{"id":2456,"date":"2024-06-25T08:55:56","date_gmt":"2024-06-25T12:55:56","guid":{"rendered":"https:\/\/mortgageflex.com\/?p=2456"},"modified":"2024-06-25T08:57:10","modified_gmt":"2024-06-25T12:57:10","slug":"lender-performance-gains-hide-in-contract-terms","status":"publish","type":"post","link":"https:\/\/mortgageflex.com\/lender-performance-gains-hide-in-contract-terms\/","title":{"rendered":"Lender Performance Gains Hide in Contract Terms"},"content":{"rendered":"<p><strong>\u00a0<\/strong><\/p>\n<p><em>It takes good software, but if the contract is bad, lenders still lose<\/em><\/p>\n<p><strong>Jacksonville, FL \u2014 June 25, 2024 \u2014 <\/strong>When the business returns, lenders and servicers will begin to look at better technology, but bad contract terms could erode any gains they hope to achieve. That\u2019s the result of an internal study conducted at <a href=\"https:\/\/mortgageflex.com\/\">MortgageFlex<\/a>, one of the industry\u2019s original mortgage technology developers and creator of the MortgageFlexONE LOS and its companion cloud-native mortgage servicing system.<\/p>\n<p>\u201cLenders know what tools they need, but many are not doing enough due diligence when it comes to the contract terms developers are offering,\u201d said Craig Bechtle, COO of MortgageFlex Systems. \u201cOur conversations with new clients, on both our origination and servicing side, have revealed that many lenders are paying more because technology developers hide extra fees.\u201d<\/p>\n<p>The devil is in the details, according to Bechtle, who says he\u2019s hearing about a host of charges lenders and servicers must pay before their new platform ever goes into production. And that could take a long time, up to a year for some loan origination platforms, which Bechtle says MortgageFlex can have in production in as few as 75 days.<\/p>\n<p>\u201cWe\u2019ve had a glance into the RFI process of a few of our new clients and the fees they are seeing from some developers are not conducive to their long-term success,\u201d said John McCrea, Vice President of Sales for MortgageFlex.<\/p>\n<p>Lenders should carefully review any new contract and be on the lookout for fees they don\u2019t expect or that haven\u2019t been discussed earlier in the sales process. According to McCrea, those fees could include:<\/p>\n<ul>\n<li>Onboarding Charges<\/li>\n<li>Special or Per Transaction Costs<\/li>\n<li>User license fees<\/li>\n<li>Monthly cost per loan (all in)<\/li>\n<li>Cost per loan<\/li>\n<li>Inactive loan charges<\/li>\n<li>Annual cost increases<\/li>\n<li>Contract term<\/li>\n<li>Unexpected Renewal terms or long required changes<\/li>\n<li>Termination notices \/ fees<\/li>\n<li>Connection fees<\/li>\n<li>Cancelation fees<\/li>\n<li>Long Conversion timelines<\/li>\n<li>Loan boarding fees<\/li>\n<li>Excessive fees for accessing existing loan data<\/li>\n<\/ul>\n<p>In addition, McCrea says lenders should watch out for minimums, which end up costing lenders more when times are the toughest, and customer portal charges, which cost the servicer more when borrowers have questions.<\/p>\n<p>\u201cYou need a partner who cares about your long-term success,\u201d McCrea says. \u201cYou can tell if you\u2019ve found one by seeing what they charge you for.\u201d<\/p>\n<p><strong>About MortgageFlex<\/strong><\/p>\n<p>MortgageFlex Systems develops smart software solutions for the mortgage industry, offering the most cost-effective mortgage loan origination system and servicing software for retail, wholesale, and correspondent channels. The company offers the industry\u2019s only tightly integrated origination and servicing software, along with 24\/7 support, hosting, managed services, and implementation.<\/p>\n<p>MortgageFlex Systems looks to cultivate a strong partnership and is dedicated to helping reach your optimal potential with our LOS, MortgageFlexONE- &#8220;The New Peak of Efficiency.&#8221; Visit <a href=\"http:\/\/www.mortgageflex.com\/\">MortgageFlex<\/a> or reach out to <a href=\"https:\/\/www.linkedin.com\/in\/john-mccrea?miniProfileUrn=urn%3Ali%3Afs_miniProfile%3AACoAAAB0hwABbI6rGqCk3kHfdbYbrdnkSFxTOrY&amp;lipi=urn%3Ali%3Apage%3Ad_flagship3_search_srp_all%3BY3%2BTRUTYRuyJglzzzIK20A%3D%3D\">John McCrea<\/a>, today at 1-860-460-7418 for a live demo.