Implementing Operational Analytics for Automating Mortgage Due Date Tracking
Peter Johnson- Jan 7, 2024
- 4 min read
Missing the due date in the mortgage industry can lead to a significant financial setback.
Making sure no task is neglected is essential for efficient mortgage operations.
For this issue, I will discuss the use of Operational Analytics in the mortgage operations field to automate the monitoring of due dates.
This issue is comprised of three components:
I am confident that Operational Analytics can be utilized to facilitate the tracking of due dates automatically and determine if its use could be advantageous to your mortgage operations.
Prior to making an effort to mechanize any action, it is advisable to identify what is necessary to be done.
My analysis to respond to these inquiries can be seen below.
Loan originators must adhere to a variety of dates while processing mortgages.
The due dates usually originate from:
Below are some examples of dates:
For all deadlines, the method of monitoring is:
Due to the abundance of due dates, it can be difficult to recall them all.
When mortgage lenders fail to meet deadlines, there can be negative consequences.
For example:
Failure to submit on time leads to negative consequences.
My investigation revealed that the traditional technique for keeping up with deadlines involves...
Members of a team oftentimes keep tabs on due dates utilizing their own techniques in addition to those mandated by the organization.
The biggest drawback of the solution is that it requires manual input.
Due to its susceptibility, errors made by humans are common.
The likelihood of mistakes made by humans may not be great enough to be concerned about at a lower quantity.
The more loans in progress, the greater the likelihood of something passing unnoticed.
No discernible expenses are attached to the present solution because it utilizes existing tools like LOS or complimentary ones like Google Calendar and Spreadsheets.
Yet, certain oblique expenses stem from the manual nature of the answer.
Operational analytics is a type of business analytics that concentrates on enhancing the company's daily operations.
Traditional analytics focuses on simplifying data from the past to comprehend past progress and create strategies for the future. Conversely, operational analytics is concerned with the utilization of real-time data for optimizing existing procedures.
Analyzing mortgage operations with the goal of improving them is the primary focus of operational mortgage analytics. data, models, and technology.
Operational mortgage analytics is constructed from three essential parts: data, models, and technology.
Real-time data serves as the basis for Reporting and Automation.
Typically, the data utilized in operational mortgage analytics is structured in the form of:
The output of the Data generation process is Data.
Collecting data from previously existing sources such as loan origination systems, point of sale systems, etc. is known as data creation.
The content is then scrubbed, improved, and changed into a form that can be used for Reporting and Automation.
Using reporting, you can get answers to questions like:
You can obtain them quickly.
Data visualization leads to reporting.
Creating visual representations of data is the purpose of data visualization.
Automation allows for the conversion of processes to be operated, diminishes the possibility of human inaccuracy, and liberates the team's time.
Here are some illustrations of Automation:
Data Activation leads to automation.
Data activation involves the automation of functions that are triggered in response to real-time data.
Operational analytics enable you to calculate and store due dates automatically as changes occur in your LOS or other system.
It utilizes automated gathering of upcoming activities, in which, based on the present-moment loan behaviors, future activities are generated.
You can use real-time loan activity to determine upcoming due dates (future activities).
Then, calculate the due date automatically based on the:
Future activity can be captured automatically, providing a feed of due dates that can be used later for report generation and automation purposes.
You can create reports based on incoming due dates from the automatically generated feed of future activities.
These reports offer a concise summary of the status of each loan within the pipeline, including if any action is needed.
By using these reports, you can seek answers to queries such as:
It is possible to view your due-dates reports in either a timeline format or a table format, allowing for greater understanding. Examples of these are included below. It allows you to view and track your tasks in a timeline format
You can use the timeline view to check the progress of your tasks and view them in a timeline format.
A table view can be utilized for displaying data in a structured manner.
An example of a table view is one that is used for displaying data in an organized, orderly fashion.
An example of a table view is the second one.
This second example is a table view.
You can employ a mixture of filters such as those listed below so that you can narrow your results as much as needed:
Deadline type (task type) can be a great investment for those looking to make some money.
Investing in loan properties can be highly profitable for those looking to generate income. do you think we will be able to look?
What scope of the future do you think we will be able to perceive?
You can set up automated EMAIL or SMS notifications to be sent out when due dates for future activities are approaching, as determined by the auto-generated feed.
This system is based on the idea of alert notifications which are activated when predetermined conditions are satisfied, like:
You have the option of initiating alerts based on the amount of time since activity has occurred in order to send notifications for items that do not have a definite deadline but require prompt action.
For instance, trigger an alert if a Loan is funded and not sold within a period of 7 days.
Once alert triggers have been set up, they will monitor the ongoing event stream, causing an alert to be triggered when predetermined conditions are met.
Alerts can be used to initiate automation that sends out SMS or email messages through a workflow automation system, like Zapier.
Due dates are recorded and updated regularly in one place, so you always have the most up-to-date information.
Even if someone is absent, it is still straightforward to access their due dates and keep operations running without issue.
This post was intended to provide understanding of the potential of Operational Analytics for automating the task of due-date monitoring in mortgage operations.
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