Customer Success Story

As opportunities increase, so does competition — particularly in the online marketplace. Mortgage Solutions used data to gain a competitive edge.

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Understanding the marketplace through data

Accessing peer marketing and benchmarking data helped Mortgage Solutions change everything - for the better.

5 days

Reduced closing time

60% - 75%

Pull-through rate increase

30-60 minutes

Weekly savings on manual rate searches

0

Operational bottlenecks

Mortgage Solutions

Mortgage Solutions is a mortgage CUSO that partners with credit unions to originate first mortgages and meet their members’ home purchase and refinance needs. It’s also a company that has fueled a 364 percent year-over-year growth through strong, strategic decisions, the skillful application of technology, and a relentless drive to be the best.

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Data is power. It’s how we keep working toward excellence. It’s how we continue to succeed.

Mike Gatrell
President and CEO of Members Resource, Mortgage Solutions’ CUSO

Drilling down on benchmarking

Mortgage Solutions needs trustworthy data to understand what's happening in the marketplace, and to benchmark against peers. However, extracting that data could be a time-consuming process, mired in manual web surfing and Excel spreadsheets. That's where Insights by ICE Mortgage Technology™ comes in. “In the past, if we wanted to see what was happening with rates nationwide and in our local markets, we had to go to 10 or 15 websites to collect the information,” said Chris Smith, Director of Mortgage for Mortgage Solutions, LLC. “With Insights, everything is right there. We can drill down and see what our peers are doing, at a state or even a county level.” Having the ability to extract data and utilize it very quickly means that Mortgage Solutions can react to a changing market in real-time, without a lag time for data interpretation.

Gaining a competitive edge

Mortgage Solutions gives itself, and the credit unions it serves, a competitive edge by extracting and utilizing data very quickly using Insights. This has made an impact on more than just marketing efforts. A clear path to operational excellence has taken shape, as they've drilled down on the data. Smith found that loans were getting stuck upfront, shortly after the loan officer finished the disclosures. To solve this problem, they didn’t need more people—they needed to realign some roles, and the workflow. Smith said, “What Insights did was show us a roadmap— what we were doing well, where we had issues, inefficiencies, and where we could benefit from an operational change. It takes away all the guesswork.”

The Challenge

Mortgage Solutions needed a fast, easy way to extract relevant industry and peer and benchmarking data, check rates, identify strategic growth opportunities, and pinpoint areas for operational improvement.

The Solution

Adding the power of Insights to their Encompass® environment gave Mortgage Solutions access to data, and an intuitive way to interpret it, in one simple step.

Benefits and Results

Mortgage Solutions improved marketing efforts and eliminated operational bottle necks as trustworthy data helped them to:

  • Accelerate time-to-close
  • Increase pull-through rates
  • Maximize profitability

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