Arch Mortgage Insurance Company (Arch MI)’s Post

Hi there, I’m Will Vickers, Arch MI’s VP of Industry Technology, and I’m taking over Arch MI’s LinkedIn account today! I recently had the opportunity to join Arleen Scavone of Newbold Advisors, LLC at CUNA Lending Council in our breakout session, “What to Consider Before Executing an LOS Agreement.” If you missed it, here’s a recap of some of the topics we covered: ➡️ The overall LOS vendor marketplace. Vendors are busy with strong interest from lenders looking for new loan origination systems. ➡️ Key considerations for selecting a new system. Focus on the total price of the system over the length of the contract, and look for automation, scalability and a strong vendor reputation with a proven track record. ➡️ The importance of defining WHY you want a new system. Is it to reduce costs and improve efficiency or transform your customer experience? Map this out. ➡️ Best practices for conducting a request for proposal, vendor demos, due diligence, contracting and implementation. And why temporarily assigning one of your team members to the LOS implementation team full-time will accelerate the project and help to avoid re-work. ➡️ The value of hiring a knowledgeable consultant to bring structure to your selection and implementation processes and assist with LOS acceptance testing. These factors are important for mortgage leaders to be on the cutting edge in 2024. If you’re shopping for a new loan origination system, I’m happy to share what I’ve learned working with customers and the industry’s loan origination system vendors for 25 years. Ask your Arch MI Account Manager if you’d like to connect with me for a conversation. Until next time 👋. #MortgageTechnology #ArchMIEmployee