MBA Annual26 is right around the corner. During this event, which takes place from October 11–14, real estate finance professionals will gather in Chicago to learn from industry experts, explore emerging technologies, and examine the latest solutions.
As a mortgage lender, attending this event allows you to meet potential vendors and evaluate their products and services. But after visiting several booths, you may notice that vendors’ pitches can start sounding remarkably similar.
Most providers promise fast service, seamless integrations, and AI-powered technology. However, these claims may not necessarily reflect their clients’ day-to-day experience.
By asking the right questions, you can cut through prospects’ sales pitches and determine which vendor is the best fit for your mortgage lending business. Discover 12 questions you should ask before adding a new vendor to your shortlist below.
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Key Takeaways
- Look beyond the sales pitch by asking vendors for live demos, measurable performance data, and references from similar lenders.
- Evaluate whether each vendor can support your technology, changing loan volumes, and today’s evolving credit scoring requirements.
- Compare vendors’ pricing and post-sale support so you know what you’ll pay, who will support your account, and how quickly you can get help when you need it.
12 Questions to Ask Verifications Vendors at MBA Annual26
As you meet with vendors at MBA Annual26, use these 12 questions to dig deeper into their capabilities, integrations, pricing, and client support.
Claims & Capabilities Questions
Most verification vendors prepare detailed presentations for major industry conferences like MBA Annual26. However, a polished show-floor experience doesn’t necessarily tell you how a provider will perform six months into the relationship.
You can gain a more accurate assessment by asking the following questions:
#1 Can You Show Me a Live Demo?
While slide decks and recorded demonstrations have their place, it’s important to test out vendors’ solutions before adding them to your technology ecosystem. A live demonstration can help you evaluate each tool’s user experience and capabilities.
During each live demo, pay close attention to:
- How many steps each process requires
- What information your team must enter manually
- How easy the platform is to use and navigate
#2 Can You Provide a Reference From a Similar Lender?
Some verification vendors serve hundreds or even thousands of lenders, but that doesn’t necessarily mean they have the right experience to support a lending organization like yours.
To determine whether a vendor is a good fit, ask for references from clients with similar loan volumes, business models, and operational structures. Speaking with these clients can give you a better sense of how the vendor performs in real-world lending environments.
Read More: How to Select the Right Credit Partner For Your Credit Union
#3 How Fast Do You Complete Credit Supplements?
When you’re working hard to close loans on a tight schedule, your vendor’s credit supplement turnaround can make or break your success. That’s why it’s important to ask prospective vendors about this metric.
While many vendors claim to have “fast turnarounds,” you can confirm by reviewing their concrete performance data. For example, at Certified Credit, we complete approximately 75% of credit supplements within one business day, helping you avoid unnecessary closing delays.
Read More: The Lender’s Complete Guide to Mortgage Credit Supplements: Your Secret Weapon for Closing More Deals
#4 How Does Your Platform Handle High-Volume Months?
Many vendors’ solutions may perform smoothly under normal conditions, but what happens if your lending pipeline experiences a sudden spike in volume?
These questions can help you dig deeper into how potential vendors handle peak demand:
- Does your infrastructure automatically scale as demand increases?
- How does increased volume affect your turnaround times?
- Are there any volume thresholds that could affect your system performance?
- What is your track record during previous periods of peak demand?
Integration & Innovation Questions
After verifying vendors’ performance claims, the next area to assess is their integrations. After all, even the most innovative solutions can create manual work for your team if they don’t seamlessly connect with your existing systems.
#5 Which Loan Origination Systems (LOS) Do You Integrate With?
If a provider says its solution “integrates with leading LOS platforms,” ask for the actual list. This way, you can confirm that their solutions are compatible with your existing LOS, whether you use Encompass, Empower, MeridianLink, or another platform.
#6 Which Other Systems Can Your Platform Communicate With?
Your LOS isn’t the only technology involved in originating a mortgage. You may also rely on other solutions, such as a point-of-sale platform or automated underwriting system.
Ask each provider how their platform shares information with your top tools so you can identify potential integration gaps before they create extra work for your team.
#7 Are You Ready to Support VantageScore 4.0 and FICO 10T?
Mortgage credit scoring is currently undergoing a major transition. VantageScore 4.0 is now available to all approved Fannie Mae and Freddie Mac lenders for eligible loan deliveries. Meanwhile, FICO 10T is approved for future use and awaiting an implementation date.
To ensure you keep pace with the evolving credit scoring landscape, ask potential providers:
- Which credit scoring models they currently support
- What your team needs to do to access these new models
- How they’re preparing their systems and integrations for future changes
Vendors’ answers can give you insight into their current capabilities and how proactively they’re preparing for upcoming changes.
