The Critical Importance of Execution: Identifying the Right Partners

In our previous blog, we discussed executing in the modern mortgage business. It is important to identify the right doc prep solutions provider who is capable of getting the software implemented exactly right, by deadline.


Identifying the right -- and wrong -- partners

Unfortunately, too many lenders don’t find out they’re working with the wrong partner until it’s too late. To avoid the cost and frustration that comes with choosing a partner who can’t deliver, consider the following:


Did my prospective partner ask enough questions? If you never heard a question, and all the vendor said was, “yes” to everything you said, you’ve just seen a red flag. The right vendor will ask a great many questions as they work to fully understand your exact needs.


Do they have a great knowledge base? How much do they know about what they’re doing? Do they have people on staff who have done this work for a long time? You need to work with people who have the capabilities to realize what is possible, not just what is being done by your competitors today.


How is their customer service lead during the project? Everyone claims they have great customer service, but it’s during a tough implementation on a tight deadline that you’ll really see what the prospective partner is willing to deliver. If you’re not that far along in your own project yet, ask for a reference who can tell you what the process is like. This means you should expect to see documentation, custom docs and custom code as well as plenty of onsite visits.


How is their communication during the project? A good vendor will ask a lot of questions and offer a lot of information during the sales process, but if that ends during the implementation phase, you may have a problem. Good communication when things are happening quickly is not easy, but a great solutions partner does exactly that.


Do they have a written plan? Too many vendors approach the implementation process without a step-by-step plan they can hand their customers. Is it any wonder that so many don’t go smoothly? Expect your new partner to tell you exactly what they are going to deliver and when. And then expect weekly status updates as the process continues.


Do they make changes without documentation? Things change during the implementation phase, but it’s important to make note of these changes and get signoff from the client as they occur. We formalize every change and make sure our new partners understand what the change will mean in terms of costs and potential delays.


The end results of a great partner

When the lender chooses the right partner, it won’t matter how complex the implementation process is or what special requirements the lender has for the technology.


The days of buying a box of software off the shelf and just living with what it offers are long gone and that’s a good thing. But with increasing complexity comes an ever greater need to choose your partner wisely and focus on those who can execute.


Schedule a Demo to learn how Docutech can improve your mortgage document compliance