MReport August 2018

TheMReport — News and strategies for the evolving mortgage marketplace.

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14 | TH E M R EP O RT SPONSORED CONTENT Mortgage Technology Implementations Don't Have to Be So Hard Significant delays. Cost overruns. Troubled project. These are dreaded words when you're relying on a technology project to help deliver strategic initiatives, regulatory compliance, or leap frog the competition with a hot new product offering. And yet, we hear it so often. Why? A t Phoenix, we have devel- oped a Theory of Every- thing that helps describe why projects and organizations fail to meet their goals. We've seen the same culprits threaten to take down hundreds of mortgage technology projects repeatedly. Yet, it doesn't have to be this way. Whether you are a technology provider, or a mortgage lender or servicer, at least one of three key gaps is most likely threaten- ing your in-flight technology projects. The ability to close them can make the difference between failure and success on your next technology project. Lack of leadership O ften, implementations are plagued with a lack of leadership that ranges from the leadership abyss where there is no "one" leader, or a leader that does not engage until there is an escalation. When it comes to soft- ware implementations, we believe leadership fundamentally boils down to the ability to understand what needs to get done, and get- ting people motivated to get the job done well. A good leader not only motivates and teaches the team but also checks in and holds the team accountable for deliver- ing quality results. Additionally, a good leader is decisive and makes the hard decisions while removing roadblocks along the way. Here's a little secret: your technology project will not go according to plan. You will need a good leader to help the team pivot to get to the finish line. The project team will need to iterate. We believe leaders come in two varieties: Fort Takers and Fort Holders. A Fort Taker will help the team navigate the resolve the unknowns, ultimately implement- ing change, while the Fort Holder will maintain the status quo. On your software implementation, find a Fort Taker to lead the way, and enable them to do what they do best. You will not be disap- pointed. Lack of skills, experience, and ability W orking in the mortgage technology industry over the last 20 years, Phoenix has found a lack of investment in growing individuals to become mortgage technology special-

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