Mortgage Software Solutions Blog

4 Reasons to Implement a Mortgage Business Intelligence Strategy

bim.jpgBI visuals help employees in the company get on the same page.

Business Intelligence (BI) has come a long way since its first implementation.

At its most basic, BI has always involved analyzing reports and performance information to allow companies to make decisions based on past activity.

At the complex level of present-day information gathering, BI handles large amounts of unstructured, seeming unrelated data and then makes utilitarian connections between data points.

Using modern BI, a company can turn information sets into successful business strategies that give them the edge on the market and long-term stability over their competitors. Nowadays companies even have access to industry-specific BI tools.

Can you imagine why the mortgage industry should harness this ability? Here are 4 reasons to implement a Business Intelligence Strategy in your mortgage company.

  1. Integrated BI for Complete Data

By integrating business intelligence, a mortgage company has the ability to gather data on their activity via an existing mortgage enterprise management system (EMS) and then work with that data using the BI module.

With two or more applications communicating seamlessly, administrators have all the company information at their fingertips.

Integrating BI with existing tools like EMS and CRM platforms makes the data sets more ample and complete.

  1. Improved Strategic Awareness

Integrated Mortgage BI goes beyond just connecting platforms. It develops a rich business intelligence data warehouse (BIDW) that forms the basis for future decisions.

The BI module has the capacity of building data model visuals that are easy to understand. Using the full range of information available, this feature processes information to make it actionable. Pulling information from all sources means providing the company with rich prescriptive and predictive analytics output.

The strategy of information awareness and fact-based decisions produces a positive influence on the bottom line.

  1. BI Accessibility Breeds Positive Change

It used to be that companies needed IT analysts to interface with the data and come up with insight. It was a management level activity shared between tech folks and decision makers in the company.

With an industry-specific BI strategy in place, everyday users in a mortgage company can view easy-to-understand level-specific data related to their work. Placing BI in employee dashboards empowers them to make informed decisions. It goes beyond IT data and links up with HR, employee metrics, customized dashboards, and more to give the power of data to employees at every level of the company.

Smart decisions go from being seen as top-down directives to using real information as the basis for decisions company-wide. This change in company culture has the benefit of increasing employee job satisfaction and efficiency, which also affects the bottom line.

  1. Industry-Specific Bi is Affordable

There are plenty of BI applications on the market. From Tableau to Microsoft, the tech industry has developed a plethora of BI platforms with a range of executions.

There are also visionary platforms like Salesforce that are extremely flexible but require in-house IT customization. They come with bells and whistles that aren’t meant for the mortgage industry.

Mortgage companies without the resources to create their own fit have a better option. Industry-specific software with ample performance ability is the sweet spot. A mortgage-specific BI tool like this is the most affordable choice.

Mortgage companies who implement this type of “goldilocks” platform will be able to harness the power of BI quickly and easily.

Mortgage BI, developed by the same Northern California-based company that produces the data-sharing software MortgageExchange™, is a perfect example of this type of “goldilocks” platform.

ABT’s takes Microsoft’s Power BI software and their own MortgageExchange and combines them for a leading example of how companies can harness the big-brand power of BI without being oversized or overpriced. Not too expensive, no surplus of addons, and customized to be just right for the finance industry.

BI offers huge improvements to every modern mortgage company’s business strategy. The improved strategic awareness will save your company from financial missteps and BI-generated visual representations of performance data will put employees on the same page across the company.

With BI implementation, companies can efficiently put their data to work and move forward with clear direction.

Contact ABT directly to learn about Mortgage BI business analytics for your bank, credit union, or mortgage company.

Image: VisualHunt.com

Topics: Cloud Services information security for mortgage companies data interface solution data security mortgage software integration Business Intelligence Mortgage BI security productivity mortgage business mortgage regulations mobile technology mortgage industry

How Software "Solutions” are Creating Conflict Between Your Mortgage Data Sources

how new technology and SaaS applications are creating conflict between your mortgage data sourcesThe pace of software solutions and technological upgrades in the financial market has been remarkable. There are countless Software as a Service (SaaS) solutions now available to help manage, distribute, and optimize financial products and mortgage data. While each solution has a specific benefit, the combination of them all can create significant conflict and dissonance between systems. As a result, more and more mortgage companies are finding themselves in need of a cost-effective data interface solution that can create better data harmony.

 

 

The Cost of Data Conflict

 

Data conflict results in lost time, money, and effort for mortgage companies. Not only does data conflict cost your loan officers time as they try to locate the information they need, but it can also cause them to make costly and unnecessary mistakes. For example, running a credit check and making a mortgage decision usually require pulling data from different sources. A mismanagement or misunderstanding of the data could result in a poor credit decision, causing you to lose a good customer (or gain a bad one), and costing you money in the end.

 

 

Your loan officers need up-to-date information about their industry and the clients they work with, in order to succeed in their jobs. Perhaps a borrower has a lien or a default in recent months that is not appearing in their financial history. If the loan officer is pulling data from the wrong source or mortgage data isn’t synchronized across systems, they could easily make a costly mistake. Only a system that is able to create data harmony in real-time can solve this problem.

