Is your LOS Platform ready for what’s next?
Interest rates are on the rise and affordability is tightening. New and old methods will need to be tapped to continue to put borrowers into homes, are you and your platform ready?
For many, it has been a very long time since anything beyond a straightforward fixed-rate product guideline was added to the LOS platform. In some cases, adjustable-rate (ARM) or other more complicated guidelines have never been entered into the current platforms, as the LOS was replaced with new technology more recently.
It’s time to check your systems to make sure everything is ready for when those new guidelines are needed. Whether it’s an ARM with a SOFR index rate, a piggyback, or some other product, you need a refresher on the data that needs to be collected to define the product. What about documents that may be needed and information the system needs to define new product guidelines. Processes and procedures also need to be reviewed to ensure they address any additional or different steps needed during the origination. Also, the points of integration should be assessed to ensure that the requisite data to support an expanded list of products is fully supported. The last step is particularly important given the addition of technology to support all aspects of digital lending throughout the pandemic.
If you’re ready, CC Pace can help. We have a proven track record of working with our clients to revitalize technology infrastructure, update systems to conform to current practices and implement organizational/process best practices.