TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/734547
TH E M R EP O RT | 27 FEATURE MCS Valuations is committed to providing the best possible service and most reliable value to our clients. Backed by industry-leading data and experts with decades of experience, MCS Valuations is your trusted resource for all of your valuation needs. 8 0 0 . 7 9 1 . 7 1 4 5 | M C S V A L U A T I O N S . C O M | I N F O @ M C S V A L U A T I O N S . C O M databases—and make corrections as necessary—helps the industry continue its drive toward a single version of truth. Whether it's simply updating the system of record with a higher quality ad - dress or enabling the adoption of cohesive data standards across the enterprise, a Big Data platform can help move the industry closer to a "single version of truth." The mortgage process also creates a larger set of consumer financial data than any other transaction. Clearly, successful mortgage companies of the future will be driven by quality data management and the ability to utilize that data to create benefits for their customers and insights for their firms. Certainly, the complexity of mortgage data lends itself to a Big Data strategy. Paving the Way for the Digital Mortgage A nother big push in the mortgage industry is to establish an efficient, trustwor- thy digital mortgage option that is user friendly for consumers but robust enough to manage the complex data and computa - tional elements of the mortgage transaction. Using a Big Data platform, originators can quickly access high quality data from multiple sources to populate the digital loan application or to help validate the data in the application. It also allows mortgage lenders to serve up the right information at the right time and in the right place to help facilitate an error-free digi - tal mortgage transaction. Big Data Changes the Game C learly, a Big Data platform with robust analytical tools is a game changer for the mortgage industry. Analysis that typically takes hours or days can occur in minutes or seconds. Insights that have been nearly impossible to uncover can be readily identified to help secure new business opportunities and help to slow servicing run-off. The industry will be forever changed by the capabilities of a Big Data platform, and in the future, the mortgage industry will be described as fast, efficient, intuitive, and easy to deal with. It can be the core driver of change, the enabler of change, and a key facilitator of even greater ideas and opportunities ahead. Some call it the "Big Data Movement," but at least for the mortgage industry, it may be better characterized as the "Big Data Revolution." JERRY HALBROOK is the President of Black Knight Origination Technologies division, with responsibility for overseeing the strategic direction and business operations of the company's origination technology assets. Halbrook brings over 27 years' experience focusing on financial management, technology, and operational management. He can be reached at exec.author@bkfs.com.