Where is Insight Hiding in Your Business?
If you are managing a mortgage origination business, no one needs to tell you that things are getting tougher. You’re dealing with tighter margins, production volume is down while costs, driven primarily by compliance, are up.
Compass Analytics recently reported that production volume for its clients was down in March by 20% from the February peak. Factor in a decreasing percentage of refinance business and you’ve got the makings of a cage fight where only the very best originators will come out of 2016 looking good.
Uncovering the information that helps you make better decisions is key to success in today’s mortgage business. But where do you find it? The good news is that it’s hiding right now in your accounting software.
That’s right, information you can use to build a stronger business is available to you right now hidden in your General Ledger. The problem is that most accounting software doesn’t help you get to the insights you need.
We recently wrote an article about this that will soon appear in the pages of the June issue of National Mortgage Professional. It might surprise you to learn that you don’t really need complex analytical tools to find business insights hiding in your loan level data. All you need is the right accounting software.
By Carl Wooloff
About the author:
Carl Wooloff is Mortgage Bank Accounting Technology Product Specialist at Bestborn Business Solutions, the company behind Loan Vision, the mortgage industry’s fastest growing provider of accounting and financial management solutions. Carl can be reached at Carl.firstname.lastname@example.org.
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With Loan Vision, growth has been facilitated through allowing the business to run reports and extract key data quickly and efficiently"Oystein Konsmo, Chief Financial Officer, NOVA® Homes Loans
Moving to the latest version of Loan Vision will allow us to automate more and get more information to the decision makers in the branches without them having to reach out to the head officeOystein Konsmo, Chief Financial Officer, NOVA® Homes Loans