1st Advantage Mortgage, Lombard, Illinois, has chosen to implement business intelligence technology by Motivity Solutions, Greenwood Village, Colorado, creator of a business management platform that helps mortgage-related companies get more business and more out of their business.
The mortgage industry faces many problems. First, the foreclosure/default wave continues. Combined, Fannie Mae and Freddie Mac still hold more than 180,000 homes repossessed through foreclosure (or REO) despite reductions in the third quarter. Second, new regulation shows no signs of letting up. For example, the Consumer Financial Protection Bureau is close to completing its redesign of the Good Faith Estimate form that home buyers receive after applying for a mortgage--but some industry groups believe the agency needs to test the disclosures on real loans. Lastly, the MBA predicts overall volume to be at a 15-year low next year.
1st Advantage turned to Motivity Solutions because the lender was in search of technology that would instantly improve its operations and bottom line, which it found in Movation, the flagship product of Motivity Solutions.
In an uncertain market, lenders need to implement technology to promote certainty. One of Movation's dash-boards is viewed daily by 1st Advantage's upper management to view lock activity and determine fluctuation in order to plan resources and manage its warehouse lines. The dashboard also shows trends in lock activity compared with loans that are submitted to processing to determine if there is a trend differential in lock versus float activity. This dashboard shows 1st Advantage the "bubble" as loans move through the pipeline.
Using this technology, 1st Advantage can determine activity and volume as the loans progress to underwriting and closing to compare trends/match resource allocation based on the trend analysis--one example of how 1st Advantage is using...