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Many of the big players in big data claim to help you turn data into intelligence. We are going to jump on that cliché bandwagon, too. Truth be told, here at Mortgage MarketSmart, we are kings and queens of cliché—especially when we're talking about markets and market intelligence. To us, it's clear as a bell that the keys to sustainability in an environment like today's are not found in the old school, reactionary, and transactional ways of yesterday. Despite the fact that so many lenders got burned and came in a day late and a dollar short after the housing crisis, there still are industry players stuck in the pages of history—depending on gut feelings; believing that quantifying future market opportunity is a crap shoot; and creating top-down, cookie cutter strategies that simply don't work over time and, in the long run, break the bank (literally).
Yet, far more lenders are looking at the big picture, where it is a no brainer to go back to the drawing board, and start making decisions that are informed by market-level, forward-looking data. Once they use this kind of intelligence and compare apples to apples (or, in this case, market to market), they see that one lender's bad market (garbage) is another lender's great market (treasure). It's all about finding the market that fits like a glove and building strategies that prepare them for the marathon, not the sprint.
What it all boils down to is that opportunity doesn't knock twice. Instead of reacting to the industry's challenges and market uncertainties like a deer in headlights or a chicken with its head cut off, face the fact that things aren't what they used to be in the mortgage industry and market share is always up for grabs. Now that we've re-learned that refis are here today and gone tomorrow, let's get the ball rolling on sustainable, purchase-market-based strategies. We built Mortgage MarketSmart to make it (almost) as easy as pie to use mortgage market intelligence effectively. Here are 5 quick ways:
Before you jump into or out of a market strategy, look before you leap—listen to what the data tells you. It may have an ace up its sleep.
That’s enough clichés for now…let’s put a nail in this coffin and bury the hatchet.