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By I EMERGENT 2,323 views

How Mortgage-specific BI Solutions are Changing the Industry

As technology takes over the business world, businesses are rapidly switching to software solutions to improve their productivity, enhance user experience, and drive more revenue. Like other prominent industries, the mortgage industry also leverages technology to create new opportunities for both lenders and borrowers, attracting more customers for lenders and offering better mortgage rates to borrowers.  

One of the most popular technologies of this era is Business Intelligence (BI). Business intelligence helps analyze data and produce actionable information for better decision-making and planning. Today, more and more mortgage businesses are turning to mortgage loan market intelligence tools to make better lending decisions. 

Curious to know how business intelligence is helping mortgage firms? Here you go:

Data Visualization

Lenders may find it challenging to analyze raw data and use it to make lending decisions, and that’s where Business Intelligence steps in. Data visualization, one of the essential elements of a business intelligence tool, makes life easier for mortgage loan officers by providing them with digestible data that is easy to understand and interpret, such as demographics, borrowers’ credit score, their spending limits, spending habits, loan history, probability of them defaulting on a loan, etc. 

With data visualization, you can turn unstructured data into well-crafted graphs, easy-to-interpret diagrams, data-based fever charts, valuable infographics, and more. It also eliminates the need to reach a conclusion using multiple independent data points by compiling all the independent data into a single report, making it easier for lenders. However, you should remember that you need a mortgage-specific BI tool to make sound mortgage decisions. 


Mortgage intelligence tools eliminate the need for using multiple tools to analyze market data. Lenders can gain improved visibility into loan volume and other relevant data such as demographics, borrowers’ credit score, spending habits, loan history, and more, create infographics and generate reports using a single tool. In this way, BI saves lenders a lot of time and effort, adding efficiency to their operations.

Another way BI tools help increase efficiency is by allowing businesses to improve their outreach efforts and make their marketing endeavors more effective. What’s more, lenders can access diverse trends, fetch insights for various mortgage scenarios, and identify high-potential opportunities instantly. In this way, a reliable mortgage intelligence tool can help lenders save time spent on attracting new customers while enabling them to focus on improving customer experience. 

Competitive Analytics

Gone are the days when evaluating your position relative to your competitors in the market used to be enough for creating growth strategies. Now is the time to dive deeper and gain transparency into specifics. 

What strategies are they using to improve customer experience? Do they have better ways to deal with road bumps such as a lengthy loan process because of inapt technology, lack of communication between members, unskilled staff, and more causing inefficiency and delay issues leading to losing customers? Is there something else you can take notes from? Mortgage BI tools can provide you with the answers to all these questions. 

You can analyze your competitors, understand the market composition, make data-based comparisons, and create strategies to drive growth. Based on competitive analytics, you can make agile decisions and prepare yourself for market fluctuation and economic uncertainties. You can further use this data to make the loan approval process easier and quicker for borrowers, ensuring better profitability for your mortgage company. 

Performance Tracking

It is essential to track your company’s performance – at the company level and the individual level. Is everyone performing as expected? Are all the teams working in sync towards a common goal? Is the company driving revenue as expected? 

Data analytics can help you measure your business performance over a specific time period. You can define a few success metrics and evaluate performance based on data. A BI tool makes it easy to determine the position of your business in the marketplace.

Process Optimization

Ensuring that all the mortgage applications are processed within a set timeline is essential to build trust and reliability among your clients. The more streamlined your processes are, the better are the outcomes. You cannot expect borrowers to prefer your company if you cannot process applications on time. That’s why it is crucial to keep an eye on your processes and ensure that all mortgage applications are moving forward as expected.

It may sound like a manageable task, but it is not — especially for firms with branches nationwide and a large number of mortgage loans in their pipeline. Again, BI is the way to go. Optimize the process and keep customers hooked — it’s that simple.

Wrapping up

The transition from the pre-pandemic time to the post-pandemic one hasn’t been a pleasant experience for most industries. Businesses that adapted to change using technology survived and are now improving their position in the market. Now, it’s time for you to take appropriate technological and strategic choices and step forward carefully. 

The first step is finding reliable mortgage software, such as Mortgage MarketSmart, the financial planning software by emergent, that blends the latest agent listing data, loan production officer performance data, and competitors’ market share information to ensure the best outcomes based on analytics. The next step is to create a robust business model that can withstand economic uncertainties.

i Emergent

iEmergent is a forecasting and advisory firm for the mortgage lending industry. iEmergent provides mortgage market intelligence built from the census tract level up.