If you feel paralyzed by decision-making in today’s tough landscape, it’s time to double down on data. Not only will metrics-based insight help you move your business forward with confidence, but it will drive you towards opportunities your competitors may not see. In other words, access to data will be game-changing as the market moves towards a reset.
Not all data is created equal, though. If the data you and your team are consuming is convoluted, manually pulled and analyzed, and hard to decipher, it’s not serving its purpose. Instead, data needs to be easy to consume and understood by lending professionals in various roles. After all, its purpose is to drive action.
Become a market expert
You may be attuned to the general stats around your individual lending business, such as volume of loans and pull-through rate. In today’s market, that’s not enough. In addition, you need to educate yourself on the wider housing landscape to break through to new opportunities.
“Start paying attention to more than your pipeline,” advises theLender EVP and Co-founding Partner Chris Ledwidge. “Whether you’re following HousingWire, Dave Savage, the Fed, or a number of other experts, it’s crucial to educate yourself on trends in the market at large.”
As an example of market data that drives action, Chris cites America’s growing debt bubble. “Student loan payments are set to resume in October, and unpaid credit card balances recently soared to a record $1.03 trillion. That level of debt absolutely drives home buying decisions and activity. If lenders want to find remaining opportunity in today’s market, they need to be studying this kind of data and asking, ‘Due to these trends, where will production exist in three, six, and nine months?’”
Understand your lending business at a glance
Of course, digging into the ins and outs of your lending activities is still highly important—but those insights need to be clear and actionable to your team. For instance, if data is only accessible through manual methods that require serious effort to unpack and analyze, it’s probably not driving the business forward.
“If you’re a branch manager or operator and don’t have Maxwell Mortgage Intelligence or something comparable, and you’re digging that information out of your LOS or it’s on a spreadsheet you’re emailing back and forth to different departments, you’re going to get gobbled up,” says Chris. “You need to be able to zoom in and out as quickly as possible. You don’t have time to deliberate on decisions right now. Deliberating on decisions results in greater loss and not being able to turn the next corner.”
Insights produced by solutions such as Maxwell Mortgage Intelligence—a business intelligence platform for mortgage leaders that seamlessly integrates with their existing infrastructure, identifies trends in team performance, and streamlines financial reporting—will be invaluable to reducing leakage and unearthing opportunities in the market. Are you equipped with the accessible data you need to drive decision-making as the market turns a corner?
Learn more in our new guide
Our newest guide includes advice from Maxwell Co-founder & CEO John Paasonen, mortgage industry veteran Rob Chrisman, Chris Ledwidge, and more to help you drive fresh leads, find new borrower business, and renew your business plan as the market turns a corner.
Get your free copy to learn:
- 3 key tips to help your lending business fill its pipeline with new leads, taking into account fast-changing marketplace trends
- The borrower segments that are still rising in the housing market—and ways to better connect with these audiences
- How to better leverage data to avoid analysis paralysis and make confident business decisions
- Why serving more markets, including affordable locales, will be invaluable to winning borrower business as the market continues to evolve
Get your free copy of Maxwell’s 2024 Lender Playbook: 4 Tips to Drive Profitability in a Recovering Market