January 18, 2018
At its core, mortgage quality control can be boiled down to three key activities – loan defect identification, remediation and reporting. Of these three, loan defect reporting is arguably the area that has lagged the most in terms of innovation.
Most mortgage QC audit solutions simply spit out a static PDF or Microsoft Excel document, and while these reports are serviceable, these formats inhibit lenders’ and investors’ ability to drill down into data to uncover trends and identify the root cause of loan defects. Those platforms that do offer advanced reporting tend to provide it as an add-on at an additional cost to the lender.
Bearing this mind, TRK has partnered with leading business intelligence and analytics provider Tableau to power the advanced reporting capabilities – including pre-built reports that meet investor and GSE requirements – in its mortgage QC platform Insight Risk & Defect Management™ (RDM). Here’s why:
With Insight Risk & Defect Management™ (RDM), TRK has strived to develop a best-in-class QC audit platform, and as such, it is critical that our partners possess a similar reputation. As a five-time leader in the Gartner Magic Quadrant for Business Intelligence and Analytics, Tableau has established itself as being among the very best in its space, including tech giants like Microsoft, and it’s not just analysts that are singing its praises. Tableau was ranked as a leader in G2 Crowd’s Winter 2018 Business Intelligence Grid Report, which rates enterprise software products based on crowd-sourced, user-driven ratings and reviews.
Much like Insight Risk & Defect Management™ (RDM), Tableau works with all major browsers, operating systems and mobile devices, enabling users to access the system when, where and how they want. Even better, the system is incredibly easy to use, which matches perfectly with Insight Risk & Defect Management™ (RDM)’s intuitive user interface, and Tableau’s large digital knowledge base, extensive online community and free online training make getting up-to-speed on the system and/or troubleshooting issues a breeze. In addition, Tableau is highly interactive, allowing users to filter, sort and refine the visualizations or data they are viewing, allowing users to harness the full potential of audit results captured within Insight Risk & Defect Management™ (RDM), including reporting using statistical analytics like trends and forecasting.
Data is the lifeblood of any good QC auditing tool, especially when it comes to reporting. Because it is so data-friendly, Tableau allows Insight Risk & Defect Management™ (RDM) users to run reports using data from multiple sources, even if that data did not originate within Insight Risk & Defect Management™ (RDM). In addition, Tableau can connect to an endless list of data sources including:
In a mortgage QC environment where data is coming from multiple internal and external sources, Tableau’s ability to aggregate and report on the full dataset is invaluable. With Tableau, data source connectors are free to use with no licensing requirements, which makes it easier for TRK to use these connectors and provide them to Insight Risk & Defect Management™ (RDM) users. Also, data can be used in real-time with these connected data sources or bundled as a data extract with specific reports, giving lenders tremendous flexibility in how they can deliver reports.
Without robust reporting capabilities, it can be difficult for lenders to ensure the efficacy of their defect identification and remediation processes. Because this is such a mission-critical component to lenders’ overall QC programs, we felt it necessary to build Insight Risk & Defect Management™ (RDM)’s reporting functionality on the foundation of the best BI tool on the market – Tableau. What’s more, TRK provides lenders with a starter Tableau workbook that includes pre-built reports to meet investor and GSE requirements. Interested in seeing how Insight Risk & Defect Management™ (RDM) and Tableau can improve your QC reporting? Sign up for a demo here.