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2022! New Year, new budgets, right?
Both typically mean new tech investments are on the horizon to increase the efficiency and reduce the cost of mortgage operations across an organization. Before you can see any of these investments pay off, technology implementation must be prioritized. How can you be sure these projects go off without a hitch? LoanLogics has a sound approach.
One of our last blog posts of 2021 shared a playful take on how to ensure undertaking a new project is a success. Now that we’re back on the proverbial treadmill in the New Year, I thought it a good time to go beyond that and share some more in-depth content on the topic.
As director of project delivery, my team and I know that implementation is a client’s first direct experience with a new system or service. First impressions are critical. That’s why we try to be meticulous in our approach. In a previous blog, I discussed some practical, but pertinent considerations for planning a technology launch. The post outlined strategies like assembling the right team, as well establishing the project scope and timeline. I invite you to check it out.
Taking that one step further, formally getting ready for “Go Live” with your technology solutions vendor is another important set of tasks. During the sales cycle, we are often asked about LoanLogics’ specific processes and “what happens next” once the client has signed on with us. We are always eager to share because we want to help clients prepare to be successful. Below I’ll focus on the general steps to a successful LoanHD® launch.
- Gather Information – This introductory phase of any good tech Implementation process ensures both teams are on the same page right out of the gate. Detailed questionnaires help document key information like project roles/responsibilities, assumptions, and business requirements for the system roll out.
- Kick-off Call – As I mentioned previously, first impressions are everything. That’s why a kick-off call is a great way for client and vendor project teams to meet one another, review the goals, timelines and forthcoming steps before the formal work begins.
- Account Setup – Shortly after the kickoff, LoanLogics administrators will create accounts for the clients’ users and provision the ability for clients to securely transfer files needed to support configurations. Clients will be asked to provide sample data from their source systems during this step and may need the assistance of LOS administrators and/or their IT teams.
- Application Configuration– Here all the previously agreed upon features, functionality, and integrations that the client will be using are turned on. LoanLogics will complete data mappings based on sample data provided in step 3.
- Deliver Test Files – Once the system or services has been configured, it’s now time to deliver files to validate successful transmission in expected formats
- Deliver Initial Files – After a successful test, clients should submit their initial set of loan files. For clients performing their own audits, these initial loans will be used for user training. If the client is outsourcing audits to LoanLogics, these should be the first batch of loans for auditing.
- User Training– Clients are given hands on system training and have access to user guides and release notes to get users up to speed quickly. If LoanLogics performed the initial audits, the training will focus on how to review the results of the audit and submit any applicable rebuttals.
- Go Live – Finally it’s time to go into production. Shortly thereafter, clients are transitioned from the implementation team to a client services team member for ongoing support.
An implementation plan like the one above not only gives new clients comfort that there’s a formal process in place for getting up and running quickly but also defined goal posts for each step along the way.
