Top 12 Mortgage Business Intelligence Mistakes :: Part 2

This is part two of a six part series on the most common mistakes that occur when evaluating, implementing, or using mortgage business intelligence (MBI). Today’s article covers data quality and remote access.

3. Implementing without a data integrity plan

This is a perfect example of putting the cart before the horse, and the effects can be as aggravating as they are costly. With all of the money spent on mortgage technology year after year, little if any is directed toward data quality initiatives. There are still a large number of lenders whose data integrity efforts are limited to policing loan level data only, and this has left many with a lack of awareness and understanding of the databases that ultimately store and help manage that data.

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While a good MBI provider can certainly come in and help you clean up your data, there are reasons why you don’t want to delay instituting a data integrity program. Data quality is a reflection of business process quality, and reengineering these processes takes time. Leaving these concerns on the table to be dealt with during an MBI implementation can bog the project down. Users won’t know if they can trust the data they’re seeing, and user adoption will suffer, even in the wake of a good analytics conversion effort. Help your MBI provider help you by taking the time to understand the state of your data and which contributing processes need attention before you begin your implementation.

4. Failing to account for remote users

Another common late breaking realization that often occurs sometime after an MBI rollout is that remote users can’t access the system, or that their user experience lacks functionality or performance compared to that of users on the network. This syndrome isn’t just limited to loan officers, as might be assumed. As time goes on, more and more loan participants are becoming at least part time field operatives, and people in management roles often find themselves in settings where they’re not connected to their corporate network.

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Beyond gauging current remote access needs, it’s a good idea to make provisions for future eventualities as well. Ideally, you’ll have a wide variety of options to connect full or part time remote users with their data. Automated email delivery of dashboards, scorecards, and other data should be a standard feature of any MBI platform, and the better systems will make certain that each user only receives data that complies with their security privileges.

To ensure they’re keeping pace with best practices in terms of system architecture, look for MBI vendors who adopt a ‘mobile first’ philosophy, in which the system will adapt to whatever device a user happens to be using. This progressive approach entails beginning with the smartphone experience in mind, and retrofitting that design to more robust devices like tablets and eventually PCs, instead of trying to force views designed for PC screens onto a mobile platform.

About The Author

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Jon Maynell

Jon Maynell is a mortgage industry veteran, with over 25 years of experience designing, marketing, and writing about mortgage technology. He is currently Vice President of Client Services at Denver-based Motivity Solutions, Inc. He can be reached at 303-721-9000, or jon.maynell@motivitysolutions.com.