Today’s independent mortgage banker (IMB) and loan officer faces numerous challenges, from keeping up with unprecedented refinance demand to remote/work-from-home realities to ever-increasing borrower expectations. However, one of the more underappreciated tasks those executives and LOs have is to take the enormous amount of data available to them (2.5 quintillion bytes of data is produced by humans each day!) and translate, analyze, and convert that into actionable intelligence to better serve their customers and companies. Here are 3 critical ways that having a trusted business analytics partner can help ensure that you’re making the best use of the time and resources you have, to maximize profit and customer satisfaction.

Understand who the competition really is

It’s one thing to look at a list of the top 10 lenders in the nation or the top-producing LOs and try to make an educated comparison; it’s quite another to have a truly apples-to-apples look at the competitive landscape and accurately benchmark your team’s production. After all, if you’re an LO with a privately-held regional IMB, what good is it to compare yourself to a publicly-traded commercial bank? 

Instead, your team should be looking at a broad, comprehensive lender analysis that allows you to compare by lender type and size. While some analytics products cover a particular mortgage segment, Nomis Mortgage gives users access to data from more than 360 lenders, to give you a complete view at any level of detail.

Bottom line – when you’ve got big decisions to make about positioning your brand, exploring new markets, and deploying scarce resources, make sure that you’re basing those decisions on more than just “gut feelings.”

Understand what your borrower is really looking at

At the same time that lenders have access to more data than ever before, borrowers have similarly never been better informed about rates, home values, and every other statistically important variable involved in a mortgage transaction. Additionally, thanks to COVID-19, borrowers are spending more time at home, with more time to comparison shop and check rates. But are they looking at comparable and accurate information about the local market? In order for lenders and their LOs to be a trusted partner, they have to bring more to the table than a Google search. They need more than just data, they need actionable intelligence. Your team should be looking at local competitor offerings, local (by MSA/zip code) rates, full offer details (points, fees APR & monthly payments), and market activity, something that most business analytics firms simply don’t provide. Nomis Mortgage provides users with real-time price sensitivity analysis, and by pulling 40 million records each day LOs can have the granular data at their fingertips to provide better information to their borrowers.

Understand how to really leverage your data

Additionally, having that accurate, comparable, real-time data gives LOs an opportunity to build and deepen borrower relationships by equipping them with competitive intelligence at point-of-sale, when borrowers are most sensitive to price. At a more macro level, executives, sales, and production managers can see what borrowers are seeing and more strategically set prices to maximize profitability. Further, data on pricing doesn’t just change daily or weekly – it’s constantly adjusting to market fluctuations, and your team should be able to track those trends on an hourly basis, so your own pricing can be toggled and set advantageously within your system’s PPE/LOS. Finally, having a reputation as a go-to source for the latest information will turn “good” LOs into “great” producers with clients that will call them first the next time they need a refi or new loan.

With the clock turning to 2021 soon, mortgage teams will continue to need better data and analysis to do more than just ride the refi wave. Now is the time to strategically plan for a return to a borrower-centric purchase business model, when your ability to build deep and lasting borrower relationships will keep pipelines full.