How Mortgage Loan Officers can Leverage Data into Action
The mortgage industry runs on data, and there is a lot to consume to understand what is going on in the US housing market. There are no shortages of companies putting together reports and offering different data perspectives to help you run your business. With all of those resources available it could be easy to be paralyzed by all the information. Borrowers are becoming more and more sophisticated about mortgages and the housing industry, so lenders must provide a unique value. While it is important to be informed, understanding how to use that data to make business decisions is difficult. How can a mortgage professional understand where to receive their information, which information is relevant to their business, and how to take that information and make a business decision? Let’s break down how to evaluate data and filter out all the noise to find the most pertinent information available.
- Personalization - Data and information that takes a collection of information and provides generalized outcomes can only provide guidance to a mortgage professional. Data must be more granular, specific, and even personalized to create a new understanding of what is going on in the market and how a business entity is functioning within that market. An example, knowing that an average of data point X across the span of the entire US, doesn’t mean that it is applicable to a single individual. You might be the outlier that is driving that action into a certain direction. Find a resource that can provide personalized data.
- Relevancy - While understanding what is going on in the mortgage and housing market may be interesting it doesn’t mean that it is applicable to every mortgage business. Deciding what data is truly important based on your business is imperative to make the best decisions. General averages, medians, and broad demographic data covering the entire US doesn’t help mortgage professionals understand what they should be focusing on to improve. Find relevant data based on your location, mortgage bank size, referral partners, products sold, and loan volume to really understand the insights.
- Action - So you have personalized and relevant data, now what do you do? Great question. Data should empower revenue generating action of some kind. Whether it is shifting processes to increase efficiency, investing in new technology to drive attribution, or directly generating more opportunities to generate revenue. Actionable insights must empower business so they can operate with confidence, and reach their goals leveraging intelligent strategies. Without actionable insights, someone might as well just be reading the newspaper.
TrustStar is empowered by an artificial intelligence platform that takes all of these variables into consideration. Artificial intelligence without purpose and application is just a collection of data without a home. Mortgage professionals can leverage the TrustStar application to receive a personalized experience, identify relevant data points, and take daily action against their data. TrustStar was built to uncover information so mortgage loan officers could uncover what they are missing in their market. Don’t get caught up in the data/information white noise. TrustStar provides actionable insights so mortgage professionals can grow their businesses.