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Mortgage Solutions Aren’t Just for Mortgage Companies

By Joy Dowling |   Wed, Jun 27, 2012 @ 02:40 PM

We are seeing more and more banks and credit unions getting into the mortgage game. Credit unions and banks have been slowly growing their mortgage customer base during the past few years and are reaping the benefits.

According to a recent report by Callahan and Associates, in the first three months of 2012 credit unions originated over $26 billion in first mortgages! Banks and other housing finance companies are also seeing increased originations. (http://www.cutimes.com/2012/05/29/mortgage-market-share-grows-for-credit-unions )

Why? Because customers love one stop shopping and that includes their lending needs. I recently financed a new car and while processing my loan, the loan officer mentioned that they have retirement investment options and other services, including mortgage solutions. While I was there just for the car and had no intention of changing my mortgage or investment services, I still took the literature and ended up re-evaluating my existing options and changing over to their offering. Who knew?

To support a variety of mortgage solutions and consumer loans and track organic growth opportunities, lenders need up-to-date technology. Business intelligence tools are embedded in some of today’s mortgage solutions and are well worth investigating.

Business Intelligence (BI) involves determining what data is important and analyzing that data to learn more about the business and its customers. This leads to the discovery of new opportunities in all areas of the business enterprise. BI allows a business to enhance visibility of organizational strategy and align actions with that strategy.

Small actions such as reviewing my account and advising me about other offerings are smart business intelligence actions and they result in big payoffs for the lending institutions of all types. 

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Topics : mortgage solutions, consumer loan, business intelligence | 0 Comments Read More

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