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HMDA Strategy News
HMDAVision data updates are coming March 22!
Now you can gain valuable insights into the 2022 mortgage lending landscape by analyzing data at both a local and national level. This analysis will enable you to identify successful strategies that can be applied in 2023 to achieve positive results. By understanding the data, you'll be better equipped to develop winning tactics for the coming year.

Why pay attention to "old" data?

The mortgage market is an ever-changing landscape, with new trends and regulations emerging every year. As a result, you need to constantly adapt and prepare for what lies ahead. But 'why pay attention to "old" data'? The answer to this question is simple - successful lenders leverage insights from the past to prepare for the future. In this blog, we'll explore how 5-year mortgage market data can help lenders stay ahead of the game.

#1: Market Trends

As a mortgage lender, you need to have a deep understanding of market trends and customer behavior to make informed decisions that will lead to success. Now you can analyze loan-level mortgage data from the past 5 years to identify patterns and trends that can be used to help you forecast where the market is headed and adjust your lending practices accordingly.
2022 is particularly useful as a strategy feedback loop: did you succeed? Where a competitor beat you, how did they do it?

#2: Target Customers

Additionally, you can use data from the past five years to identify your target customers and tailor your marketing efforts to meet their needs. For instance, the data from the past five years shows that there is a growing demand for affordable housing. By knowing exactly the location and other nuances of this demand at a local level, you can adjust your lending practices to offer more low-cost lending options. This can include offering more affordable lending products like government loans, GSE affordable programs, and where prudent, utilizing the Special Purpose Credit Program (SPCP).

#3: Improve Operational Efficiency

You can analyze the mortgage originations data over the past 5 years to improve their operational efficiency which can help you better control your loan origination costs. By analyzing trends in application volumes and loan processing outcomes over the past 5 years, you can identify opportunities to streamline your processes and improve you overall efficiency. This kind of insight and planning will ultimately help you reduce costs and improve customer satisfaction, which can ultimately lead to increased profitability.

In conclusion

Lenders who analyze trends in the mortgage market, customer behavior, and operational efficiency can make informed decisions that give them a competitive edge. Given the constant evolution of the mortgage market, proactive lenders who leverage data to inform their decisions are better positioned to succeed in the long run. Be one of these lenders by adopting a data-driven approach that helps you stay ahead of the game.
Observing and analyzing the 2022 mortgage data, including the five-year market trend for mortgage lending at granular geographic level, product, borrower, and lender, you can answer limitless number of questions like:
  • What was my ranking in each of my top markets?

  • What was the successful product/pricing strategy in my target markets?

  • How efficient is my app-to-close? Which competitors are more efficient in my markets?

  • Did I appropriately price for risk relative to my peer group in my markets?

  • Do I have any coverage gaps that could raise a fair lending flag?

  • What are the demographics of my applicants/customers compared to my competitors? And much more.

Contact us to explore your questions in HMDAVision now with the new 2022 HMDA LAR data.

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