Who hasn’t experienced this situation? You go to assemble a piece of furniture armed with a dozen screwdrivers, wrenches and hammers and you discover the job requires the one Allen wrench size you do not own!
What does this have to do with technology and the mortgage industry? Imagine the same situation when it comes to solving tough questions concerning loan quality and compliance.
We all know that the mortgage industry is a data-intensive business. But, it’s not enough to have lots of data. You must have the right data, in the right amount, for the job you want to perform.
HMDA analysis, Post-Close QC, Pre-Close QC, underwriting a new loan, all require vastly different data sets. You may be awash in data, but do you have the appropriate data for the job at hand!
The problem is compounded for companies with multiple lines of business and multiple reporting needs, as each requires different data sets. You may have the information you need to perform a Post-Close QC analysis of loans, but will that help you answer questions about HMDA compliance? Not likely.
Its easy to say that we should simply extract all the data on every form, but that is the same as buying every tool ever invented. Do you really need a cement mixer if you live in an apartment?
A better answer is to have intelligent processes and technologies in place that are capable of extracting exactly the data you need to solve the problems you face.
Building systems from scratch, tailoring data extraction to a given project is difficult. Building such systems requires deep knowledge of workflow engines, programming languages, intelligent systems, and processes, hosting environments, workflow processes and, of course, the mortgage industry.
Would you try and build your own Allen wrench set? Even the most die-hard do-it-yourself person knows better than that. You buy the tools you need, freeing you to solve your building needs.
A similar argument can be made concerning data extraction. Why build your own, when so many excellent systems already exist on the market?
LoanLogics has been building systems for years which are capable of extracting exactly the data required to provide answers to the business problem you are trying to solve. We have been doing this for years!
Make sure you have the right data for the right job!