Technology has been improving the mortgage loan origination process for decades. From the original DOS-based software point solutions to today’s advanced, cloud-based SaaS platforms, our business barely resembles the home finance industry of the past.
Technologists have taken great strides turning what was once a paper-based workflow into a streamlined, often fully automated process.
Today’s platforms promise greater automation, faster loan processing, and improved borrower experiences. Artificial intelligence and digital workflows dominate industry headlines. Vendors compete aggressively on features and functionality.
It’s no wonder so many lenders are talking about new technologies.
What surprises us is that when lenders talk about why they want to change technology providers, the answer is often surprisingly simple, and it’s usually not because they are seeking additional functionality.
They leave because they don’t get the customer service they expect.
Technology Alone Is Never Enough
If nothing ever changed, providing the right technology to power a lender’s business would be easy. That’s not the world we’re lending in. Something is changing for the lender’s business almost every day.
Loan origination systems (LOS) are complex platforms that sit at the center of the mortgage operation. When anything changes, the LOS has to be flexible enough to keep pace with these changes and keep the lender’s business running smoothly.
Modern loan origination systems, like our MCP, are highly adaptable. Much of the power built into the LOS has been put in the hands of the lender. But some changes, whether it be a new loan product, a new investor, or a new compliance requirement, may lead the lender to seek help from their mortgage technology partner.
When something isn’t working correctly, or when a lender needs guidance on a process, timely support becomes critical. And this is where so many vendors are still falling down.
Many lenders report that support from their technology vendor has become increasingly impersonal. Instead of speaking with a knowledgeable representative, they are asked to submit a ticket or search through a knowledge base to find their own answers.
That approach might work for simple consumer software. It does not work well for a highly regulated industry where operational decisions affect compliance, borrower experience, and loan delivery timelines.
Lenders need partners, not help desks.
Relationships Still Drive Long-Term Success
The relationships we enjoy with the lenders we serve are every bit as important as the next-generation software we develop.
Dedicated support teams, responsive communication, and a willingness to understand each lender’s unique business goals all make a significant difference.
When lenders know they can reach someone who understands both the platform and their current challenges, they have more confidence in the technology they rely on every day.
This is especially important for credit unions and community lenders whose reputations depend on the service they provide their members.
As mortgage technology continues to evolve, the vendors that succeed will be those that combine strong platforms with strong customer relationships. Because in the end, lenders are not just buying software. They are choosing partners who will support their business growth.
If you’re ready to meet a team that is dedicated to supporting you in the pursuit of your lending goals, reach out to Mortgage Cadence today.
By Cindy Borden, Head of MCP Essentials Sales at Mortgage Cadence
About the author
Cindy Borden is an experienced client relationship executive who serves as Head of MCP Essentials sales for Mortgage Cadence. She can be reached at cynthia.d.borden@mortgagecadence.com.
Want more?
Follow us on LinkedIn to be notified when our next article is released.
Media Contacts
Mortgage Cadence:
Alison Flaig
Head of Marketing
(919) 906-9738
