Faster and better data driven lending decisions requires timely and accurate information right at the fingertips of LOs and Lenders. Critical business decisions backed by real time data driven approach always prove to be more accurate and effective in the long run.
Essential features of a BI dashboards for Mortgage Industry
Executive Dashboards:
Personalized dashboards with interactive visualizations and insights from real-time data
Reporting:
The reporting solutions offered by the dashboard should be able to visually analyze business information including multiple level drilldowns options based on lending criteria with a multi- channel, multi- profile view.
Seamless Integration:
Seamless integration with third party applications, major LOS systems like Encompass 360, Empower, NetOxygen etc.
Data Security:
Data Security has to be ensured at all levels including system level, object level, data level and process level.
Collaborative Dashboard:
Options to develop and analyze reports together with the LO teammates, UWs and share with each other.
Flexible Report Delivery:
Reports should be able to be imported or exported to all major formats and outputs.
Scalable architecture:
Dashboards must be easy to deploy and scale to meet the future business needs.
Predictive Analytics and Data Modeling:
Predictive data analytics and Data Modeling should be used to score loan applications, assess the risk of borrowers, verify application information, verify applicant income and improve marketing campaigns.
Responsive Designs
All the reports should be fully optimized to be viewed on any platform including smartphones, tablets and PCs.
Advantages of BI dashboards for Mortgage Industry
Single pane view of the most critical business data.
Effective Data utilization employing the large data sets already available with lenders.
Harness the power of data to deliver business results.
Tap into the forecasting abilities using ML/AI tools.
Readily available data on any device at any time.
Real time 360 degree view of the Mortgage Business.
Gain valuable insights to improve business goals.
Marketing cost will be cut down and conversion rate will be increased.
Increases efficiency and automation.
Improves customer engagement and retention.
Improves proactive accountability and enhances operational efficiency.
Mortgage Industry has been always apprehensive in embracing technology. The rising origination costs and regulatory compliance issues warrants the need of a technical solution to move the industry forward. BI dashboard is one such a powerful and dependable solution that offers many advantages, helping a lender stay competitive in this business environment.
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