Corporate Profile – A Q&A with LSSI -- August 2007 (Also appearing in the MBA Tech NewsLink)
Evolving and innovative product solutions are the facilitators for organizational and industry change. From loan origination systems, regulatory and compliance solutions, to electronic mortgage closings, the options available to lending and servicing enterprises have never been greater. Fueled by strong development frameworks allowing for improved automated decision making tailored to match your operational processes, software and service vendors have been busy bringing to market new offerings.
I sat down with Cary Burch, the CEO of Lenders Support System, Inc. (www.lendersupport.com), who has been in mortgage market for nearly 25 years to discuss the industry challenges, and the actions they are taking to prepare for the dynamic market conditions taking place.
Dangelo: “What are the three key challenges facing the mortgage industry during the next 18 months and how can your organization mitigate these risks, while creating a collaborative operating arrangement with customers that is sustainable and able to change with business demands?”
Burch: “The three key challenges facing the mortgage industry involve customer acquisition, customer retention, and saving costs by making the most of what one currently has. Tips to survival include identifying the right vendor to invest in, saving money by capitalizing on existing strengths, and grabbing a larger piece of the smaller pie of customers. Technology aside, it is about making the most money with the fewest resources and capital commitments.”
Dangelo: “Why should customers or prospects place your firm at the top of their ‘short-lists’ when evaluating mortgage solutions?”
Burch: “LSSI has been in operation for 25 years employing a strong team of mortgage veterans who know the industry. Their first-hand knowledge of the industry equips them to better serve their clients. The company plans to announce several new product offerings, enhancements and strategic alliances that will position the company for continued growth.”
Dangelo: “What are the top two lessons learned that your organization has experienced since the start of 2007 and how can mortgage decision makers take advantage of this experiential learning?”
Burch: “In order to most effectively assist customers and ensure their seamless adoption of LSSI’s technology solutions, LSSI has embarked upon a Customer Touch Program in which the company reaches out physically by visiting its customers at their on-site facilities. There have been few cases in which LSSI has learned through spending the day with its customers at their corporate location that they were not using LSSI’s technology as efficiently as they could. Through a hands-on approach, LSSI was able to show them how to save money in a down market by making better use of its platform. Customer retention can only be achieved through singular attention to the customer’s specific needs.”
Dangelo: “With sophisticated technological offerings becoming more commonplace in the mortgage industry, what are the hidden barriers that organizations should prepare for and how can your company help them achieve a faster-time-to-market?”
Burch: “Oftentimes, vendors place too much of a premium on the hard sell of their products. The lender does not want to hear about how ‘great’ their new products are and why they should spend more capital buying them. Instead, lenders want to know how vendors can help them become more efficient and how their products can better affect their bottom lines. The focus must be on making the most of what you currently have in a practical way. There has been a subtle shift in recent years from selling products to selling efficiency.”
Dangelo: “What advice can you offer firms struggling with ‘where to begin’ when considering adopting a BPO and software factory partner?”
Burch: “It is one baby step at a time. The key is to start off small before working your way up – think big, start small. In order to do so, firms must define the initial sequence of activities within the larger process, establish specific measurable metrics of return on smaller test cases, and have the full backing of senior management. Senior management must be the champion sponsor in order for any new initiative to work. Again, emphasis must be placed on a more tangible, hands-on approach by the vendor rather than a generic framework.”
LSSI Global Services -- “At a Glance”
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Lender Support Systems, Inc (LSSI) is a privately held company |
Key Mortgage Competencies, Products, and Services: |
WebDocsTM is a Web-based solution offering fast, compliant loan closing documents – available 24-hours a day, 7-days a week ,and 365-days a year. |
List of Representative Clients: |
LSSI has provided compliances services, closing document preparation software and custom solutions to more than 1,600 customers worldwide. Active representative customers include Mortgage IT, First Magnus, First Guaranty, and Alethes, LLC. |
Corporate Description: |
Founded in 1982, Lender Support Systems, Inc. (LSSI) provides a superior suite of eMortgage enabled technology solutions to mortgage lenders and service providers as a platform for building more streamlined, cost effective and profitable loan origination services. |
Key Locations and Centers of Operation: |
LSSI is based in Poway, California, and in December 2006, it opened a software development center in Gurgaon, Haryana, India (a suburb of New Delhi). |
Planned Exhibition Events: |
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Key Contact Information: |
Cary Burch, President and CEO of LSSI; cburch@lendersupport.com |
Key Corporate Executives: |
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Competitive Differentiators: |
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Key Corporate Internet Links: |
Corporate website: www.lendersupport.com |
Notable Strategic Alliances: |
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