Saxony Financial Services and Your LOS Implementation
Are you experiencing issues with your loan origination system? Are you considering making a switch to a new LOS?
How do you know that your problem is with your current system? Do you know which LOS aligns best with your business goals and processes? Do you have a team of experts lined up to ensure that the implementation of the new LOS goes according to plan, with minimal business disruption?
Enter Saxony Financial Services. Our team of experts comes directly from the mortgage industry and has first-hand experience with LOS implementation, as both clients and consultants. This is the experience you need to ensure that you get what you need from this critical component of your business.
Here are four ways that Saxony can positively impact your LOS assessment and implementation:
We can help you determine if you need a new LOS.
If your firm is having issues with your LOS, you might have cause to switch to another platform. The key phrase there is “might.”
“We can help diagnose whether a problem is process-related or platform-related,” said Alex Fan, Vice President of Saxony Financial Services. “There might not be a reason to do something as drastic as switching to a new LOS.”
We can help you pick the right LOS.
If, however, you do need to make that switch, Saxony Financial Services can help you determine which LOS to choose.
“If you decide to go down the path of actually implementing or converting to a new LOS, we can help with vendor selection,” Fan said.
There are many LOS options from which to choose. Some are very robust and fully customizable, while others are more straightforward. Ultimately, the choice you make will depend on your loan volume, your staff, and your complexity.
“When you’re talking about vendor selection, you really have to understand your business issues,” said Harry Hixson, a senior manager for Saxony Financial Services. “You will have different constituencies that want different things out of the LOS implementation. Sometimes, the company won’t be in agreement about what they want.”
Hixson continues: “Our role is to help the company get to agreement on what are the key factors that will contribute to success. We offer a third party, unbiased opinion to help with the selection process. That’s a very specific and valuable skillset.”
We see the bigger picture.
Implementing a new LOS is like tossing a rock into a pond – ripples are felt throughout the company. Data upstream and downstream from the LOS will be impacted. This isn’t a narrow decision with limited impacts. You need a representative on your side to help you navigate the process to minimize business impacts and potential landmines.
“With most of these implementations, the LOS vendor themselves will typically bring in their implementation team,” Fan said. “But the value that we bring is that we take a holistic view of how this new platform will impact your business.
“The focus for that implementation team is going to be, ‘let’s get this installed as quickly as we can so we can get sign-off from the client, so we can get the system online, and start processing loans.’ They don’t necessarily have a vested interest in the whole ecosystem.”
But that’s a really narrow scope when you look at how a new LOS will impact the rest of your company. Saxony’s role is to help you identify the broader scope.
“We’re going to be the ones holding the implementation team accountable,” Fan said. “If they say they are going to do X, Y, and Z, then we’ll make sure that they do that. We understand what the downstream impacts of a new LOS are going to be, and we’re going to make sure that risks are mitigated.”
We are accountable to you.
Making a switch to a new LOS is a big, impactful decision for your firm. And hey, since the LOS is sending an implementation team to represent their product, you should have a third-party team of experts that’s representing your best interests.
“Our accountability is, ultimately, to the lender,” Fan said. “We’re here to make sure that the LOS vendor is doing what they agreed to do, that things are being implemented correctly, and that customizations are being completed properly. Our role is to be the trusted liaison between the client and the LOS implementation team.”