Monday, September 5, 2016

The Issues With Your Doc Prep Provider

Just as gasoline doesn’t work well in diesel engines, not all technology works well with your business.  The old version of technology, that has lived in the industry for the past 20 years, cannot thrive in today’s digital world. It’s time for a change. The two areas that should be of concern to Lenders are LOS Systems and Document Preparation technologies. It’s likely that the use of LOS’ will survive a bit longer, however, Document Prep companies are having serious issues with the ever-changing need for data in this fast-paced world.

Looking back, you can understand that what was once innovative 25 years ago, was only innovative compared to the other technology of the time. The problem is that many of these same companies are now twisting and manipulating the unchanged technology in an attempt to fit the new needs of the industry, leading to trouble providing good service and quick turnarounds. The risk associated with document preparation technology outweighs any other, simply because it’s no longer just about documents!

Every company says, “Trust us, we’ll have what you need,” and to some extent, they might. However, as we dive further into this new digital world, these companies will always be one step behind innovating leaders, keeping you waiting for them to catch up. You need a provider who has the technology you need, when you need it, and even before you know you need it. As you start to realize the limits of your current capabilities, we recommend you look to the future for your technology needs. Some providers, like SigniaDocs, were specifically built on new approaches, different ideas, and the discoverable weaknesses of other document preparation companies.

Now that you realize that your current technology won’t make the cut, when selecting an advanced provider, we urge you to make a decision based on data. Find a company that manages data with the ability to produce any media, whether it be MISMO 3.3, 2.4, 10.10, custom data files, Smartdocs, BlockChain, eNote, or paper. This gives you the flexibility to utilize the newest technologies that will work ideally in a digital mortgage world.

After all, history has shown that those who don’t change, don’t survive. Don’t get yourself caught up in antiquated technology that was built for the mortgage industry 25 years ago; choose a company built for today and the future.

No comments:

Post a Comment