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Loan Origination System Implementation Best Practices

Posted by Yelena Kolesnik | Thu, Dec 05,2019 @ 10:55 AM

Finding the right loan origination system for your bank or credit union is vital to a successful lending strategy. The implementation of that system is just as important; the setup of your system sets the course for your team and the success or failure of your financial institution’s lending goals.

 

Successful implementation has three major stages – planning, organization, and execution. To help navigate whether your loan software provider can deliver a successful implantation, the financial institution should focus on these critical factors.  

 

 

Roles of the Implementation Team

Loan origination systems are complex in their make-up, but when set up correctly, they are easy to use and create a streamlined and consistent process for bank and credit union staff. Before you begin the implementation process with your loan origination system provider, it is vital to outline the roles and responsibilities of everyone involved. What are you responsible for providing? Do you tell your service provider your steps within the application process, or do they have a templates process? These roles and responsibilities are vital to a successful implementation and are critical to a successful lending strategy.

 

Implementation Plan Development

Before the start of the process, request an official copy of the implementation plan. Having a copy on hand allows you to keep track of key deliverables and ensure that both parties are on track. Additionally, this allows you to plan to ensure your financial institution has all of the needed staff and items for each phase of implementation, ensuring that everything moves along smoothly.

 

Scope of the Requirements Gathering Process

This is the process whereby anything that may have been forgotten or hidden should now be brought to light so it can be planned for with efficient design, configuration, and customization. This process is critical to getting everything else about the implementation process correct. The loan software provider should interview different members of your team to be sure all areas are covered.

 

Transition Logistics

A roll-out plan should follow the implementation plan. There are many items to account for when finalizing the plans for a complete launch of the system in a production environment. Be sure to ask the provider to supply recommendations on an approach that involves the least amount of risk while maximizing the benefits expected in the new system.

 

A loan origination system implementation is not an easy task to take on, and it has many moving parts. These are just some of the essential items to note when preparing an implementation and vital points to discuss with your service provider. MeridianLink is the industry leader in loan origination software, and with that comes over 20 years of implementation expertise. To learn more about our enhanced implementation for our loan origination system, download our datasheet below or let's talk to schedule a consultation.

 

Download Data Sheet

 

 

 

Topics: Loan Origination Software, Loan Software, loan origination system, implementation