What Sets Good Loan Document Providers Apart: Clues to Success

With so many required changes to the data and documents we deliver to our borrowers, partners and the government; many loan originators are considering necessary upgrades to their technologies. But how can you tell the most successful vendors apart from those who cannot deliver? You must seek out the clues to success.


Clue 1: Good loan doc providers perform exhaustive initial discovery

When upgrading technology, a vendor who understands the team and the senior executives’ expectations and resources is pivotal to success. Knowing all of the requirements and, more importantly, the expectations of senior management before the first step is taken is a best practice followed by the best vendors. Initial due diligence is key to any successful mortgage document technology implementation.


Clue 2: Good loan doc providers lay out a detailed implementation timeline

Once the expectations have been set, a detailed timeline can be created. Beginning the implementation before the entire plan is finished and approved by management is an invitation for scope creep and a sure sign that the vendor isn’t going to be successful.


Clue 3: Good loan doc providers respect the budget

Scope creep is the leading cause of budget overruns for technology implementation projects. In our business, we see that quite often when compliance concerns prompt executives to ask for additional functionality after the initial timeline has been approved. Good vendors have an advantage here as their initial due diligence would have already uncovered these concerns and they would already be built into the timeline. Successful loan doc providers stick to the plan; complete the implementation; and then create a new plan to implement any additional functionality required by the client. Any other approach risks being a bad implementation experience.


Clue 4: Good loan doc providers employ a system for constant communication

The surest sign that you’re dealing with a successful vendor is clear communications flowing between the parties on a regular basis. From defining the initial project plans through to the cutover, good information sharing is a hallmark of the industry’s top loan document providers. There will always be unanticipated situations that must be clearly understood by all parties so that quick solutions can be identified to keep the project on track.


Installing a new mortgage document technology can seem overwhelming and will quickly become so if the wrong vendor is chosen for the implementation. Looking for and finding these clues will lead any technology buyer to a vendor who understands the meaning of success and knows how to achieve it.