 

How MortgageExchange Can Help

 

Access Business Technologies’ MortgageExchange solution, solves the data conflict problem, once and for all, in a low-cost and efficient way. Fundamentally, it unites the back ends of your mortgage software systems to create one unified interface. There is no loss of data, and mortgage loan officers gain greater control over the important information they need and use every day. The solution leverages the power of a third-party cloud, along with many data providers, to aggregate and streamline your different mortgage systems. Companies like Fiserv, Ellie Mae, and Accenture provide support for the secure cloud solution.

 

For example, credit unions are generally community-based credit and financial organizations. Their mortgage products serve the local population, and they have many ways to analyze credit through local data. On the other hand, some of their mortgage systems are based on national lending and data standards. The problem is that these two systems often conflict. Without a unified platform, it can require a lot of time and effort to synchronize and compare data, even using a manual tool like Excel. But with MortgageExchange, mortgage companies have the option of seamless integration. Tower Federal Credit Union is one credit union that benefits from our MortgageExchange platform.

 

The platform also provides a real-time analytics feed to help managers make smarter decision and operate more effectively. The NASA Federal Credit Union is used to working with scientists, engineers, and their families. Just as scientists are expected to be up to date with the newest technology and data, so should their financial providers. The NASA Federal Credit Union, as well as a host of other financial firms and credit unions, take advantage of MortgageExchange’s real-time analytics to make the best decisions for themselves and their customers. Not only does the platform crunch the numbers on an individual applicant, it takes into account the national financial trends to provide a more accurate interest rate and default rate probability.

 

As the MortgageExchange platform gains more and more users, Access Business Technologies (ABT) continues to grow and expand. ABT is a leading provider of hosted, cloud-based software that has been created with the purpose of helping the mortgage industry manage their data and software more easily, more securely, and more harmoniously. For more information about our mortgage solutions, please contact us. Our friendly consultants will help you understand how our products can efficiently reduce your workload and aggregate data from across all your SaaS systems.

MortgageExchange

Topics: ABT Cloud Computing MortgageExchange data interface solution create better data harmony

How Software "Solutions” are Creating Conflict Between Your Mortgage Data

how new technology and SaaS applications are creating conflict between your mortgage data sourcesThe pace of software solutions and technological upgrades in the financial market has been remarkable. There are countless Software as a Service (SaaS) solutions now available to help manage, distribute, and optimize financial products and mortgage data. While each solution has a specific benefit, the combination of them all can create significant conflict and dissonance between systems. As a result, more and more mortgage companies are finding themselves in need of a cost-effective data interface solution that can create better data harmony.

 

 

The Cost of Data Conflict

 

Data conflict results in lost time, money, and effort for mortgage companies. Not only does data conflict cost your loan officers time as they try to locate the information they need, but it can also cause them to make costly and unnecessary mistakes. For example, running a credit check and making a mortgage decision usually require pulling data from different sources. A mismanagement or misunderstanding of the data could result in a poor credit decision, causing you to lose a good customer (or gain a bad one), and costing you money in the end.

 

 

Your loan officers need up-to-date information about their industry and the clients they work with, in order to succeed in their jobs. Perhaps a borrower has a lien or a default in recent months that is not appearing in their financial history. If the loan officer is pulling data from the wrong source or mortgage data isn’t synchronized across systems, they could easily make a costly mistake. Only a system that is able to create data harmony in real-time can solve this problem.

 

How MortgageExchange Can Help

 

Access Business Technologies’ MortgageExchange solution, solves the data conflict problem, once and for all, in a low-cost and efficient way. Fundamentally, it unites the back ends of your mortgage software systems to create one unified interface. There is no loss of data, and mortgage loan officers gain greater control over the important information they need and use every day. The solution leverages the power of a third-party cloud, along with many data providers, to aggregate and streamline your different mortgage systems. Companies like Fiserv, Ellie Mae, and Accenture provide support for the secure cloud solution.

 

For example, credit unions are generally community-based credit and financial organizations. Their mortgage products serve the local population, and they have many ways to analyze credit through local data. On the other hand, some of their mortgage systems are based on national lending and data standards. The problem is that these two systems often conflict. Without a unified platform, it can require a lot of time and effort to synchronize and compare data, even using a manual tool like Excel. But with MortgageExchange, mortgage companies have the option of seamless integration. Tower Federal Credit Union is one credit union that benefits from our MortgageExchange platform.

 

The platform also provides a real-time analytics feed to help managers make smarter decision and operate more effectively. The NASA Federal Credit Union is used to working with scientists, engineers, and their families. Just as scientists are expected to be up to date with the newest technology and data, so should their financial providers. The NASA Federal Credit Union, as well as a host of other financial firms and credit unions, take advantage of MortgageExchange’s real-time analytics to make the best decisions for themselves and their customers. Not only does the platform crunch the numbers on an individual applicant, it takes into account the national financial trends to provide a more accurate interest rate and default rate probability.

 

As the MortgageExchange platform gains more and more users, Access Business Technologies (ABT) continues to grow and expand. ABT is a leading provider of hosted, cloud-based software that has been created with the purpose of helping the mortgage industry manage their data and software more easily, more securely, and more harmoniously. For more information about our mortgage solutions, please contact us. Our friendly consultants will help you understand how our products can efficiently reduce your workload and aggregate data from across all your SaaS systems.

MortgageExchange

Topics: MortgageExchange Mortgage Interfaces data interface solution create better data harmony