Data as a Service (DaaS): Unleashing the future of mortgage market innovation

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Why DaaS solutions matter for today’s mortgage professionals

Analyzing data is essential for spotting trends in the market, making new business decisions and strategizing for the future. Over the past few years, the adoption of Data as a Service (DaaS) solutions has grown across industries due to its ease of use and efficient process for collecting data that relies less on manpower and more on automation. DaaS solutions help organizations collect, scrub, validate and organize information in real-time, and in the mortgage space, having access to current industry data is critical to addressing the fast-changing needs and demands of today's borrowers. What’s more, today’s mortgage industry experts are saying the future of data is DaaS, so it's imperative to get up to speed with this new technology now to stay ahead of the competition. In this blog, we’ve outlined how incorporating mortgage DaaS solutions into your data and analytics operations can help you become more efficient, drive growth and move your business forward.

How do mortgage DaaS solutions work?

DaaS solutions provide a systematic way of accessing large real estate and mortgage data sets to obtain insights that will help you successfully execute your business strategy. With these solutions, you gain the ability to make real-time decisions within your organization, bring your business strategy to life and unlock business intelligence to achieve new growth and efficiencies. Using a DaaS solution can help you tap into data from your homegrown system or a third party, and then access, curate and analyze that information through programmatic analytics language, business intelligence software and machine learning programs.

The rising demand for mortgage DaaS solutions

Mortgage DaaS solutions include data from across the loan origination process. With these solutions, lenders can receive a regular flow of anonymized information on closed or active loan data, segmented by geographic location, loan type, buyer characteristics and other factors. The information is sourced from a global data lake, a centralized repository that can store large amounts of data in its native format. These solutions give lenders fast access to current data that reflects what’s really happening in the industry, on demand — without having to invest resources in acquiring, organizing and managing that data.

Benefits you can achieve with mortgage DaaS solutions today

While many organizations already analyze mortgage data to identify trends, benchmark performance and develop strategies, this data is typically compiled annually or on a monthly basis, at best. As a result, by the time this information is released, it fails to accurately reflect the current state of the market. That’s why lenders, insurers and investors are increasingly embracing mortgage DaaS solutions. These solutions offer them the opportunity to enhance efficiency, flexibility and obtain a timely view of the market. By doing so, they can quickly respond to competitive and customer trends.

Propel your business into the future with a fresh approach to mortgage data and analytics

There is much more to learn about DaaS solutions and the long-term benefits they can provide to organizations in the mortgage industry. It's no secret that having regular access to current data and analytics is instrumental in identifying the information you need to fuel your growth strategy, make well-informed business decisions and propel your business into the future. Read our new eBook for a full breakdown of common mortgage data and analytics use cases, along with proven strategies for successful implementation.

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