5 Marketing Analytics Practices That Make a Difference in High-Growth Financial Institutions

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The marketing analytics practices of banks and credit unions help define success in attracting new customers or members and retaining current ones. Financial institutions (FIs) that meet high-performance standards in growth do so because of their ability to leverage big data and resources efficiently and effectively. An Aite Group study of 135 marketing executives from banks and [Read More...]

Using Big Data for Fraud Mitigation Strategies in the Banking Sector

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Every bank strives for fraud mitigation. Some banks are doing it by using big data both to stop fraud and to predict where it might happen. Big data gathers valuable information across various industries, analyzing billions of small data components and giving banks predictive insights into fraud-prevention strategies. How fraud mitigation and big data work [Read More...]

Why Is the Credit Union an Attractive Option to Consumers?

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A credit union or local bank could be a national bank’s most important competitor, according to a Google Consumer Survey conducted in June 2013. Credit unions and local banks continue to attract new consumers, often at a faster rate than national banks. Large national banks are not only less personal but, at times, more expensive [Read More...]

Developing an Effective Bank Strategy From the Ground Up

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Bank strategy best practices point to a three-pronged approach to achieve success. Within any type of retail bank, the business must focus on the customer’s needs and the company’s goals. Yet developing an effective strategy must focus on best practices, as well. Branch-level goals A key component of any bank strategy is to develop the [Read More...]

Automated Valuation Model: Using the Right Model at the Right Time

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In today’s economy, using the wrong automated valuation model (AVM) can compromise your organization’s profitability and ability to compete effectively. An overvaluation of home equity collateral can needlessly expose your organization to loss. The problem with AVMs lies in the fact that they are mathematical models. Without knowing the actual formulation or market validation method [Read More...]

A Comprehensive Look at Borrower Debt in Three Steps

August Tax Intelligence Bulletin

Undisclosed debt is a constant concern for mortgage lenders during the underwriting process of mortgage loans. Consumers, whether intentionally or not, often increase owed funds during the quiet period — the phase between the qualification of a loan and the closing of it. This often leads to regulatory penalties and higher risks for lenders; however, [Read More...]

Credit Reports Alone Fail During Origination Process

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During the mortgage origination process, lenders use credit reports in two instances: For the pre-screening process, it is the first indication of the individual’s creditworthiness. Then, right before closing, a pre-close report will indicate if there are any worrisome changes since the previous reporting. However, during the period in between the pre-screen and pre-close — [Read More...]

How Much Undisclosed Debt Do Your Borrowers Have?

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Undisclosed debt is a common problem in the mortgage industry. At the initial qualification process for a loan, lenders qualify buyers based on information that is supplied by credit reports and the individuals themselves; however, the loan then enters a quiet period, the time from qualification until loan closing. During that time, it is very [Read More...]