“We have been meeting with an increasing number of mortgage executives who are frustrated with the inefficiencies they continue to see with their origination systems,” said Craig Bechtle, Chief Operating Officer for MortgageFlex Systems. “Most lenders have difficulties maintaining a single LOS. The challenge is even greater when they have multiple LOSs because none of their existing systems can handle all the products they offer.”
In the new White Paper, the company tracks the evolution of the modern LOS and explains how tech sprawl came to be such a dominant factor in technology management for many lenders. The paper outlines the common problem institutions face when they try to maintain multiple LOSs and proposes a solution.
“A single LOS should be the goal of every lender,” Bechtle said. “Platforms exist today that can originate all types of loans, including mortgages, HELOCs, consumer, auto, 203Ks, USDA, 203Bs, construction, bridge, and manufactured housing loans. Relying on a single LOS means the lender has better information on every borrower it serves, giving bank customers the feeling that their financial institution really knows them. It also reduces overall maintenance and training costs.”