Fewer lenders are looking to change their loan origination systems this year, according to the results of a survey from mortgage compliance software provider QuestSoft.
QuestSoft found that only 15.8% of lenders said they were considering an LOS change in 2016. The company noted that this is the lowest percentage since the survey began 10 years ago.
This year's figure is also 21% below the results from QuestSoft's 2015 survey. The results from this year's survey suggest that lenders have already either made changes they are satisfied with or lenders' existing vendors have improved their offerings, according to Leonard Ryan, QuestSoft president and founder.
"With lenders still recovering from TRID and preparing for the new HMDA changes in 2018, many are actively assessing their current LOS to ensure that the system will adequately handle the newest changes rather than looking to implement a whole new system," Ryan said in a news release Thursday.
QuestSoft does not disclose which companies are being used or evaluated, but the company noted that information from the survey suggests that the traditional top vendors were less dominant.
