How Mortgage Data Analytics Improves Lender Profitability

Analyzing Excel spreadsheets? That’s a thing of the past in the mortgage sector, which increasingly relies on industry-specific analytics software to identify patterns in day-to-day operations. Experts predict the analytics software market will reach $177 billion in revenue by 2030, and mortgage companies are major contributors to this trend. 

Still haven’t incorporated this technology into your workflows? Now’s the time to do it! 

Benefits of Advanced Analytics in Mortgage Businesses 

Here are some benefits of mortgage analytics for growing your business and improving profitability, productivity, and performance.

Understand Customers Better

To better serve customers, mortgage companies should understand what they want and how they think and behave. Only mortgage analytics software can really do this because other methods, such as surveys and focus groups, aren’t comprehensive enough. 

The best software on the market provides a holistic view of the borrower as they move through your mortgage loan lifecycle, from pre-application to completion. At every step of the customer journey, you can learn how borrowers engage with your loan officers and use these insights to provide even better service in the future. 

Nexus Vision, part of the SimpleNexus software suite, provides turnkey mortgage metrics about customers’ actions during every touchpoint. Learn how long it takes borrowers to apply for loans, for example. Or which borrowers generate the most profit for your data-driven business. 

With Nexus Vision, everything you need for clearer customer insights is right there, including:  

  • Reports 
  • Dynamic dashboards 
  • Data visualizations, 
  • Contextual comparisons
  • Role-based scorecards

You can integrate Vision with your loan origination system (LOS) for even deeper customer data dives and access actionable KPIs that provide the highest level of customer intelligence. 

Nexus Vision isn’t just great for providing insight about borrowers. It generates insights about branch and company performance, including team member productivity and loan commissions. 

Analytics for the Mortgage Industry: Understand Your Business Partners

Now you know what your customers are doing, what about your business partners? The greatest mortgage analytics tools provide real-time information about realtors, referrers, lead sources, and other businesses that work with you during the loan origination process. 

For example, you can learn where your top referrers come from and which ones deliver the highest-quality leads for loan officers. That helps you discover which partners are the most profitable and which ones you might not want to work with again in the future. 

Nexus Vision also generates turn-key metrics about business partners through its simple analytics software that any loan officer or mortgage professional can use. 

Use it to get greater clarity about the external companies you work with. This mortgage data analytics tool auto-generates an incredible number of KPIs that uncover insights about your partners, including:

  • Buyer agency conversion rates
  • Lead source volume rates
  • The number of loan applications that originate from leads
  • The number of funded loans that originate from leads. 

Make Smarter Decisions

By accessing entire loan pipelines away from your LOS, you can make more informed decisions that grow your business. 

For example, discovering how long it takes for loan officers to fund a loan after a borrower applies for a mortgage will help improve this timeline and generate more revenue in a quicker timeframe. Alternatively, learning which team members perform the most poorly in your organization might encourage you to invest in additional training and boost workforce productivity. 

Nexus Vision is one of the best mortgage analytics tools for better decision-making. With its wealth of information, you can quickly identify trends and patterns in the data sets in your organization and make choices that grow your business. You could make decisions that save money, better use labor and resources, and strengthen your mortgage origination workflows.

One of Nexus Vision’s best mortgage data analytics features is its Pipeline module, which lets you track loan pipelines without logging into your LOS. You can view your pipeline at a glance at any time or drill down deeper for more granular insights that improve decision-making. 

Companies like Texas Credit Union, Pinnacle Bank, and AmCamp Home Loans all rely on SimpleNexus’ products to make smarter choices that influence growth. 

Save Time

If you’ve been in the mortgage sector for a while, you might remember basic software tools that provide unuseful analytics for mortgage operations. Before that, Microsoft Excel and other computer programs were the only real way the industry could identify mortgage patterns and trends. Thanks to advanced mortgage analytics solutions like Nexus Vision, data has never been more accessible. With this software, you can reduce the time it takes to crunch numbers manually and create spreadsheets about loan processing insights!

The mortgage process itself, from application through closing, currently takes anywhere between 30-60 days in most cases. However, customers are becoming increasingly impatient for loan approval, especially in hot markets like New York City and Los Angeles, where homeowners can take their properties off the market without any notice and re-sell them at a higher price. That’s why you need to speed up the loan origination process as much as possible with digital solutions.

Mortgage analytics software like Nexus Vision requires little manual input because they sync with your LOS, meaning they already have the information required for data analysis. That lessens the time it takes to generate insights and better serve customers. By understanding customers better through tools from mortgage analytics companies, you can reduce loan origination times and close deals quicker. It’s that simple. 

Simple Nexus: The Best Analytics Solutions for the Mortgage Industry 

Ditch Excel and basic analytics tools and invest in a good mortgage analytics platform for profitability, productivity, and performance. The best tools on the market help you understand customers and partners better, improve decision-making and reduce the time it takes to complete the loan origination process, which is essential for satisfying impatient customers! 

Incorporating this technology into your mortgage business could be the most constructive thing you do this year. 

Nexus Vision, part of Simple Nexus, provides end-to-end analytics for mortgage industry, increasing profitability, productivity, and performance across your business. Download the Nexus Vision product sheet to learn more about the features of this mortgage analytics platform, or schedule a demo today.

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