What Mortgage Lenders Can Learn from the Southwest Airlines Failure w/Dawar Alimi

The REAL Podcast is presented by leadpops.

On this episode Dawar Alimi, CEO of Lender Price, joins me to talk about how your legacy tech could end up putting you in a Southwest Airlines type of failure. Dawar also talks about how 2023 will decide winners and losers, along with how a perfect solution is never perfect until you work hand in hand with your clients. 

Takeaways:

2022 was a tough year for a lot in our industry, but 2023 will determine who is positioned for the long-term.

You may think everyone knows what you do and your value prop, but in reality they don’t. 

Once you have one success, you will find that you will get others. You may think you have the perfection solution, but only by working directly with partners will you understand what is missing.

You never want to use the term “customers” with credit unions. 

Pricing Engines were introduced in the mid-90s.

The bill will eventually come due when you continue to put off updating your legacy systems. 

You need to know what to do to embrace technology in 2023. 

Quotes

“I think 2023 will be the year that determines who the winners and losers are.”

“The hardest thing for us to do was to get the first large bank.”

“We thought that we had an end to end product that satisfied everything that these large institutions needed from a pricing engine. We quickly found out that there was so many things that were missing.”

“When you’re a startup, you think you have everything until you start working with your first big client and then you get humbled.”

“The largest credit union in the nation uses our solution.”

“When your tech is legacy, it is what it is.”

“If you continue to wait and don’t have a plan to update your technology, then at some point in time you are going to be Southwest.”

“Lead with optimism.”

Go to LenderPrice.com for more information.

Shout out to Next Level Loan Officers for being a great partner of the podcast.