If you've been around the mortgage technology arena for many years, then you've probably learned the ropes of the business. You've learned that so much goes unwritten and there are real reasons why highly experienced information technology (IT) professionals in our industry are so highly valued. The rules seem to be kept secret, much like Tiger Woods' little black book. They're the most frequent questions I get as a mortgage technology consultant. As the guy with more years in mortgage technology than any other, I feel a responsibility to share some golden rules. Training employees on a new system is typically two-thirds of the total cost. These hidden costs are often overlooked, and include ramp-up time, lower efficiency in the beginning months, time spent training, modifying company procedures to accommodate the solution, and so on. Labor costs are very expensive and are typically overlooked. Make sure to determine your real costs for converting solutions before you write a check.
