The problem in the mortgage industry isn't that we don't have enough data -- it's that we often don't have the right data in the right place
Today, in the mortgage industry, we have no shortage of data. Each department within our organizations has its own systems for capturing and storing data that can be used for various applications. Sales has its LOS that can store information about the pipeline of borrowers. Accounting has software that stores financial information. We even have sophisticated statistical software that can help management make high-level informed decisions.
The problem isn't that we don't have enough data; the problem is often that we don't have the right data in the right place. Perhaps a loan originator needs information from the accounting department but cannot access it because it's in a different system. Or, vice versa, perhaps the accounting department needs something that it is stuck in the LOS. Oftentimes, the data existing independently in these different sources leads to less efficient operations and unnecessary repeated activity in capturing data. Does everything really need to be stored on a different system?
The fact is that different software is tailored toward different applications, so it makes sense that each department would have its own system. That being said, the best software applications will be able to connect to other software applications. The functionality of the software doesn't need to be shared, but we should be able to share the data across systems. Can you imagine how much time you would save if you didn't have to ask someone from another department for information that your company already has? Look for systems with great data integration -- it will save you a great deal of time and a whole lot of headaches!
