succeed! TO SPONSOR AN EXHIBIT OR EVENT PLEASE CONTACT: VINCENT VALVO at 860-719-1991 or info@agilityresourcesgroup.com FOR ATTENDEE REGISTRATION PLEASE VISIT OUR HOME PAGE: www.uampexpo.com Content copyright 2016. UAMPEXPO.Com All rights reserved Event Production by Agility Resources Group LLC n National Mortgage Professional Magazine n OCTOBER 2016 Price The industry has learned that price isn't the only thing any longer, but it's still obviously important. The four main cost categories to be concerned about include implementation, recurring fees, customization costs and maintenance burden. Cloud-based solutions have the benefit of being less expensive to implement, but there is still time, effort and hard cost involved. Installed systems are better for some companies, particularly if they already have significant IT staffs, but most lenders are finding that Softwareas-a-Service (SaaS) is the more attractive choice. Recurring fees are to be expected, as technology this complex needs some care and feeding to keep it at peak performance, but providers vary widely on this. Some rely on the vendor, some emphasis staff members, and others blend the two in specific roles. It's an important area to research and understand completely, with written schedules provided for all recurring fees. Customization also comes with a cost, and it is important to consider the role of architecture here. Some systems are designed to be more readily customized than others. And while some are easy for the lender to customize, certain features will always require the vendor's involvement. Age is also a factor to some degree; older systems may cost more to customize, even if they seem to be lower in cost up front. NationalMortgageProfessional.com Vendor strategy Speaking of rules, lenders want the flexibility to follow their preferred strategies on everything from the origination channels they serve to collaborations with business partners. Being able to refine workflows to make that happen means having rules-based systems that are not only flexible, but also easy to modify. Rules engines are like automobile engines-some are easy to work on and others are mystifying. You are likely to want rules systems that don't require an IT person to set, just as you don't want to be hampered by templates that are restrictive. Different business channels have different requirements, so depending on whether your company does retail, wholesale, correspondent, consumer direct or any combination, your LOS will have to support the channels. You might be surprised to learn that some systems are stronger in one area than another, but it's quite true. It is wise to have your due diligence team include a representative from each business channel in the evaluation process. Our industry has become more collaborative than ever over the last decade, with strategic partnerships and mutually beneficial alliances have becoming the standard operating procedure. These increasingly close ties among vendors, partners and collaborators mean that data sharing and bidirectional information flows can cause additional complexity on the tech side. How well does the candidate LOS play with others? Perhaps more importantly, what do the collaborative players have to say about the provider's ease of use when sharing information? And what measures are taken to ensure security for all parties on sensitive borrower information? http://www.NationalMortgageProfessional.com http://www.uampexpo.com http://www.UAMPEXPO.Com

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