Data is only as good as the tools you have.
When it comes to making informed, strategic business decisions, having reliable and comprehensive data to turn to is essential.
No one understands this better than my recent Insightful Coffee Break guests, Mike Gatrell, President and CEO – Members Resource, LLC and Chris Smith, Director of Mortgage – Mortgage Solutions, a part of Members Resource, LLC. When asked how data helps them run their business, Gatrell replied, “Data is only as good as what you have”.
But what does that mean? For a simple statement, there’s a lot to unpack here. We know that when used correctly, data is a tool that can provide an inside look into your book of business and operations, but what actually makes your data analysis reliable?
Good data is accurate and timely.
In the mortgage industry, we know business moves fast. Measuring your performance against industry peers and studying market trends at the country, state, and county levels are essential parts of the job, but these tasks can also be time-consuming. With Insights™ by ICE Mortgage Technology®, Mortgage Solutions shaved 30 minutes to an hour each week off of their rate searches and increased pull-through rates from 65% to more than 75%.
The ability to gather current, near real-time market data quickly will not only provide you with the most accurate, timely insights into today’s trends 30-90 days faster than other data and analytics solutions, but will also inspire you to strike while the iron’s hot and act swiftly, with confidence.
What’s more, these insights can help you identify how and where you should invest in your success further, whether it’s in your people, your technology, or even in your marketing dollars. As Smith said, “When you take this approach to improve processes and streamline everything, there’s plenty of opportunity to win for everybody”.
Good data is trusted and verified.
Early last year, Gatrell and Smith implemented Insights and right away, they were able to dig into some of their business concerns. They noticed that at the end of each month, there were operational bottlenecks after the underwriting stage, where they identified a pattern of closed loan data spikes.
Unsure of what was causing the pile-up, they used Insights to dig deeper into the issue, take a closer look at their processes from end-to-end, and make the changes that would help them get rid of this two-to-three day bottleneck that happened again and again each month.
As a result, they reduced their time-to-close by an average of 5 days, were able to validate their concerns, and successfully took action, without any additional burden on their staff.
Good data is relevant and helps you grow.
How is this information going to help you, your team, and your organization perform better than ever before? For Gatrell and Smith, the information they uncovered while using Insights provided a lot of transparency, allowing them to take a step back and strategically look at the whole picture for their entire organization, including pain points, strengths, and opportunities.
From there, they created a clear action plan and started taking steps towards meeting these opportunities head-on. What’s more, the data and metrics they shared resulted in executive buy-in and generated a buzz of excitement internally. Smith said, “When you’ve got the right people and the right technology, these are the magic ingredients. Your success will build itself”.
When it comes to the future, it’s looking bright according to Gatrell and Smith.
When I asked them what’s in store for this year, Gatrell said, “2021 looks fantastic. We’re just scratching the surface on our business, but data is power and digital strategy, plus staffing, is key”.
Want to learn more about how Insights can help your business? Connect with an ICE Mortgage Technology expert to get started today. For more of the latest data tips and insights, join us at our next Insightful Coffee Break on May 13.