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How to Tell if Your Loan Software Can Provide Sufficient External Data Access

There are few things worse than making a long-term investment in a piece of technology and finding out a few months down the road that it’s obsolete or can't deliver. As a young kid, my older brother and I petitioned our parents for a video game system. For anyone familiar with Atari systems, which happened to be where all of the hoopla and hullabaloo was back in the mid-1980s, they will remember that there were several versions of systems instead of one system that took center stage and could play all of the games. Lo and behold, we got a system that was soon afterward discontinued and only had a limited number of games – none of which were the most popular at the time. In retrospect, maybe that system was on the clearance rack and our parents had no idea why. The point is that they gave in a few years later and bought us a new system. So what does this have to do with loan software? The answer is everything, especially when you’re referring to investing in a platform that can’t accommodate a lender’s need for robust external data access.
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