Get your new loan origination system over the finish line
Four key considerations for a best practice LOS implementation
It happens at almost every credit union sooner or later—the board and management team realize that if the organization is to continue to grow, it must purchase a new loan origination system.
Picking the system is a time-intensive process, but even after the decision is made, the work is far from over. A successful implementation begins with the project team identifying needs and creating a detailed plan. The project manager must centralize information from the credit union’s 360-degree perspective. This means not just getting the lending team involved in the planning, but also people from marketing, IT, compliance, the call center, and the branch/operations departments. All key stakeholders need to be involved and aligned to get the implementation of a new LOS over the finish line.
We’ve outlined the essential checkpoints that credit unions should execute during the implementation process of their LOS.
1. Objectives, Transparency, and Alignment for your LOS
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