In baseball, the mantra is simple: “You get on base, you win.” The same could be said for mortgage lending—except getting on base means closing more loans. So how do you know which loan officers will bring in those wins?
When it comes to managing production loan officers, data should be your best friend.
Are your loan officers hitting their daily touchpoint goals with prospects? Are they responding to inquiries quickly enough? How do business referral partners feel about working with them? While many lenders already track basic performance data, such as the number of closed loans, that’s only part of the story.
Loan origination success is about consistency, which is why tracking behaviors—like phone time, outreach frequency, and customer satisfaction—can provide deeper insights into an LO’s potential for success.
More importantly, predictive analytics tools, powered by data science, can identify patterns in these behaviors that predict future performance. This helps branch managers make smarter decisions about which LOs to invest in and coach to better outcomes.
Why External Data Completes the Picture
With internal performance metrics, you’re only seeing part of the game. What’s happening outside your company is equally important.
To understand what’s driving (or inhibiting) loan closings, you must also look at external data—competitor analysis, industry trends, and customer sentiment.
A solid SWOT analysis, combined with gap analysis, helps you measure how your loan officers stack up against competitors. What are borrowers in your market really looking for? And how do you measure up against that?
Data science tools can pull this external data into your strategy, giving you the insights needed to refine your approach, offer more competitive services, and ultimately get more borrowers to the closing table.
Success in mortgage lending, especially in origination, is a matter of leveraging the right data. By integrating both internal and external data sources—and applying advanced analytics—you’ll turn loan origination into a science, not just a numbers game.
The numbers can quickly get out of control without a disciplined approach to data gathering and analysis. It’s what we set up RBI to do. To find out more, see our feature article in Scotsman Guide or reach out to us directly at info@rbiplaybook.com.
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