Automation & Technology

Turning Your Data into Actionable Insights

  •  By Ellie Mae

Author: Manish Garg, Vice President of Product Management, Ellie Mae

Three-quarters of companies today are unable to evaluate their customer data in real-time and the 24% who can readily access their data are reliant on service providers and third parties.* Despite it being long understood that there is huge power in accessing data to drive business decisions, most companies have been challenged to turn that vision into a reality.

The top inhibitors holding companies back on their data journey include not fully understanding what they want to do with their data, concerns about the expense of investing in data analytics, and lastly, a lack of access to the right resources to bring various data sources together into a single view. To overcome these inhibitors, more easily navigate the world of data analytics, and ensure a smooth adoption within your organization, consider the following questions before beginning your data journey.

1. What is the value of data?

Your data can drive valuable insights into process efficiencies, customer behavior, and overall business performance. Within the mortgage industry, lenders often leverage their data to better understand:

    • Their average time to close and how it compares to the industry average
    • How the industry is changing over time as new generations enter the market
    • Who the typical borrower is for a particular product
    • How often a loan is exchanged between the loan officer and underwriter

These are a few examples of the array of insights lenders can derive from their data. However, before you get there, the first step is to ensure secure and reliable access to your data.

2. How can you access your data?

Within most organizations, there are two types of data being generated – transactional data and analytical data. Transactional data is often connected with items being sold by the organization. In the mortgage industry, this includes loan information, such as appraisals, title, employment verification, and other data fields. Whereas analytical data is a collection of data that is used to support decision making and/or research. It can come from a combination of sources that includes transactional data and is typically stored in a read-only database that is optimized for data analysis.

Most companies have access to their transactional data through their system of record, however, that system is not built to handle complex queries or create ad hoc reports. Therefore, to produce those actionable insights, they need a platform that can pull data from the transactional system in real-time and analyze it separately.

3. What should you look for in a data platform?

To reduce risk, maximize productivity, as well as ensure a flexible and user-friendly experience, your data platform should have several key capabilities including:

    • Decouples the data platform from the transactional system for better performance
    • Accesses to at least three years of historical data for year over year comparisons
    • Verifies the reliability and completeness of the data reflected in the analytics
    • Enables secure access to your data
    • Offers direct data access to run reports yourself or engage third-parties as needed 

4. Who makes a good data partner?

Keep in mind that when selecting your data platform you are also selecting your data partner, so be sure to look beyond just the technology they provide. Your data partner should have your best interest in mind and offer support and guidance throughout your entire data journey.

Be wary of data partners who lock your data away in their private cloud. These partners often give you access to a dashboard view of your data, but charge extra to create and run any additional reports or analysis. To stay in control of your data journey, choose a partner who offers direct access to your data, so you can get the insights you need, without unexpected costs or vendor lock-in.

Smart, successful lenders know that data can hold the secret to understanding and anticipating the needs of their business, industry, and customers. For real-time actionable insights into the Encompass® Digital Lending Platform , discover how Encompass Data Connect® can enable you to:

  • Generate comprehensive, timely reports
  • Reduce risk with the ability to audit multiple loans simultaneously
  • Increase automation through machine learning and artificial intelligence (AI)
  • Maximize productivity with easy access to bulk or batched data
  • Work with Ellie Mae Professional Services and advisory partners including Teraverde and Awesome Technologies 

Learn more about Encompass Data Connect. Learn moreabout Encompass Data Connect.


*Technology is Transforming Everything: Businesses Struggle To Change With It , West Monroe, 3 April 2018.