Mortgage Software Solutions Blog

Three Key Levels of Mortgage BI

3 Key Levels of Morgtgage BI


Managing mortgage data can be incredibly difficult as more and more information is linked to an ever-evolving market. Mortgage BI, a cloud-based business analytics service, can reduce stress involved with implementing a better information-organizing strategy, as it lowers overhead involved in business analysis. This is ideal because it helps increase team productivity by making the most useful information the most visible.

Why hire an outside team of analysts who will be using the mortgage software now available? This data serves an important role in highlighting a company's strengths and weaknesses and is accessible now.

The data is out there, however the tools for accessing it must present organized operational and market analytic metrics based on current market behavior. This is what effective use of Mortgage BI is all about - providing companies with a perspective on management capability and strategy. As each company objective is different, it is critical to know how to do this as it applies individually. While one organization may be in niche real estate markets, others might need mainstream commercial property live data.  Solutions that include an option for access through mobile devices are also essential, assuring that top-level data is always accessible and--more important--usable by CEOs and upper-level management. Management for cloud and hybrid cloud solutions is also a viable need for companies looking to maximize use of data.

Mortgage BI gives companies several essential powerful intelligence levels:

  1. Unique Data

All data that is unique to the specific individual using the software including lending history and other unique assets. Operational data will fall under this and the aggregate data classification. Appraisal volumes, vendor fees and vendor quality can be neatly organized here. Software that takes cognitive fit into consideration is especially important here. The better the fit, and more relevant the data, the more engaged staff will be.

  1. Aggregate Data

Mortgage BI, as it pertains to a lending groups, includes company spreadsheets and statistics. This market data needs to offer refined strategic insights at the aggregate and comparative level. Here the company as a whole is represented, with only the most applicable pieces of data brought together to form a big-picture view for decision makers.

  1. Comparative Analysis

This is a level of data that compares individual data to that of their peers, enabling mortgage companies to better position themselves with their competition. This can also be arranged to provide a view for the specific company's data in comparison to a larger market data set. This level of data was made available at a zip-code level in January 2008. Filters based on mortgage provider and sales performance are invaluable for crafting executive company decisions. Comparing performance across several different markets can also create more realistic or competitive KPIs. This is a CEO-level must for strategical planning.

Simply put, Mortgage BI should also put an emphasis on communication tools. This truly humanizes the process of effective decision making. How so? Individuals involved in brokering deals and reviewing mortgage measures are able to gauge progress and results of specific and ongoing projects. People will be able to visualize their contributions. The mortgage market is filled with information such as vendor performance metrics, production reports, foreclosure, and depreciation measures. There is no longer a need for stacks of notebooks and piles of printouts of these reports and spreadsheets. Mortgage BI organizes tasks for maximum accessibility, dividing tasks into functions like origination, servicing, and REO,all of which drive business decisions.

All data and communication tools are also designed according to compliance and regulation measures. In addition to providing mortgage management companies the option to review data by up-to-date market data, everyday management also becomes more streamlined, saving time and money.  

As the housing market becomes more complex to navigate it’s important to take advantage of the useful solutions out there. As with all Mortgage BI, businesses can focus on closing loans and increasing productivity while reducing the amount of troubleshooting inherent within data analysis. Access Business Technologies also uses technology to provide an extra layer of performance assessment to managers. We also specialize in integrating mortgage BI systems from the ground up.

To learn more about Mortage BI solutions, please contact us. We are your resource for cloud-based mortgaga data management.

Topics: Access Business Technologies mortgage data management cloud-based data

Accelerating the Sales Cycle With Better Data Management And Execution

accelerating the sales cycle with better data management and executionWith complex sales that involve a lot of money, it can take weeks to complete the sales cycle. Mortgage loan officers often wait an average of four to five weeks to close on a home. However, new rules have come into effect, as of October 3, 2015, that are making that process even longer.

The Consumer Financial Protection Bureau (CFPB) now requires banks to give consumers more time to look over loan documents. This is good for consumers, who benefit from having more time to check over their documents and make decisions, but that also means that mortgage loan officers will have to further prolong the sales process. Though mortgage lenders are fully aware of this, they now must look for new ways to speed up the loan process. In order to accelerate the sales cycle with better data management and execution, credit unions and mortgage companies are choosing Access Business Technology’s MortgageExchange software.

This software takes a new approach to the way mortgage companies store documents and access data, making it faster and easier to retrieve the information your mortgage loan officers need. Before, mortgage companies had to reconcile data into a central location, without updating the source systems. MortgageExchange makes sure the information, across all of your applications, updates into the system so users can access up-to-date information immediately, regardless of what application they use.

For example, 1st MidAmerica Credit Union and Summit Credit Union both started using MortgageExchange, which integrates easily with FICS and other core systems. Two more companies, GTE and Travis Credit Union, switched to MortgageExchange because it integrates with their account processing platform called Fiserv DNA.

The benefits of this new software have allowed mortgage companies and credit unions alike to save time, increase accuracy, and secure data, in order to shorten the sales cycle.

Real-time Information

When changes happen at mortgage companies and credit unions, providing real-time information builds credibility. It also helps customers feel more comfortable in the decisionmaking process. Mortgage loan officers understand that building trusting relationships and having real-time information is key to accelerating the sale cycle.

When working with customers, decisions can take the longest time. Due to the new rule by the CFPB, mortgage lenders will now have to wait even longer to get paid. To thrive in this business, a mortgage company will need good customer service skills, in addition to real-time access to information. Real-time analytics helps staff to follow-up with data, products, services, and information that will help consumers make a fast and informed decision.

Increase Accuracy

Current and accurate information is key to keeping documents organized and secure. If your company has to key data into multiple platforms, this could lead to employee error. With MortgageExchange, staff can key data into one application and easily integrate it into multiple other platforms in the Cloud. This provides real-time data that is easily accessible to help you and your client make smarter decisions.

Secure Data

When paperwork goes into the Cloud, it’s important to securely store documents by limiting who is authorized to view the information. Clients want to work with well-established companies that they can build trusting relationships with. Now, mortgage companies have found it easier to input data and scan paperwork into the Cloud because it keeps data more secure. At Access Business Technologies, we handle Cloud server maintenance and monitoring, so you don't have to.

Access Business Technologies is an SSAE16 Type II technology service provider that provides mortgage interface software to mortgage companies and financial institutions. Mortgage companies are quickly adding MortgageExchange™ because it provides a platform to help fast-growing businesses thrive in a competitive industry. For more information on the software we provide or to see a demo of how this software can work for you, contact us today.

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Topics: MortgageExchange mortgage data management data management for mortgage companies