In a stringent Dodd-Frank regulatory framework, it has become difficult for lenders to churn adequate profit on per-loan basis. It is difficult to find the right balance between risk-free operations and keeping costs in control. However, many lenders are now taking help from superior data to understand what type of loans to sell and how to improve close ratios. However, even though the data is rampantly available, it can only be put to productive use after conducting some serious number crunching and analyzing the outcome.

In order to attain this objective, lenders have adopted advanced technology and incorporated smart systems into their lending processes to extract high quality information from loan files. With the help of these systems, incongruent data is collaborated into a single source and leveraged to achieve tactical objectives. Let us talk about the importance of data in simplifying the mortgage process and creating high quality loans.

Freddie Mac’s Loan Advisor Suite

Freddie Mac recently unveiled its latest offering, Loan Advisor Suite, a fully automated software that helps lenders determine if a loan meets their guidelines. This web-based tool covers the entire loan lifecycle and helps lenders gain operational efficiencies along the way. The loan advisor suite is designed in such a way that it accelerates the origination process by delivering actionable data in an automated fashion. It also improves reporting and monitoring on all origination activities.

Market Intelligence

The data helps lender determine if the prospective client has ever taken a home loan. In case they already have taken a home loan, the next step is to find out the lender who has their mortgage currently. This information along with existing liens on the property will help the lender get better understanding about the customer’s requirements and existing situation. The lenders can either use prospective borrower’s name and address to obtain that information or use property information database to get detailed information about their existing mortgage on each property. Through this data, the lender can determine which customers are eligible for line of credit or home loan. Based on this mortgage information, an analyst or marketing representative can segregate customers accordingly and send them appropriate marketing information.

Encouraging High Quality Loans

High quality home loans begin with superior data. When a lender validates property related information such as ownership and existing liens at the onset of loan, they are able to increase the quality of loans and accelerate the closing process. Online property research database can help lenders to quickly validate property ownership, its current liens and characteristics. It is helpful for lenders to get an idea of property values on a map to offer loan officers an estimation of ongoing value in the area.

Obtaining Necessary Documents in Timely Manner

Receiving all documents to complete the loan file in a timely manner can be a challenge for lenders. However, it is a necessary task to stay compliant with mortgage regulations. Lenders can streamline the process of acquiring essential documents by accessing online property database and use the full text function to find the relevant records quickly. In most cases, these are the documents that are required to complete the loan file.

What good is all this data without an analyst who can crunch numbers and make a valuable analysis? Expert Mortgage Assistance not only offers outsource mortgage processing service, but also provides advanced software solutions and expert analysis of its team members who have years of experience in the mortgage industry. Knowing how to use this information can be a game changer for your business. So talk to our experts today!