Does Your LOS Have Advanced Analytics?

Does Your LOS Have Advanced Analytics?


TonyGAs the LOS war heats up, smart vendors are looking to incorporate analytics into their core offering. For example, I learned that origination vendor OpenClose has launched the latest version of OC Optics, a loan production analytics and reporting solution. OC Optics relies on the proactive approach to loan management reporting. It can easily be configured to automatically send out reports to each department or employee based on job function. Now originators, processors, underwriters, secondary, through post closing can get only the reports they need. Here’s how it works:

The data analytics management module for its loan origination software includes analytics and enhanced reporting for any mortgage banking channel. The new OC Optics release, which includes scorecards, report building, and power-packaged reports for busy banking executives, comes fully implemented and is instantly accessible from a Web-browser.

It accesses the entire loan database and boils it down to only the pertinent info and allows advanced scheduling, automatically delivering reports it at the desire times. Authorized users can schedule reports daily, weekly, monthly, to be delivered to users, department heads, managers, to have them waiting on their desks.

Want to see which employees or branches, or even loan products aren’t pulling their weight? The new scorecard feature tracks, analyzes and ranks like a stock analyst or a sports franchise might. Need to check reports of loans about to expire, but get bogged down with other work? The new power-packed reporting let’s you choose exact data you need, posts it in your dashboard in a chart, sends it to you in an email, allows your to download it as raw data, an Excel chart, etc. Prepackaged power reports come standard. Edit colors, chart type and a variety of key performance indicators to match products, divisions, etc.

The other major competitive advantage with OC Optics is that it comes installed and integrated for its loan origination users with all the data mapped and analyzed. The implementation period is done in a matter of days at a greatly reduced, simplified step.

“As the loan origination and funding industry becomes more complex, the need for simplification in the loan software industry has come to the forefront,” says JP Kelly, OpenClose president.  “The lenders we talk with want compliant and comprehensive solutions that are easy for all their employees to use. Our latest release of OC Optics with its scorecards, and power report building, does just that. It’s fully integrated into the LOS. That means there can be no implementation nightmares, no delays, and no mapping errors. Just the reports they need when they need them.”

OC Optics utilizes web-based technologies, designed to allow organizations to consolidate information from multiple data sources (e.g. loan origination, servicing, accounting) into a single, graphical view of the organization. From the dashboard, users are always just a click away extracting critical information into a Microsoft Excel workbook for further analysis or saving reports as PDF documents for distribution. The system is accessible via a web browser, tablet device or smart phone.

In the market today some lenders are trying to cobble together output from loan origination systems, spreadsheets and separate risk management tools in an attempt to analyze their loan production. OC Optics brings it all together in a single web-based solution, combining reporting from all areas of the organization.