Loan Software Support: How to Distinguish Extraordinary from Run-of-the-Mill

Posted by Chris Carlson | Tue, Jun 11,2019 @ 07:52 AM

Everyone has a story about horrible service at a restaurant. Some are funnier or more extreme than others, but people who tell those stories often come to the same conclusion – they wouldn’t be caught dead setting foot in there again. What’s odd in a way is that no matter how good or critically acclaimed the food may be, terrible service ruins the entire experience. 

In a similar light, loan software support from a provider can be just as crucial to your lending programs’ success as functionality and other bells and whistles. Platforms constantly evolve, especially in today’s lending market. So institutions need providers to stand behind solutions and commit to a true partnership.

Things such as the frequency of updates or newer versions, the total number of versions supported and the lead time for new installations can make a world of difference if expectations are not being met by the loan origination system provider. So that’s why is so important to keep these things in mind when evaluating the support offered by various vendors.

Update/Version Frequency

New release frequency will give you an indication of the provider’s commitment to investing in the solution. Ask to see a copy of the loan origination system's product release schedule. Look for details such as release dates for major, minor and point releases. A provider invested in maintaining the solution will deploy a major release at least every three or four months and minor releases throughout the year to resolve smaller items.

Number of Versions Supported

If you’ll be responsible for applying and testing software upgrades for the system, you’ll need to know how many versions or releases of the system the provider supports. In other words, if the provider just announced a release, does that mean it will no longer support previous versions? If your organization is not an early adopter of new releases, this information will be helpful in your planning process.

Lead Time for New Version Installation

Again, if you’ll be responsible for applying or testing upgrades to the platform, you’ll want plenty of lead time to plan for this effort and allocate resources. Ask the provider how far in advance it notifies its customers of new releases. If the loan software provider establishes regular sessions with its customers to obtain feedback on desired features and functions, chances are it will communicate the target release date as soon the project plan is completed.

Moving Forward

In today’s rapidly evolving lending and financial market, software support is as important as ever to help financial institutions address challenges and meet their goals. Topics such as compliance or even integrating the latest innovative functionality from a third-party partner go hand in hand with the strength of your vendor partner’s support team.

ONBOld National Bank recognized this need when it was looking for the right platform and partner to help it streamline its direct and indirect lending operations. Not only did automated decisioning of MeridianLink’s LoansPQ loan software enable this bank to handle volumes of at least 10,000 applications per month, but the support and insight provided by the team at MeridianLink really helped enhance the partnership’s true potential.

"The whole organization seems to care and take pride in the product and that the support and communication is second to none," said Rod Earley, AVP, Scored Credit Analytics Manager, Old National Bank.

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Topics: Loan Software, indirect lending, loan origination system, direct lending, software support

Written by Chris Carlson