Predictive Analytics in MortgageTelemetry BI Business Intelligence Platform
How to Use Predictive Analytics for Mortgage Lenders?
Mortgage Analytics are financial and loan performance metrics that measure the health of mortgage lenders and mortgage banks.
These are made up of financial measures, KPIs (key performance indicators), lagging indicators, leading indicators, predictive
mortgage analytics, and trend analysis.
All aspects of the business should be measured to get a complete view of your businesses' performance. These are typically displayed in an online business intelligence dashboard. Dashboards should contain interactive mortgage analytics, graphs, trend-line, and tabular reports. Every metric should support drill-downs into the detail of each loan and transaction.
Mortgage Lending Analytics should cover a wide range of metrics. Be sure to cover loan production metrics (KPIs), employee productivity (scorecards and ranking), profitability, break-even, cash flow, and forward-looking predictive analytics. For depth, look for systems that provide branch, region, and staff level views in addition to corporate-wide views. You should be able to drill down from a dashboard down to the most granular detail so you can identify outliers and re-mediate them accordingly.
Predictive Analytics Are Just One Piece of PuzzleYou should consider a platform that encompasses all four types of analytics for your mortage business.
Understand the real-time performance of your business. Get a retrospective view of production and financial trends.
Identify bottlenecks in your pipeline. Find revenue and expense outliers. Evaluate branch and department profitability.
Forecast end-of-month closings. Understand how long-term trends will impact your mortgage business. Prepare for change.
Learn how to refine your sales efforts and optimize operations. Budget and improve loan sales and production.
Quick, Simple, and Effective. Telemetry BI's turn-key mortgage business intelligence platform reduces the barriers to becoming a data-driven organization.
For all the breadth available in modern business intelligence systems, be sure to carefully focus on a few select key metrics. It is easy to get overwhelmed by all of the metrics available so focus on five or six and drill down from there. Examples include unit/volume trends, future funding, net income trends, and loans per FTE. Check out this article that describes how Simple BI Strategies Can be Effective.
Ultimately, a mortgage analytics solution should provide a comprehensive view of your mortgage business. To be effective, however, you need an integrated business intelligence platform that includes interactive analytics with automated data extraction. This integration must include both operational data (from your Loan Origination System such as Encompass or Lending QB) and financial data (AMB, Loan Vision, etc.). Dashboard, graphics, other visualizations, and AI narratives are critical for a successful mortgage business intelligence strategy otherwise, users may draw the wrong conclusions when they have to interpret information from a 'wall-of-numbers' report.