Read More: Is Your Credit Provider Ready for VantageScore 4.0?
#8 Can Your Platform Catch Data Quality Issues Before Delivery?
Identifying data issues early on can help you resolve them before they create added costs or delays. So ask prospective vendors what safeguards they use to flag discrepancies that may indicate fraud or identity theft.
For example, Certified Credit’s Flex ID SmartSelect Shield can authenticate critical borrower information before automatically ordering credit reports, when appropriate. This additional layer of verification can help you uncover potential identity issues before investing in additional credit data.
Cost & Pricing Questions
Conference conversations tend to focus on vendors’ platform capabilities. However, pricing can be just as influential in your purchasing decision.
Here are some questions that can help you understand what you’ll actually pay when you partner with a new vendor:
#9 What’s Included in Your Core Offerings, and What Costs Extra?
Two providers may appear to offer comparable pricing—until you take a closer look at what’s included. To make more accurate comparisons, ask each vendor what its core offerings include and which services come at an additional cost.
#10 How Does My Order Volume Affect My Pricing?
Your credit and verification needs will naturally fluctuate with your lending volume. Before choosing a provider, find out how those fluctuations will affect what you pay.
You can do so by asking:
- Whether their pricing changes based on your order volume
- Whether you must meet minimum order commitments to qualify for certain rates
- Whether different volume tiers come with different pricing or terms
Understanding these details upfront can help you determine whether a provider’s pricing structure aligns with your business.
Read More: What Does It Mean to Maximize Credit Cost Recovery?
Client Support Questions
The representatives you speak with at MBA Annual may not be the people you work with after the conference. These questions can help you understand what to expect from their post-sale support team:
#11 Who Will Be My Point of Contact?
When questions arise, you shouldn’t have to explain your business from scratch each time. Instead, see whether potential vendors can match you with a dedicated point of contact who:
- Understands your products, workflows, and business goals
- Is readily available to answer questions about your account
- Knows who to involve when more complex issues arise
Read More: The Hidden Cost of Waiting on Your Vendors
#12 What Happens When I Need a Real Person?
While automation can improve efficiency, some situations still require human support. For example, if you have an unusual loan file, urgent question, or fast-approaching deadline, you may want to speak with a real person rather than an AI chatbot.
These questions can help you evaluate vendors’ support before you sign on:
- How quickly can I get in touch with an actual support representative?
- What is your average inbound call wait time?
- Is your support team located onshore?
- How knowledgeable are your support representatives?
At Certified Credit, we offer our lenders fast access to knowledgeable support. Our Client Success team is fully onshore and answers support calls in an average of 12 seconds, giving you timely access to FCRA-certified experts who understand your business.
Read More: What “Good Service” Actually Looks Like From a Credit Provider
Transform Your MBA Annual Conversations Into a Vendor Shortlist
MBA Annual gives you an opportunity to compare providers face to face, but you don’t need to choose your next vendor on the show floor. Instead, use these 12 questions to identify your strongest contenders, compare your notes after the conference, and follow up with your favorites while your conversations are still fresh.
If you’re attending MBA Annual this year, Team Certified would love to answer these questions in person.
CTA: Book Your Time With Team Certified
Sources:
VantageScore. VantageScore 4.0, the Mortgage Credit Score, Now FHFA Approved for All Lenders Originating Fannie Mae and Freddie Mac Mortgage Loans.
Frequently Asked Questions
What should I ask verification vendors at mortgage conferences?
Rather than relying on broad marketing claims, ask vendors about their measurable performance data and request live demonstrations, relevant client references, and details about their integrations, pricing, scalability, and post-sale support.
How should I evaluate a credit or verification vendor at a trade show?
Start by asking each vendor the same set of questions so you can make consistent comparisons. After the conference, review your notes and compare their technology platforms, support, and real-world performance data.
Is a vendor demo a reliable indicator of real-world performance?
A product demo can help you understand how a solution works, but it doesn’t necessarily show how it will perform during your daily operations. To get a clearer picture, request references from comparable lenders, measurable performance metrics, and details about how the tool performs during high-volume periods.
Should I sign with a new vendor at the conference or wait?
You don’t have to sign a new vendor on the show floor. Instead, you can use the conference to gather information and identify promising contenders. Once you’re back home, you can review your notes, check your references, and conduct additional due diligence before making a final decision.
What follow-up should happen after MBA Annual?
Follow up with promising vendors within a week or so while your conversations are still top of mind. During this discussion, you can request any outstanding documentation, performance metrics, client references, pricing information, or additional product demonstrations you need to complete your evaluation.
