DataTrac Dashboard Empowers Mortgage Services III
to Make Better Business Decisions, Operate More Efficiently
Company
Mortgage Services III, LLC (MS3), is a medium-size retail and wholesale mortgage lender based in Bloomington, Ill., and is a majority owned subsidiary of First State Bank.
Challenge
Executives at MS3 found that in order to achieve significant increases in efficiency across their lending organization, they needed to have a deeper understanding of their operations before they could make effective business decisions.
Rebecca Crain, vice president of Systems and Compliance for MS3, knew that in order to gain the insight necessary for effective change, the company would have to invest in a management oriented reporting solution.
“We wanted a solution that would instantly give us all the information we needed without requiring people to collect data and compile reports,” said Crain. “We wanted to implement a system that could quickly, automatically, and accurately present key business metrics in an efficient, easy to read format.”
Solution
MS3 selected DataTrac Dashboard, Del Mar DataTrac’s business management dashboard for mortgage lenders that could integrate with DataTrac®, the platform they leveraged to automate their lending fulfillment workflow.
Results
Since its implementation, DataTrac Dashboard now empowers the management at MS3 to quickly and easily review key metrics for the company, presenting up-to-date, business-critical information through the company’s private intranet. Users can view the business as a whole or narrow their focus to a particular division. Reports and queries produced by DataTrac Dashboard allow executives to view production volume, pull through rates, fall out by stage, turn around times and locks that are at risk of expiring.
“DataTrac Dashboard provides us with an unprecedented view into our operations, with information that is quickly produced and to-the-point in a format that is easy to understand,” said Crain. “Before we began using DataTrac Dashboard, we examined performance metrics once a month with reports that required at least three people to produce. With DataTrac Dashboard, everything is available at a glance through web browsers, and automatically downloaded into a spreadsheet format with the click of a mouse. Our users can create reports as often as they want without people having to spend time compiling data and information.”
As a direct result of the detailed information presented through DataTrac Dashboard, MS3 executives have been empowered to make better, more informed business decisions. One popular report, for example, provides a score card detailing an originator’s performance including application volume, pull through rates, and loan product mix. With this information in hand, determining the value of an originator is no longer based on a gut feeling.
According to Crain, because of the knowledge gained from DataTrac Dashboard, MS3 now operates more efficiently. The information that is provided to executives allows the organization to better monitor and identify what drives the profitability of their business. She feels that DataTrac Dashboard provides MS3 with access to the accurate, timely information it needs to make the right decisions.
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