With margins tight in a competitive purchase market, lenders need to quickly identify and address pipeline bottlenecks or they risk running up loan production costs.
When lenders lack the resources they need to succeed, they must make decisions in the dark. Fortunately, mortgage lenders do not need massive budgets to gain valuable insight into their loan performance data. They just need better tools.
What’s the holdup?
Many lenders rely on manually generated spreadsheets or scheduled reports to track the loans in their pipeline. The problem is that tracking production via spreadsheet is tedious and offers little insight into individual contributions to team performance.
This method of tracking progress on both the individual and organizational level is incredibly inefficient. Management often has to wait for monthly reports instead of being able to identify challenges and address operational roadblocks in real-time.
Other lenders who are using generic business intelligence (BI) platforms to generate performance reports may still not be getting the actionable information needed to make informed business decisions. That’s because most BI platforms are not designed with the needs of mortgage lenders in mind and are not readily integrable with common mortgage technology systems. Configuring these types of generic BI platforms to deliver meaningful insights into mortgage production and employee performance requires ongoing costly investments to build out and maintain desired functionality.
Actionable intelligence tells the full story
Each closed loan generates many data points. Raw data can be difficult to understand, but the right tool can quickly analyze these disparate points, often in real time, and use it to tell a cohesive story. Modern BI solutions allow lenders of all sizes to proactively track operational performance hands-free using data from in-process and closed loans.
Actionable data intelligence helps solve the industry challenge of leveraging “big data” from multiple, segmented databases to improve lender performance. The best BI solutions can leverage any active data set – including both lender and third-party system data – to provide analytics that help lenders generate revenue, improve efficiencies and support compliance initiatives.
An intelligence solution that illustrates performance gaps in a user-friendly, visual format also makes it easier for lenders to take actions focused on improving a specific performance area. Using data visualizations to identify challenges and create logical, targeted resolution plans is an enormous time-saver for lenders compared to reworking organizational structure to resolve vaguely defined performance issues.
By leveraging an actionable intelligence solution and its powerful BI to visualize disparate loan data, lenders can access an entire world of information that can help them take action in a meaningful way.
Black Knight Actionable Intelligence Platform℠
Want an efficient way to understand what is working for your business and identify areas where your team can improve performance? Actionable Intelligence Platform℠ (AIP) offers lenders a unified framework for delivering proactive, strategic and actionable intelligence to consumers across the entire loan life cycle. Schedule an AIP demo.