As a mortgage broker or loan originator, you have many options to choose from when considering mortgage origination software. While having options is generally a good thing, it can be a little overwhelming to narrow it down.
After all, this system (also called a mortgage Loan Origination System or LOS) takes your team from application to closing. It manages the process from start to finish with customers who hope to either buy a new home or refinance their existing home. The LOS stores all borrower, lender, and client documents; allows you to digitally submit applications to lenders; and acts as a communication portal between the broker, borrower, and lender.
But how do you know which one is the best? Which one has the features and support you need? Which one can you trust?
Because the truth is, you are not just picking software for your company. You are also choosing a business relationship. And like any relationship, you need to develop a certain level of trust.
Here are four ways to evaluate a potential mortgage origination software to determine if it might be the best choice for you.
Ease of Use
Above all else, mortgage software should be easy to use. It should be intuitive from the moment you set it up. Most software providers offer demos of their product to show customers how their product works, and this is a great way to get a sense of both the technology and the team that would be supporting your business.
Not only should the software you choose for your company be easy to use, but there should be a reliable customer service team backing you up.
You already know how critical it is to provide quality customer service—you do it every day. If you find an excellent mortgage origination software, but the company behind it doesn’t provide top-notch customer service, take that as a warning sign.
As soon as you hit a snag, you will be on your own.
At wemlo, we pride ourselves on the quality of our customer service. Not only do we assign our clients dedicated processors and account executives, but we also offer concierge customer support through weHelp and the Scenario Desk.
As your team grows, can your software keep up? You need your business to be flexible so you can grow as needed. From data collection to lead follow-up, you can actually use the features of the wemlo dashboard to build your business.
But we’re not just about the technology—our team of highly-qualified loan processors offers brokers the flexibility to scale your team from month-to-month. When demand goes up, save time and money without paying the benefits, training, and management costs that are required to hire someone in-house. If business slows down, you don’t have to lay off employees or pay for a service you don’t need.
Experience That Is Not Afraid of Innovation
Experience is usually a sure sign that you can trust someone to do something right and the mortgage industry is no exception. But longevity has a tendency to be unbending. When you don’t adapt to a changing landscape, you get left behind.
We know this because we’ve been there — wemlo was built by mortgage brokers who wanted to do something about the slow processes and outdated systems that plague the mortgage industry.
Want to learn more about how wemlo is transforming the mortgage processing industry? Set up a demo with us to learn why you should trust us to take care of your business.