by Jon Maynell | VP of Client Success
Compliance with TRID demands that lenders tighten up their processes to an unprecedented degree, and nothing delivers efficiencies faster than MBI.
In a compliance driven industry, there are an array of tasks within each business transaction that simply cannot wait. The mortgage industry is dealing with more deadlines than ever before, setting the stage for procrastination when it comes to non-transactional tasks or projects. The projects that tend to be put off most often are technology initiatives.
Believe it or not, NOW is the perfect time to implement mortgage business intelligence (MBI). Here are the top five reasons why you should consider supercharging your analytics with MBI sooner rather than later.
1. Time to Benefit
With the advent of prebuilt solutions to the MBI marketplace, time to benefit is no longer a concern. I’ve seen MBI installations that take less than a week to configure, and more importantly didn’t require more than three to five man hours of participation on the part of the lender. The ensuing consulting and training shouldn’t require more than three or four hours of anyone’s time during any given week, and process time saved after the first month should more than offset this minor time investment.
2. Stress Reduction
We know that working in this industry is stressful, and no matter what your role, the chief source of stress is lack of time. Companies tend to run as lean as possible, so tasks and transactions live on the fine line between “just in time” and “perpetually late”. MBI is like a time dispenser. With so many man hours spent on individual spreadsheets and reports, automating these manual processes will quite literally add hours to an organization’s workday, which not only reduces stress, but also opens up more bandwidth for additional transactions.
Recent and ongoing compliance changes have given rise to an alarming number of manual tasks. Those seated at disclosure desks not only execute most of their tasks manually, they also track them manually. Tracking trigger dates and managing redisclosures is incredibly time-consuming. Automating these tasks with MBI not only saves time, but also reduces errors.
4. Return on Investment
Another clear reason to launch MBI sooner rather than later is that it’s still new enough to be unusually inexpensive. Compare the pricing for MBI with similar platforms in other industries. If you’re looking at best of breed systems that offer both prebuilt solutions and an easy to use customization toolset, the price difference is quite striking. But as MBI gains traction in this industry, prices won’t be this low for much longer.
5. Cultural Improvements
Words like “fun”, “exciting”, or “inspiring” aren’t generally used to describe the mortgage industry, but I’ve seen firsthand the effect that MBI can have on corporate culture and organizational dynamics. MBI is all about changing perceptions and behaviors by shifting mindsets from task oriented to goal oriented thinking, and working with the end in mind is a well-known method for becoming more effective and successful. As people become more effective and successful in any setting, the flow of positive energy is an inevitable and welcome side effect.