Thursday, January 26, 2012

Food for Thought: What Does Your Technology Vendor Have to Offer?

When reading through my emails and mortgage publication newsletters this morning, like I do every morning, one article caught my eye and really got me thinking. In today’s MortgageOrb email newsletter the Required Reading was about selecting your tech vendors and the process and suggestions to pick the exact one right for a company. As a tech vendor this seemed like a great read. There are several things that caught my attention.

Smart Technology solutions are no longer confined to a single department within a mortgage banking operation. Once the technology requirements are defined, the next challenge is to acquire the best possible solution.

In technology, as in fashion, one size never fits all. Everyone has unique needs, though there is a common ground in the need to meet regulatory compliance requirements. In this new era of intensive regulatory oversight, most lenders are looking for a business partner, not just a technology vendor. But this is not a task that can be achieved overnight.

At IDS we know that ‘one size’ doesn’t fit all and as an industry leader in document technology and preparation we cater to the exact needs of our lenders and the services they need to provide. We take pride in providing top of the line customer service and 20+ years of experience in the mortgage industry. We do not take our business relationships lightly and we consider each vendor a partner and step closer to achieving the best.

Another important factor to consider is the vendor’s willingness to form a partnership beyond the implementation. A true partnership is crucial to the continued business success of both parties. Good technology partners involve customer in product development, maintain user groups and promote open communications with their customers.

“At IDS we believe that it is easier to keep a new client than to go out and find another new client. We regularly make visits to our existing clients, and we have staff focused specifically on client appreciation and knowing that their experience with IDS is a good one,” said Mark Mackey, Executive Vice President of IDS.

“The employees we have and hire are here for the long haul, which allows our clients to build relationships with our team members who are going to be around for a long time.”

At this point in the process, it is vital to take the time to determine if you are talking to a software vendor or a business partner. The easiest way to do this is to speak with existing customers, ask how they decide on and develop product enhancements, and determine how willing the vendor is to adapt to your needs.

The IDS difference compared to other doc prep vendors and software vendors is that our document solution, idsDoc, is comprehensive and versatile. As IDS development has always been based on the requests of our users, idsDoc is jam-packed with customizable features and value added tools. The overall abilities and functions of idsDoc far exceed other doc prep solutions, making it more desirable for the mortgage company who has its own specific needs.

“IDS is definitely more than just a technology/software vendor, they are more like a business partner. Working with the IDS staff to customize the way we do business with their idsDoc solution is very easy to implement,” said Ruby Bongala, operations manager at Security First Mortgage Funding, LLC.

“It is always a pleasure working with IDS. They are professional, extremely knowledgeable and they are always very responsive to your needs. Working with IDS as more than a technology vendor, but as a business partner has allowed us to streamline our document preparation processes and customize everything so that we can accomplish what we need,” added Bongala.

Technology should not be sacrificed to a one size fits all, but it should be a true partnership that helps both parties to be successful.

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