Discussions, collaboration, and sharing what works best for mortgage lending BI
What is Mortgage Business Intelligence?
Mortgage business intelligence (MBI) is a collection of tools that helps lenders better understand, and act on the fluid opportunities and challenges that present themselves in their business. It typically includes data from both loan origination software (LOS, such as Encompass) and mortgage accounting software. These two different aspects complement each other to provide key performance indicators (KPI’s), predictive analytics, branch P&Ls, loan originator scorecards, operations scorecards, trends, and forecasts.
Mortgage intelligence dashboards are typically used in the mortgage industry. They are used by lenders, brokers, and other mortgage professionals to provide real-time information about their business. These dashboards typically provide graphics such as pie charts, bar charts, trend lines, etc.
Modern systems are cloud-based and may include artificial intelligence (AI) to guide the user in understanding their metrics. Modern mortgage business intelligence dashboards are designed to provide the user with a clear view of their performance.
The dashboard provides a single point of access for all data related to the mortgage business, such as loan origination, loan servicing, and collections. Mortgage intelligence platforms can also be designed to provide a predictive analysis of potential risks and opportunities, as well as a summary of key performance indicators for the company’s stakeholders.
What Are the Benefits of a Mortgage Business Intelligence Platform?
A mortgage business intelligence dashboard can be used to track the performance of a mortgage company. It collects data from disparate sources, analyzes it, and presents it in a way that is easily understood. This allows for better decision making and increased profits.
The dashboard can also be used to track the performance of an individual loan officer or manager. It provides visibility into what is working well with their business and what needs improvement so they can make adjustments accordingly.
- Make data-driven decisions
- Track performance over time
- Compare to benchmarks
- Improve accessibility to reports
- Optimize operational efficiency
- Provides a competitive edge
- Align goals of employees with the organization
- Anticipate problems and market changes
With the help of mortgage business intelligence dashboard, mortgage professionals can make informed decisions about their mortgage portfolios.
It provides insight into the mortgage industry and allows them to see what the trends are in the market. It also helps them navigate through all of the data and find what they need quickly and without any errors.
The dashboard should be customizable to fit any company’s needs. They can choose which metrics they want to track, how often they want to refresh their data, and how many people can access it at once. This way, companies can create a dashboard that provides them with everything they need without having to spend hours trying to figure out what metrics to use.
Mortgage business intelligence platforms should include scorecards.
The scorecard should be used to evaluate the performance of the company’s mortgage business against predetermined objectives, and it should be used to compare one branch or individual’s performance with that of other branches or individuals.
Scorecards are often used to evaluate business units, branches, or even individuals. They provide a logical way to compare on how well each has performed over time and can help identify areas for improvement.
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