in Blog, Guides, Metrics & Trend Data, Performance Management by Kelley Mangel
In Data We Trust: Why Mortgage Execs Need to Harness the Power of Their Data

In Data We Trust:

Why Mortgage Execs Need to Harness the Power of Their Data

These days, it’s all about data.

As mortgage companies become increasingly digitized, lenders have more operational information at their fingertips than ever before. Of course, having data is one thing. Doing something meaningful with it is another. In today’s highly competitive market, mortgage executives must be able to aggregate and analyze the wealth of data at their disposal and compare their findings with the industry at large in order to make smarter business decisions.

For example, the MBA’s most recent Quarterly Mortgage Bankers Performance Report showed that independent mortgage banks and bank mortgage subsidiaries posted an average pre-tax 8-basis-point production loss in Q1 2018. Without this knowledge, a lender that posted a 6-point loss over the same period might assume they need to make drastic changes when, in fact, they are out-performing their peers.

Alternatively, a lender with a 9-point loss might assume the entire industry is down and not make any changes, which could prove costly in the long run. Knowing how the industry is performing as a whole helps individual lenders assess their own performance and make adjustments accordingly to ensure they remain competitive.

At LBA Ware, we’ve always believed in the transformative power of data. That’s why we included industry-leading tools like branch and LO scorecards and advanced reporting in CompenSafe™ in addition to building out our system integration platform LOS Talker™ to ensure the seamless exchange of data between disparate systems.

Our belief in data is also why we were eager to help our partner The Mortgage Collaborative enhance the benchmarking tool it offers to its Lender Members. Today, TMC Benchmark 2.0 enables TMC Lender Members to automatically extract their data from their LOS into to the platform and receive a customized monthly benchmarking report. As our CEO & Founder Lori Brewer noted in the announcement regarding TMC Benchmark 2.0:

Providing visibility into data is at the core of LBA Ware’s mission, and we’re eager to help TMC fulfill a similar vision through the re-design of TMC Benchmark. TMC Lender Members will not only get a better handle on their own data, but also see how their metrics stack up against their peers so that they can have honest and open dialogue on how to remain competitive in their markets.

All this talk about data got us thinking about the data we collect by virtue of our client relationships with many of the nation’s top lenders. How could we harness the power of the data we have at our fingertips to help our clients better incent their employees and maximize both efficiency and profitability? Are there insights to be gained from analyzing the top-tier and bottom-tier performers of lenders’ sales teams?

Over the coming weeks, we’ll be sharing the answers to these questions with the industry, including at this week’s TMC Summer Conference and the MBA’s HR Symposium in September. If you’re ready to get the inside scoop on our discoveries, contact our sales team to meet one-on-one at either of these shows or schedule some to chat with us directly.

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