Considerations When Buying Mortgage Loan Servicing Software

So, you want to service your own loans – now what?  Many lenders opt to service their own loans.  Doing so allows for increased profits and greater control over regulatory compliance.  Now that mortgage loan servicing software is readily available, servicing those loans is easier than ever.  However, there’s more involved than installing mortgage loan servicing software.  Other considerations should be addressed.

Creating a Workflow that Works

In addition to choosing mortgage loan servicing software that complements your internal processes, you’ll need to create a workflow that works for your team.  Your mortgage loan servicing software should be easy to use and address all of the tasks your team needs it to handle such as mortgage quality analysis, reporting, or even e-statements (Reference: mortgage loan servicing software from LoanLogics).  Make sure your loan servicers are involved in the software purchase decision so that all of their needs are addressed.

Self Service Loans by UTS Library, on FlickrThis work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Integration

Another consideration involves how well the mortgage loan servicing software plays with other systems.  Does it integrate with other systems such as loan origination software, lead management software, or CRM software?  Can you import data?  Can you export data?

Implementation

What about implementation?  Some software is easier than others to implement.  Is help available to plan and deploy the software or are you on your own?  Is a web-based solution available?  While mortgage loan servicing software sales teams will be happy to answer your questions, ask them for recent references and speak with actual customers about their experiences.  Real customers can tell you how the installation went and whether or not the software developer’s support is top-notch.  They can also tell you if the software has helped their business and share other insights that can help you make a more informed decision.

JOSBORNE_ / Pixabay

Training

Finally, no matter which mortgage loan servicing software you select, you’ll need time to train your team.  Plan numerous training sessions long before the new software goes live.  Use real world scenarios and test everything.

Frank Shields is an expert in the mortgage and loan industry who helps clients manage their loan portfolio.  He has worked with companies like LoanLogics to design software that can help clients or financial advisors to easily manage finances.  To learn more about loan data management, visit this website: http://loanlogics.com/data_management.html.

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