Mortgage Professionals Discuss Why Lack of Accurate Data Tracking Hurts Branches

October 8, 2020

Mortgage branches across the country are often relying on outdated information to make critical business decisions. This results in staff spending too much time and money trying to collect data to forecast loan close times and provide loan status updates.

To highlight this, Special Agent X spoke to a few of its customers about the problem and how the X-Ray intelligence platform is solving it.

Rolanda Legg is VP of production with First Arkansas Financial/FirstTrust Home Loans. Legg, who said FirstTrust appreciates the amount of visual content you get at the touch of a button with X-Ray, said they struggled for many years to get accurate data up until now.

“With the old way of doing things, you had to commit time to building reports with limited fields and then you were forced to filter and re-filter until you had the specific information you were needing. We were often delayed in reporting to our groups in a timely manner at the month’s end, as well as quarterly and annually,” Legg said. “It was extremely difficult and time consuming to drill down to each role in our company. We also had no true way of tracking timeframes to determine where the inefficiencies were in the process.”

Bob Siefert, Sr. vice president of Guarantee Mortgage, said the lack of accurate data tracking and reporting in the mortgage industry is “a big problem.”

“Mortgage branches need to know how many loans have been originated and what stage of the process those loans are in, such as determining which loans have been sent out with documentation and which are scheduled to close,” Siefert said. “This type of information gives you an idea of where your business is at so you can properly forecast. Trying to collect data about your branch has historically been a cumbersome process and because of that it falls by the wayside.”

The X-Ray intelligence platform transforms massive amounts of data warehoused in a variety of different systems into easy-to-understand, easily accessible analytics and reports that drive top-level decisions at mortgage companies/branches. It is optimized to interface with the most commonly used loan origination systems and customer relationship management systems and accounting systems, such as Encompass, Salesforce and QuickBooks.

So how has it helped Legg and Siefert?

Legg said it is all about accurately following their pipeline of loans.

“It helps manage our pipeline flow of volumes for our different roles and knowing when we need additional staffing. It also assists us in identifying areas that need attention in terms of turn times in the milestones of the loan manufacturing process,” Legg said. “It gives us our time back as we no longer are tied down to manually preparing reports, even with the assistance of our loan origination systems.”

Siefert, who said he finds X-Ray easy to use because he likes the personalized dashboard tiles, has been able to identify where delays in the loan cycle are occurring.

“X-Ray has allowed us to track originations and new loans coming in. We are now tracking whether we’re having delays in processing. We can see how many days we might be out in processing and it helps manage our locks so things don’t get extended,” Siefert said.

X-Ray allows mortgage branches to quickly forecast close rates in order to evaluate progress. Its benchmarking tools allow mortgage professionals to quickly get accurate reads on the close of loans and projected close rates. It also features a goal report based on historical performances. This feature assigns grades to the production of various employees at a branch based on their goals. It can be set to give exclusive viewing rights to managers to help quickly evaluate employee productivity.

“This is very cutting-edge for business intelligence reporting,” Legg said.

If you are ready, like these mortgage leaders were, to streamline loan life cycle monitoring and diagnose bottlenecks in the loan process, then sign up for a free demo of X-Ray. Get your mortgage branch/business organized!

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