More than a trend: Data and analytics are here to stay

It’s easy for today’s mortgage lenders to get overwhelmed with the myriad of data they have available, including customer demographics and behaviors, previous transactions, underwriting histories, and regulatory effects. Most find it challenging to organize and make sense of all this data, and use it effectively. 2021 could prove to be a make or break year for data and analytics efforts…yet many lenders still haven’t fully realized the true benefits of leveraging their data. 

Our new eBook, The Big Data Revolution, details the steps lenders can take to optimize their data journey, and select the right technology solution. In this post, we break down some key elements of this eBook.  

What’s the hold-up? 

In addition to rising mortgage loan origination costs, lenders must address many organizational barriers to data and analytics adoption. For example, some users are comfortable with legacy tools such as Excel spreadsheets to perform data analysis. While spreadsheets are fine for simple analysis, they can’t handle massive volumes of data or uncover the deeper insights provided by more sophisticated tools. Further hindering progress, organizational data silos often make it harder to centralize and manage all of the data necessary to streamline processes and make better decisions. There are also more universal roadblocks. As uncovered in our recent lender survey, these are the top-3 barriers (across all market segments) to implementing a data and analytics strategy:

  • Too many competing obligations or projects in the pipeline (66%)
  • Lack of internal IT resources (58%)
  • Cost concerns (46%)

The what, why, and how of moving forward

As the mortgage industry continues to be more competitive, lenders must find new ways to leverage and analyze available data to be more efficient, differentiated, and profitable. It’s not enough to use data to understand what happened in the past. Lenders need to understand why these things happened, and most importantly, how to use these insights to take corrective action or make critical decisions…in real-time. Lenders that make the commitment to implement a data and analytics strategy can reap the benefits of greater operational efficiencies, risk mitigation, transparency improvements, and streamlined processes. They can also gain insights into competitive positioning and market trends, along with ways to improve profitability and customer satisfaction.

There’s much more to learn, so download the full eBook now to gain insights on how to plot out a meaningful data and analytics strategy.  

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