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What should you consider when buying a new LOS?

We’ve touted it before…one-size-fits-all is not true for banks, credit unions, and lenders. What is good for one lender is NOT always good for another.

When it comes to Loan Origination Systems, the big guys out there sure do have a lot going for them. They have been around for a while and have a long list of clients. They have great marketing campaigns that make it seem like the PERFECT SOLUTION, and you see those campaigns everywhere.

The software must be good, right?

Their systems have been created to work well for “any lender”…meaning any lender who is large, follows certain work flows, and uses the platform in a particular capacity that represents the average LOS user.

  • What about small lenders who don’t have a large lender budget but require the same complex technologies?
  • What about startups who are reinventing the way lending is done with unique processes?

When those smaller and unique lenders search for a new system, they may be tempted to compare the technologies of the largest and most popular providers. If they choose the biggest LOS, they find that they are stuck with a standard system which cripples their ideal workflows and leaves them constantly searching for work-arounds to get things done.

What they really should be considering when searching for a new system is whether or not that provider is actually going to listen to them and help them succeed ON THEIR TERMS.

We have seen it too many times…the small and unique lenders are treated like small fish, disparaged, because that is how they will inevitably be viewed by the software providers. Their needs will not be considered, and that is a fact. (Not only does this hurt the lender, but it really is a disservice to the LOS provider as well.)

Listening to clients, considering new ideas, and constant technological development are the most important ways to stay relevant in the software market!

Launcher Solutions understands the lending market….it is where we all came from! We know that there is no such thing as the “average user”. We have spent years perfecting our game plan, including developing the most advanced technologies, capable of surpassing even the largest LOS out there.

More importantly, we understand the value of customer service. We understand that it is vital not only leading up to a sale, but during and after implementation as well.

Sure, lenders could choose the bigger, more popular LOS guys, but they will ultimately be left scratching their heads wondering what happened to the grand promises they were made in tricky marketing campaigns and sly sales conversations.

Choosing a new LOS is one of the most important decisions that a lender can make. The best thing to do is to openly consider all options and not assume that the status quo will be the best fit, because I can assure you, it probably isn’t. Bigger isn’t better.

WebmasterWhat should you consider when buying a new LOS?
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