<\/p>\n<p>#MortgageFlex \u2028#mortgageflexone<br \/>\n#los\u2028#loanservicing\u2028#flexrocks \u2028#servicingdisruption \u2028#flex\u2028#firstcloudnativeservicing\u2028#therecanonlybeonefirst\u2028#partnersnotprisioners<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 It takes good software, but if the contract is bad, lenders still lose Jacksonville, FL \u2014 June 25, 2024 \u2014 When the business returns, lenders and servicers will begin to look at better technology, but bad contract terms could erode any gains they hope to achieve. That\u2019s the result of an internal study conducted [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":2457,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[5],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lender Performance Gains Hide in Contract Terms - MortgageFlex Systems<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mortgageflex.com\/lender-performance-gains-hide-in-contract-terms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lender Performance Gains Hide in Contract Terms - MortgageFlex Systems\" \/>\n<meta property=\"og:description\" content=\"\u00a0 It takes good software, but if the contract is bad, lenders still lose Jacksonville, FL \u2014 June 25, 2024 \u2014 When the business returns, lenders and servicers will begin to look at better technology, but bad contract terms could erode any gains they hope to achieve. That\u2019s the result of an internal study conducted [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mortgageflex.com\/lender-performance-gains-hide-in-contract-terms\/\" \/>\n<meta property=\"og:site_name\" content=\"MortgageFlex Systems\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-25T12:55:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-25T12:57:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mortgageflex.com\/wp-content\/uploads\/2024\/06\/6.25WebheaderStatusupdate.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2250\" \/>\n\t<meta property=\"og:image:height\" content=\"1406\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Courtney\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Courtney\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/mortgageflex.com\/lender-performance-gains-hide-in-contract-terms\/\",\"url\":\"https:\/\/mortgageflex.com\/lender-performance-gains-hide-in-contract-terms\/\",\"name\":\"Lender Performance Gains Hide in Contract Terms - MortgageFlex Systems\",\"isPartOf\":{\"@id\":\"https:\/\/mortgageflex.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/mortgageflex.com\/lender-performance-gains-hide-in-contract-terms\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/mortgageflex.com\/lender-performance-gains-hide-in-contract-terms\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/mortgageflex.com\/wp-content\/uploads\/2024\/06\/6.25WebheaderStatusupdate.jpg\",\"datePublished\":\"2024-06-25T12:55:56+00:00\",\"dateModified\":\"2024-06-25T12:57:10+00:00\",\"author\":{\"@id\":\"https:\/\/mortgageflex.com\/#\/schema\/person\/d7ffa2be828c00972a6b345d3109c20c\"},\"breadcrumb\":{\"@id\":\"https:\/\/mortgageflex.com\/lender-performance-gains-hide-in-contract-terms\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/mortgageflex.com\/lender-performance-gains-hide-in-contract-terms\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/mortgageflex.com\/lender-performance-gains-hide-in-contract-terms\/#primaryimage\",\"url\":\"https:\/\/mortgageflex.com\/wp-content\/uploads\/2024\/06\/6.25WebheaderStatusupdate.jpg\",\"contentUrl\":\"https:\/\/mortgageflex.com\/wp-content\/uploads\/2024\/06\/6.25WebheaderStatusupdate.jpg\",\"width\":2250,\"height\":1406},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/mortgageflex.com\/lender-performance-gains-hide-in-contract-terms\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/mortgageflex.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Lender Performance Gains Hide in Contract Terms\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/mortgageflex.com\/#website\",\"url\":\"https:\/\/mortgageflex.com\/\",\"name\":\"MortgageFlex Systems\",\"description\":\"Loan Origination &amp; 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