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What to look for in your LOS Integration Partners

Loan origination software is only as good as the data it can connect you to.

Speed, security, and flexibility of your LOS is essential. But these key attributes are secondary to its ability to integrate into the systems you already use on a daily basis. Learning a new LOS program doesn’t have to be a hassle, even in in a specialized industry. A LOS system should be up and running quickly and ready to support your workflow instead of giving you a brand new one. The key to a smooth and seamless LOS experience has a lot to do with the company’s LOS integration partners. An LOS provider should make it a priority to work with with major loan and database organizations to provide a flexible, dynamic experience for the user.

When deciding on an LOS provider to work with, it’s important to see who they partner with to ensure the information they provide is accurate and useful. As you consider who to partner with for your LOS, glance at what credit bureaus or data providers their system is compatible with. While you’re looking, ask yourself if the list of partners shows three key things: Variety, Specialization, and Security.

Variety of LOS Integration Partners

An LOS must be able to integrate with a wide variety of partners to offer customers choice.

A solid list of integration partners should be a long list with a fair amount of variety. If you’re an auto dealership who prefers to use NADA to BlackBook, can your LOS integrate with both databases? A robust LOS provider knows that not all businesses use the same data points to determine loan application decisions. Seeing a short and simple list of partners may mean the LOS can’t keep up with industry growth.

This becomes especially important if you decide to switch LOS integration partners in the future. If your LOS platform can’t make that transition with you, you could lose time, money, and sales as you desperately try to research a stopgap solution.

An LOS provider’s list of compatible partners should grow from year to year. A capable LOS company should know all possible partners certain industries may need and continually research new options to give their customers variety and flexibility in their loan application process.

Specialization

One size doesn’t fit all in loan origination software.

Each industry has its own collection of regulatory concerns, application types, and data needed to come to a loan decision. An LOS company should understand the intricacies of each industry it provides services for. Look for a list of LOS integration partners that separates its offerings by industry. Having specific products to meet different industry needs shows a commitment to providing customized solutions. This customization should also apply to their integration partners. A buyer should be able to choose what database, credit bureau, employee verification tool, broker, or vehicle history provider you’d like to use.

Security

It takes a solid understanding of data encryption to ensure all information being transmitted between databases remains secure.

Check your contract with your current LOS to see if they’re committed to providing security when it comes to data. Your LOS should be compliant with the PCI Data Security Standard as well as other risk and audit frameworks. Data breaches are a very real concern, which means your LOS platform needs to be proactive in prevented breaches rather than reactive in responding to them. They should manage updates to software frequently to prevent even small irregularities in the transfer process.

FNI has growing list of integration partners in a variety of different industries to provide lenders with the flexibility they need. As an LOS provider, we do our research to integrate with the programs, bureaus, databases, and tools you use in making loan decisions.

If you’re looking for a true loan origination software partner, FNI specializes in building efficient and secure software with a commitment to ongoing support. Request a demo for a look at how we’ve been building and adapting within loan origination for over 30 years.