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Citing a lack of objective information available to mortgage lenders about the various commercially available loan origination solutions (LOS), STRATMOR Group, a consulting firm focused on the mortgage industry for 32 years, has announced that it has launched its 2014 STRATMOR LOS Technology Insight Survey. This debut edition of the survey will capture and consolidate lender responses regarding selection and use of commercial-off-the-shelf (COTS) and proprietary Loan Origination Systems, the associated market share of LOSs already implemented, and levels of implementation success and lender satisfaction.
"Vendor volatility, major regulatory change along with rising costs to originate, increased operational risk, and compressing margins, are having a profound effect on how mortgage executives view the performance of their existing origination technology," said Len Tichy, head of STRATMOR's IT advisory services practice. "Loan origination technology plays a critical role in every lender's survival and ultimate success. This debut edition of the STRATMOR LOS Insight Survey will capture and quantify overall market share as well as different levels of implementation success for these systems."
STRATMOR will use roughly the same sampling criteria employed by the Standish Group's widely recognized CHAOS studies of large, complex technology project success / failure rates across all industries.
"Our 2008 findings were that nearly 80% of LOS implementations were perceived as either late, over budget, or having failed to deliver on expectations," Tichy said. "More than one in 10 were cancelled or abandoned. We believe that this new study will generate broader and deeper technology insights that our clients can use.Our goal is to conduct a repeatable, statistically reliable survey to provide lenders with up-to-date, industry-wide objective data for future trend analysis and much needed decision support for internal LOS self-evaluation and/or LOS replacement."