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THREE TIPS For Purchasing A New LOS AVOID PITFALLS, CREATE A SOLID FORECAST The first step is learning how to avoid what’s referred to as “confirmation bias.” We usually test to prove that our hunches are correct, which is where things can go wrong in the revenue forecast. It’s your job as a new broker to be aware of this pitfall and find ways to reduce or eliminate confirmation bias.
UNDERSTANDING MARKET DEMAND Market demand for a product is the anticipated total volume purchased by a defined customer group in a defined geographical area during a defined period of time in a defined environment—i.e., expecting 10 purchase loans a month for the first half of the year in your two-town market where average loan amounts are $375,000. Once you understand market demand, you can estimate your company’s potential share of that market. Also, consider how you’ll gain market share. Will you steal it from your competitors? Or, will your product or service open up opportunities to create new market share? You’ll want to estimate future market demand for your products or services based on the growth of sales in the industry and changes in market share. A place to begin when accessing market demand for your product or service over a competitor could include asking yourself questions like:
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> Kevin Hughes
joined Black Knight as senior vice president of sales and business development for its Multiple Listing Services technology business.
BY SHAKRIA HALL Now is a good time to search for a new LOS. Brokers must be able to rely on their LOS providers not only to deliver a quality product, but to quickly adapt to market changes when needed. Identifying an exceptional LOS provider doesn’t have to be an overwhelming task. Here are some considerations for picking a new system.
Longevity And Experience
Adaptability, features and ease of use: These are all important requirements in an LOS. However, experience must be at the core of your software decision. All the bells and whistles in the world won’t mean a thing if the software you select is not efficient. The ideal LOS will ensure accuracy and compliance, and work to simplify the origination process. The most experienced providers—the ones who have been in business for decades and are still going strong— know the mortgage industry well and understand exactly what loan officers need. Experience is vital, and in today’s fast-changing lending environment, it is critical to success. Great LOS providers are constantly innovating their solutions and creating technology.
Customer Service
Customer service is always important, but in this rapidly-changing environment, it can make or break your business. Answering calls and responding to emails are crucial, but so is training. Offering unlimited access to training materials and resources allows you to always have answers at your fingertips. Speed of implementation is another consideration—how soon can a provider get you up and running? Finally, consider how well an LOS integrates with third-party solutions and your existing systems. The software you choose should be ready to use after a streamlined implementation from Day 1.
Guidance
A trustworthy LOS provider is more than a vendor—it is a true partner, committed to your success as much as its own. The guidance such a partner provides is invaluable in making the most of the LOS and keeping your pipeline flowing. This journey starts with your provider working with you to determine what you need and what solutions best meet those requirements. It continues with training, webinars and educational resources so your team not only learns how to use the software better, but also refines their skills with best practices, industry developments and more. A trustworthy LOS partner offers something that other providers struggle with: Peace of mind. From your first interactions during the selection process through implementation, to training and beyond, a great LOS provider is focused on your requirements, your concerns and your success. Shakria Hall is brand marketing manager at Calyx, an established provider of compliant mortgage software solutions used by banks, credit unions, mortgage lenders and brokerages nationwide. She may be reached by e-mail at Shakria_Hall@CalyxSoftware.com. SPONSORED EDITORIAL
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