Monday, April 19, 2010

Importance of Reports

It's far from the glamorous side of the business but solid reporting is essential for all mortgage bankers. Reporting related to pull-though and conversions can, should, and needs to be broken down at every level with the appropriate variables. This should come as no surprise for mortgage bankers. Why do you think investors and warehouse lines offer such in-depth, detailed reports based on locks, volume, and time on the line? Why do you think the account reps treat these reports with such importance, if even just one item is outside of tolerance/norm?

Key Areas Of Reporting:
-Sales/Loan Officers
-Appraisal Orders

Strong reporting will help bankers better manage their business. These reports will highlight flaws and issues, allowing management to strategize on how best to "plug the holes" and become more efficient. They can give insight into forecasting operational and production levels. Surprises or shocks to your system can be extremely dangerous in today's environment and strong reporting is a key component to avoid/limit this risk.

A lack of reporting is dangerous. Even worse may be convincing yourself of strong reporting, creating a false sense of security. Mortgage bankers MUST truly understand the details of their business in order to manage it effectively and efficiently.

It's all in the details...are you aware?