A series on mortgage POS implementation best practices.

Implementation is a huge undertaking, often thought of as a dreaded project that just must be done. Let’s admit it, bringing new technology into a mortgage business can be overwhelming, time consuming and sometimes downright frustrating. The goal, here, is to focus on the end result. In today’s article, we are going to talk about what lenders need to do in order to successfully implement their mortgage POS platform.

Selecting an Implementation Team

It’s crucial that the lender has a team that will be involved in the entire implementation process. This team will need to work alongside the mortgage POS provider to ensure that milestones are regularly measured and met. The team can consist of technology professionals to compliance officers. Since each member should be responsible for a specific role, they won’t necessarily have to be involved in every single meeting. For example, a compliance officer may only attend the implementation meeting at the beginning and at the end for final approval.

Setting an Implementation Budget

Mortgage businesses know that implementation can be expensive, which is why it’s critical to budget for it. When budgeting, it helps to understand how many hours it will take to complete the project. When implementing your mortgage POS platform with BeSmartee, mortgage businesses will only exceed their budget if they decide to add features that were not previously discussed or planned for. This can also cause the project to be delayed. For lenders looking to hit the live date, making sure you know exactly what each feature does and which ones you absolutely want or need will be central to not being surprised by a longer implementation timeline and higher, potentially unexpected, costs.

Creating an Implementation Plan

Once a team has been selected, milestones will need to be defined along with deadlines and responsibilities from the lender’s side and from the mortgage POS provider’s side. This way, everyone is clear on what needs to be fulfilled and by when. Weekly check-ins between the mortgage POS provider and the lender will be necessary to stay on track. The plan will need to have a target go live date.

Managing Third Party Vendors

Depending on the type of mortgage POS solution you are implementing, there will most likely be other third party vendors involved. It is super important that someone from your implementation team manages the third party vendors.

Tracking Your Implementation

All mortgage POS systems should have a way to track the implementation process. Especially, if it involves a lot of customization and configurations. Lenders who want to revamp their entire lending process with a mortgage POS have a deeper technical conversation to know exactly how each configuration is going to work in their environment. Some lenders avoid adding customizations because they’d rather get going faster. Again, this is all dependent on what the lender’s needs are.

Final Thoughts

We’ve only touched upon some of the ways you can quickly implement a mortgage POS solution. In the next part of this series, we will do a deep dive into how community banks, credit unions and large enterprises can successfully implement a mortgage POS solution.

Want to implement a mortgage POS but don’t have the time? We can help! Schedule a call (888-276-1579) or email us (joe@besmartee.com) and let’s discuss your needs!