Harnessing mortgage business intelligence for informed decision-making in the real estate market
Mortgage market conditions have changed dramatically over the last several years, and a cursory look at the current property market is enough to emphasize that impression. Since the Fed began its federal funds rate hike campaign in early 2022, mortgage interest rates rose to a 21-year high in August 2023, home price growth dropped to an 11-year low in the spring of 2023, and home refinancing activity has stalled.
Furthermore, the burden of high origination costs has exerted additional pressure on already narrow profit margins. According to reports from the Mortgage Bankers Association, for the third quarter of 2023, lenders faced an average loss of $1,015 for each loan they originate, a matter of grave concern.
Add to this environment an element of fierce competition between traditional banking lenders and non-bank lenders, who aggressively leverage technology for data analytics and insights, and it’s safe to say that gaining market share in today’s dynamic mortgage market requires skilled navigation. It also requires access to software solutions that enable mortgage lenders to confidently use business intelligence to guide their daily operations.
The relentless evolution of data-driven solutions means that traditional lenders looking for long-term success are compelled to continually innovate. They must upgrade their strategies using tools that can offer deep insights into the property data driving the housing market.
Successfully steering through the modern mortgage market demands access to clear and actionable business intelligence built on vast archives of property data to provide a comprehensive understanding of the market landscape. This, in turn, empowers lenders to use data analytics and insights to make strategic decisions informed by future trends and real estate forecasts.
Finding Your North Star With Intelligent Market Data Analytics and Insights
It is no longer just a pipe dream to have access to insights on historical trends, current opportunities, and future projections that can help navigate through the uncertainty of today’s mortgage market. Thanks to CoreLogic’s Market Intelligence platform, lenders can have real-time, comprehensive insight into trends that will influence their business models, product offerings, and overall strategies to put them on a course toward improved decision making that will maximize opportunities.
Market Intelligence’s competitive data analytics and mortgage business intelligence illuminates opportunities and potential threats, positioning lenders for success by offering a remarkable level of foresight to help accurately forecast future conditions and aid in proactive decision-making. Additionally, CoreLogic’s low-to-moderate income data empowers lenders to operate within regulatory boundaries effectively.
Schedule a demo to learn more about how Market Intelligence can help you embrace the power of informed decision-making and secure your position in the competitive landscape of the mortgage lending industry.