You can’t roll out the next iteration of the system and call it next-generation; you have to deliver a truly new software platform.
As we move more deeply into 2022, lenders are going to be hearing many technology developers talk about their “next-generation” technologies. But what does that really mean?
We wrote about this topic recently in HousingWire. In that article, we provided a number of examples of functionality only found in next-generation systems. Like all modern LOS technology, they will offer flexibility and cybersecurity, but those are just table stakes.
You can’t just roll out the next iteration of the system and call it next-generation; you have to deliver a truly new software platform. We know a bit about this because we’ve just completed work on our new MCP LOS. Seeing a demo of that software is the quickest way to understand what next-generation really means.
In a nutshell, these new platforms are capable of helping lenders reach their origination goals, whatever those goals may be.
There was a time when the only goal of the LOS was to take a collection of consumer and property data, spread it out onto a number of executable documents and bundle it all into a closed loan that could be sold into the secondary market.
Today, it’s not just about creating the mortgage asset. It’s about doing it faster and cheaper. With timelines expanding and cost-to-close still too high, the LOS must help the lender effectively manage time and money or it’s not doing its job and it’s time to seek out a new solution. Find out more by checking out our article on HousingWire or contacting us for a demo of MCP today.
By Joe Camerieri, EVP, Client Account Management at Mortgage Cadence
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