Confidence in data: How our industry can be saved

by Paydayloans24719 Jun 2015

I was talking with Les Parker of LoanLogics on the June 8 episode of the Lykken on Lending radio show I host, and he made an excellent point about the mortgage industry. One of the things holding the industry back as the economy improves is that lack of confidence we have in the data we use to make important decisions. If we can be more confident in the data on which our decisions are based, we'll be able to make more well-informed decisions and avoid some of the pitfalls we've encountered in the past.

One of the ways we can gain greater confidence in the data we use is by investing in better technology. Countless organizations have stepped up their game in response to the financial crisis and have engineered amazing products that help organizations in the mortgage industry better understand the business and become more nimble in an increasingly challenging market. As we adopt new technologies, both the data available to us and the way in which it is presented help us understand everything we're up against when making decisions.

In the end, having reliable data is so important because it provides clarity. When we fully realize all of the variables involved in a decision, we make fewer mistakes. And greater confidence in our data can help us develop a clearer vision for our organizations. When the foundation on which we're basing our decisions is stable, the organizations we build with them will be much more likely to stand.

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