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Mortgage Software. What’s your vision?

By May 25, 2021December 15th, 2022No Comments
Lender Toolkit

Mortgage Software Vision

Developing software is hard. Regardless of how much money or intelligence a company puts into a software product, they don’t always hit the mark. Raise your hand if you remember Google+, which was killed by Google in 2019. This was supposed to be Google’s answer to Facebook, Twitter, etc. This site is a fun jaunt down memory lane. There are more than 225 software applications that Google has killed in the last 10 years. Does this mean Google isn’t very good at developing software? Of course not. Does it mean their highly intelligent developers (some of them have even worked at NASA!) are not smart enough? Of course not. Practically speaking, it means they have mastered the art of iterative software development. More importantly, it means Google has a long term vision for their platform.

Buying Software AND a Vision

Over the last several years, many software companies have developed mortgage automation software to address the complexity and efficiency challenges we face. We’re painfully aware of how manual, inefficient, and costly the mortgage manufacturing process has been. As software developers we’re excited to attack these challenges; the opportunities to deliver transformational change abound.

The question is: how does a mortgage executive and their management team know which software products to purchase? Some products look great in a demo but how does a buyer know it’s going to work for them in the real world?

For example, would you consider buying underwriting software that is rock solid and even insured, but it only solves 10% of your underwriting inefficiency problem? How about a solution that assists with the challenges of managing paper or digital borrower documents (income/assets) but opens the door for a host of data integrity problems?

This is why it’s so important to incorporate a discussion about long term vision with your potential software partners. Is the vendor only focused on solving for specific areas of the manufacturing process? If they’re narrowly focused, how does their approach consider the other aspects of manufacturing? Does their approach to underwriting automation consider the eventual post-closing and investor delivery process?

Lender Toolkit’s Vision

At Lender Toolkit we believe the digital mortgage revolution is our opportunity to fundamentally transform the entire manufacturing process. By optimizing your core manufacturing system (LOS) through our Toolshed, we enable our suite of plug-ins, PowerTools, and our automation solutions like Disclosure Automation, AI Underwriter, and Investor Delivery to create a comprehensive and efficient supply chain for the manufacturing process. One of our core principles is to ensure lenders are maximizing the value of their human capital through technology. Combining talented mortgage professionals with transformative and cohesive software is the transformation our industry needs and craves.

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