As a mortgage professional, you know that creating a compelling digital experience is essential for success. In other words, it’s no longer a question of whether a digital mortgage solution is necessary, but rather what’s the best way to implement one.
Is it better to build a mortgage POS in-house or to purchase an out-of-the-box solution?
Implementing a pre-made mortgage POS is overwhelmingly a better solution. Read on to find out why.
1. Scope and Focus
A technology expert and a lending expert are two entirely different professions. As a mortgage professional you know the complexities of the lending process inside out. Your focus on your business, your clients, and the various professional relationships needed to succeed in the highly competitive lending market.
Do you have the time, knowledge, and money to invest in building new mortgage tech?
Is it worth it?
Consider also that tech talent is in high demand and is very expensive.
Simply put, your expertise is in lending, and you should leave the development to the tech experts. Partnering with a reputable technology firm that already has a mortgage POS built is far more efficient and cost-effective. They’re also more capable of maintaining it for you.
Which brings us to our next reason for buying a pre-made mortgage POS.
2. Unexpected Costs
Maybe you believe that building your own app is cost-effective thinking that you’ll only pay one flat development fee. However, apps must be continuously updated for security and function. Making your own POS system means that either you become a development expert or you hire a coder to maintain your digital mortgage software.
Hiring qualified developers and a project manager to oversee the work is expensive and time-consuming.
However, buying an already built digital mortgage suite eliminates all of these problems and is more cost-effective than undertaking the mission of implementing a digital strategy on your own.
3. Ambiguous Future
The tech world is one of constant change. If your team structure, LOS, or business needs change, are you ready to shoulder the costs of redevelopment?
Buying a digital lending solution allows you to have the adaptability of a tech firm to keep up with industry changes and your business needs.
Loanzify is a customizable lending solution that grows with your specific business requirements. If your needs change, applications such as Loanzify can quickly adapt.
4. Constant Innovation
Digital lending has made leaps and bounds from where it first started. Today, digital mortgage apps include more features and easier-to-use interfaces.
POS systems and data aggregation are also more streamlined than ever before, and improvements continue to develop every year.
This means that keeping up with the competition requires constant improvements to the UI/UX of your lending app to make sure that your products do not fall into obsolescence.
Buying a digital mortgage solution is a far better way to maintain a modern toolset for your lending team.
5. Time to Market – Speed Wins
Building software takes a vast amount of time and testing –and the lending process is already complicated enough! Add the fact that your digital solution must be secure, compliant, plus flexible and you’ll begin to get an idea of how tedious it can be to develop your own digital mortgage software.
So while you’re waiting for your app to hit the market, your competitors will be leveraging pre-built mortgage software to expand their business and existing client base –while yours is at a standstill.
You don’t have time to waste on building a lending solution, especially when reliable solutions are already available.
Getting a digital mortgage partner is key in winning over the competition.
When it comes to building your digital mortgage app versus buying, there are clear benefits that point towards buying as the better option. Speed, efficiency, and potential profit increases will come to those who embrace a digital lending solution.
Plus, with a white-label mortgage POS solution like Loanzify, you can promote your company straight away and with full confidence.
Utilize technology to grow your business, empower your loan officers, and stay at the top of the mortgage industry with a pre-build digital mortgage software. You’ll be glad you did.
This article is for educational purposes only. Be sure to consult a mortgage or technology expert for more information on lending technologies.