Friday, October 7, 2011

The Return of the Nightmare Implementation

Not so many years ago, the mortgage lending industry was awash with tales of botched integrations and endless (and ultimately fruitless) implementation. It seemed like everyone had their horror stories. When open architectures, Web services and industry-wide data standards started to make it easier for companies to integrate their offerings, we started to see few lending executives running away from new technology solutions.

In the refi boom years, we started to see a number of firms develop good implementation track records, attract strong client bases and serve them fairly well. Those firms that could not earn that reputation lost business or left the business, or both.

But memories in our industry tend to be short and lately we’ve seen a number of institutions fall prey to technology vendors that over promise and then have trouble delivering. Implementations are getting long again and we’re starting to hear more horror stories.

It’s not that mortgage lenders and servicers don’t know how to do due diligence. I think the problem is that institutions are under such pressure to implement solutions that they are falling prey to promises when they should be looking for proven software offered by a company with a solid record of successful implementations. That’s the key to success in our industry--and it always has been.

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Tuesday, October 4, 2011

Fall Conference Season

I hope to see many of you at one of the mortgage industry’s business conferences this fall. After a summer that seemed too short, we’re already back into our suits and heading to shows and expos around the country. In just a couple of week’s our team will be in Chicago for the Mortgage Bankers Association’s 98th Annual Convention and Expo.

Mortgage Cadence will have a booth on the exhibit hall floor, as usual, but this year our new Finale Document Services will also have its own presence there. Spinning Finale off onto its own was a good decision, allowing our marketing team to more easily share the information lenders and servicers are requesting.

I expect this show to be one of the better attended events we’ve seen over the past few years. Many believe, as I do, that the industry is ready to exit the downturn. I expect to be part of many conversations aimed at helping the government step away from out business so that we can do exactly that.

I also expect to see a fair number of new names at this show. Many of the faces are likely to be the same, but mergers and acquisitions are likely to change much of the branding we’ve seen in the past. There will also likely be some new entrants into the business run by entrepreneurs who know that if they can make it during the tough times, they’ll be in great position to profit in the years ahead...if they can last that long.

If you’re planning on being at the show, drop us a line or drop by our booth.