As a mortgage professional, you have a lot of options to choose from when considering a mortgage POS tech partner. While it’s nice to have so many options, it can be a little overwhelming when you’re trying to narrow it down.
After all, the mortgage point-of-sale is a system that brings together all the best parts of the digital mortgage experience: efficient loan processing, automation technology and transparency from application to closing. Clients interact with the front-end of your mortgage POS through the borrower portal while on the back-end, the mortgage POS allows the LO to automate their processes for a more efficient origination process.
But which one is the best for your mortgage business? Which mortgage POS partner can you trust to help your business scale? These are questions you need to ask yourself when you’re searching for a mortgage POS partner.
Join BeSmartee to find out how to evaluate a potential mortgage POS partner to determine whether they are a good fit for your business.
1. Understand the Needs of Your Mortgage Business
First, you need to fully understand the needs of your mortgage business. What exactly are you looking for? What’s working well and what needs to be fixed? The technology needs to fit hand-in-glove with your business. If not, it could disrupt your day-to-day business operations.
Too many lenders have put all of their resources into creating the digital mortgage experience with a front-end borrower facing portal while back-end processes are still being executed by outdated legacy systems. This also leads to the age old debate over what takes priority: a best-in-breed tech stack or an all-in-one platform. Do you need an all-in-one platform or a tightly integrated collection of tools and configurations to meet your unique business needs?
The first step is to truly understand and define the needs and wants of your mortgage business. Not every mortgage POS partner will be able to fulfill those demands.
2. Identify the Core Problem
You need to make sure that the right mortgage POS partner will solve the real problem and address every layer of risk associated with running your mortgage business.
It’s also important to separate the core problem from visible symptoms. Many business owners are often only dealing with the symptoms instead of fixing the core issue. For example, repeatedly needing to rekey information due to human error could be a training issue rather than a core problem of the organization. If you only deal with the symptoms, you can end up working harder and harder only to have the problem remain.
So how do you identify where the problems come from in your mortgage business?
One way to approach this is to look at the bigger picture and explore the different causes that can lead to the symptoms you are experiencing. Once you’ve identified the real problems affecting your mortgage business, now it’s time to find the right solution.
The best mortgage POS partner will be able to address your organization’s core problems. If you hope to reduce costs and cycle times, the tech should replace dependency on human involvement and instead leverage the skills and expertise of your team.
3. The People and Expertise Behind the Mortgage POS Tech
People are the most valuable asset of any venture. It’s important to check out the people who make up the team as well as their skills and specializations. Another important consideration is the level of expertise. Good mortgage POS tech partners have years of experience in helping their clients achieve their business goals.
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Look at the organization’s strengths, years of experience and individual experiences within the team. Understand their current and previous projects and see how up-to-date they are on the latest technologies. You’re building a partnership to improve your business, not to adopt technology for technology’s sake.
Your mortgage POS partner should not only fulfill your business needs, but also share their expertise and guide you to build a better mortgage business.
4. Transparency and Support
You should expect a transparent, well-defined, easy-to-understand and efficient development process from start to finish. Both you and your mortgage POS partner should share a general understanding of the project requirements, project goals and development plan.
Your tech partner should also offer a range of support options as well as a dedicated support team. Great support from a fintech partner should be more than answering the “It’s broken, please fix it” call. Your mortgage POS partner should help you maximize your investment and offer demos and custom training.
A great technology partner has the breadth of knowledge and experience to understand the needs of your business while ensuring a maximum return on investment.
5. Future Scope
Can your mortgage POS partner grow with you and your business?
Your mortgage business will grow and evolve over time, and your mortgage POS partner should be right there with you. Building your tech stack is a continuous process, it needs to continually meet demands and adapt to market changes and business needs. If your system doesn’t scale to match business requirements, it can create a bottleneck for growth.
Scalability should also be effortless and lenders shouldn’t have to worry about the possibility of a delay. Your mortgage POS needs to:
- Handle increasing workloads
- Expand the scope of usage
- Increase the extent of access
Scaling also involves various types of growth. You can look at a new piece of tech and say it can handle larger volumes; however, growth is more dynamic than simply increasing volume. An increased volume also means making adjustments to workflows, management, supporting tech and security requirements.
Instead of simply asking if the mortgage POS tech will scale, try asking:
- How quickly can you increase the system’s capacity?
- Can the platform support more complex workflows and governance that accompany business growth?
- How easy is it to integrate with other tools?
- Will you have the ability to integrate with the tools that make the most sense for my business?
Choosing the right mortgage POS partner can be tricky. Your choice can have major repercussions when it comes to business costs, time and the overall success of your organization. Behind every successful digital mortgage company is a great tech partnership — so choose wisely!
Learn why lenders are choosing BeSmartee as a tech partner and our award-winning mortgage POS technology.