If you don’t track your data as a branch manager then you will not know the status of all of your loans and you will not be able to properly forecast.

These two things are vitally important to making sure a mortgage branch runs smoothly. If data is tracked, people are held accountable and loans are closing on time, then the consumer benefits and that is good for the bottom line.

Many branch managers are already tracking their data, but how they do it can sometimes be a problem. This is because they are having to add administrative positions as their mortgage pipeline grows or they are using some of their most talented staff to dig through spreadsheets in order to get accurate reads on the status of their loans.

How much time are your loan officers wasting by getting bogged down in spreadsheets? It’s a question some branch managers may have not even thought to ask. It’s a real problem though.

To do a typical dive into loan information a loan officer will review the customer relationship management software and loan origination system. What is important is how much time it is going to take to find the loan, collect any actionable information and then talk to the necessary people to get a complete update on the status. The people they may need to talk to include the processor, underwriter, real estate agent and/or the borrower – that means they are up to four to six touch points and the clock is ticking. By the time data is extracted and all of the necessary parties have provided input, there’s a chance that three more business days have gone by and the information being used to make critical business decisions is now aged and inaccurate.

Mortgage professionals have expressed to us that building reports with limited fields often force them to filter and re-filter until they have the specific information they are needing. As a result, they are often delayed in reporting to their groups in a timely manner at the month’s end, as well as quarterly and annually. It can be extremely difficult and time consuming to drill down data and even then, there may be no true way of tracking timeframes to determine where inefficiencies are in the process.

So yeah, it’s a big deal to not only track data, but do it efficiently.

How do you do it efficiently?

Use the X-Ray Mortgage Intelligence Platform.

X-Ray enables mortgage branches/businesses to close more loans and decrease operational overhead. X-Ray does this by allowing mortgage branches to quickly forecast close rates in order to evaluate progress at the touch of a button. It also features a goal report based on historical performances. This feature assigns grades to the production of various employees at a branch based on their goals. It can be set to give exclusive viewing rights to managers to help quickly evaluate employee productivity.

Here is what one of our clients told us about X-Ray:

“It gives us our time back as we no longer are tied down to manually preparing reports, even with the assistance of our loan origination systems.”

Sign up for a free demo today to see how X-Ray can give your loan officers their time back.

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