Switching your mortgage broker LOS without losing files

What moves, and how

Mortgage systems share one common format for the application: MISMO 3.4, the same file you export to a lender's portal. Any LOS that can export one for a lender can export one for another LOS.

Moves cleanly: the 1003: borrowers, employment and income, assets, liabilities, real estate owned, declarations, the property, and the loan terms.
Usually doesn't: documents, conditions, tasks, notes, history, pricing, and disclosure records. Download what you need to keep; many of them are records you must retain for years.
Check by hand: URLA Section 8 demographics and anything your old system kept in custom fields.

A low-risk way to switch

Keep the old system for open loans

Don't move a loan in the middle of underwriting. Let open files finish where they started.

Price beside it first

Load your lenders' rate sheets into the new system and price recent scenarios. If the prices don't match what you quoted, you've learned that before a borrower did.

Start new applications in the new system

New leads only. If you bring an existing file over, export its MISMO 3.4 file and import it, then check the 1003 section by section.

Export everything from the old one

Before the subscription ends: MISMO files, documents, disclosures, and compensation records, so you can meet retention rules.

In OpenLOS

Import: Import MISMO in the top bar takes a MISMO 3.4 file and opens it as a new loan; the readiness list then shows anything missing.
Export: every loan exports MISMO 3.4, masked or with SSNs for submission, and every export is logged.
Pricing beside your current system: upload lenders' Excel sheets, or connect their live feeds where they publish one.
Leaving OpenLOS: it's your copy and your database. Export MISMO for every loan, or read the database directly; nothing is locked in.

Mapping details and known gaps are in the MISMO notes. OpenLOS is alpha: try it with fictional files in the demo first.

Switching your broker LOS without losing files