The amount of data out there is overwhelming. We get it. It’s hard to know what to focus on when there’s so much to choose from. So, we asked our resident expert, Joe Zeibert, Managing Director of Global Mortgage Solutions, for his take on the 2 most important reports that lenders should be paying attention to each and every day:
Market Share – How is your growth compared to others?
More often than not, lenders will focus their growth benchmarks internally. Am I doing better than I did last year? Am I doing more loans than I did last week? These are all great questions, but something is missing – benchmarking against the world. You should know if you are growing faster than not just yourself last year but more importantly, are you growing faster than your competition? Especially in certain areas. Every day you should take a look at win/loss by state, by city, even by zip code. Use the information you get from this report to better build your strategy according to your findings.
Pricing Changes & Strategic Moves – What are the key players doing?
It’s valuable to look at your specific competitors but more valuable to look at what the key components of the market have done. Has a large bank made a move somewhere? Has a small bank changed its pricing? You want to have some feel of market dynamics on a daily basis that allows you to know what’s going on whether it’s margin changes, price tests, macroeconomic moves, etc. If you only ever look at the lenders that look like you then you end up missing a significant chunk of the bigger picture. Take a step back and look at those who have a value prop over you and vice versa. See the whole market and what they’re doing so you can use that knowledge to plan strategically.
Both reports tie into the same thing: winning vs the market. Avoid looking at internal metrics and focus on external valuations. If there is anything you want to make sure of every day it’s am I keeping pace, am I growing, am I poised to invest in technology to I can give better pricing to my customers and make more money? Am I ready to win?
Looking for where you can find reporting like this? We can help. Our tool, Nomis Mortgage, focuses on market intelligence, competitive analytics, margin management, and reporting. Get everything you need to succeed from just one tool.