Deciding on the proper lending system for your organization is a critical decision. When selecting a CRE lending system it is imperative to ensure it meets both current and future demands. Before committing to a new mortgage processing system, it is essential to thoroughly evaluate its functionality. Below is a comprehensive checklist to guide you in evaluating your system requirements to ultimately enhance your workflow.
1. Proven Functionality
First and foremost, does the system you’re considering exist today, or is it still in development?
Before committing to a new system it is important to ensure that it already exists and is not a prototype or in early stages of development. The system you commit to should be fully operational and stable. Look into the track record of each system you are evaluating to see if it is known for having successful implementations and great user satisfaction. North Shore Systems’ CREF Operating System™ is an established platform with a proven track record of successful implementations and satisfied users across the CRE industry. Ultimately this will save your company from becoming a test case while minimizing unforeseen challenges.
2. Comprehensive Built-in Features
Does the system have at least 90% of the functionality you need right out of the box?
From the start your software should provide robust front-end and back-end processing capabilities. When selecting a CRE lending system, it should offer at least 90% of the functionality you require. Systems with extensive built-in features will minimize the need for custom development and ensure that essential functions are readily available.
3. Speed and Efficiency
How quickly does the system respond?
Response time is crucial in today’s fast-paced environment. Systems like The CREF Operating System™ ensure that screens load and inquiries are processed in three seconds or less. A speedy system enhances user experience and operational efficiency, allowing your team to focus on strategic tasks rather without unnecessary delays.
4. Robust Security Measures
Does the system offer the security features your company requires?
When dealing with sensitive financial information, a secure system is essential. It is important to ensure the system incorporates advanced security features that will protect your data from unauthorized access and breaches. Additionally, it is advisable to look for compliance with industry standards and regulations to safeguard your operations.
5. Advanced Data Management
How well does the system manage data?
Having a solid data model is vital for managing complex data requirements. The system you decide to go with should offer a rich and flexible data model that adequately supports CMBS requirements while being easy to access and modify. Additionally, users should verify that it complies with CMSA, MISMO, and for DUS lenders, Fannie Mae standards.
6. Replacement of Spreadsheets
Does the system replace the use of spreadsheets?
The key goal in adopting a new system is eliminating reliance on spreadsheets. Today’s CRE lending systems eliminate the need for manual spreadsheets by automating processes and integrating data management. This shift towards newer technology reduces errors and significantly improves overall efficiency.
7. Web-Based or Web-Enabled Access
Is the system accessible via the web?
In order to effectively accommodate various access requirements, the system should be either web-based or web-enabled. This capability allows users to access the system from virtually any location with internet connectivity. This flexibility supports the growing trend of remote work and ensures that your team can efficiently operate from anywhere.
8. Customization and Flexibility
Does the system offer customization options?
The system you choose should integrate seamlessly into your existing processes without requiring extensive reprogramming. Customization is essential because it enables users to tailor the software to their specific workflows, branding, and business needs, ensuring a more seamless adoption. This flexibility is highly valued as it boosts efficiency, reduces the need for workarounds, and allows for a personalized experience that aligns with your company’s unique goals and operational requirements. Key features to consider include the ability to add your company’s logos and colors, along with easy-to-use tools for tailoring the system to your needs.
9. Integration with Other Systems
How well does the system integrate with your current systems?
Seamless integration with your existing platforms is essential and is a feature North Shore Systems proudly offers. It is important to ensure that you are selecting a CRE lending system that will be able to easily integrate with other systems your company currently uses. This allows data to flow smoothly between different platforms, reducing the need for manual data entry and minimizing errors.
Selecting the correct CRE lending system can be a daunting task that requires careful consideration of various factors to ensure the best option is selected for your company. By using this checklist as a guide, your company can make an informed decision that will enhance your operations and contribute to your success in the competitive commercial real estate industry.
