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Mortgage Lenders Try to Stay Competitive, Battle for Market Share

Posted by: Lisa Nichols | Mar 04,2008

As home sales shrink, and homeowners continue to default on home loans, mortgage lenders struggle to stay competitive. The trickle effect quickly became a domino effect that’s also affected those outside of the lending industry. Real estate agents and brokers who flourished in a growth market a few years ago are now faced with lost jobs and mergers, as companies try to stay afloat. The number of mortgage lenders remains steady, but the battle for market share continues, as lenders look for ways to stay competitive.

Credit Worthiness Continues to be a Concern

Credit worthiness continues to be an ongoing concern for lenders burned by subprime mortgages. At the same time, lenders and credit card companies continue to frustrate customers with their measurements of credit worthiness. Companies use credit worthiness to measure an individual’s ability to pay off their debt. It is also an indicator of how much additional risk an individual can sustain. Historically, credit worthiness has been a nebulous calculation that seemed to ignore certain trends in individual payment history, to the detriment of many borrowers. A number of changes are happening that could help improve the measurements companies use to assess credit risk.

Survey Says Data Intelligence and Data Warehousing More Important than Ever Before

A new survey indicates that companies rely upon data warehousing and data intelligence tools to help them remain competitive. Evaluation Centre surveyed 100 companies and found that 66% of senior managers considered data warehousing critical to their decision-making process, says ComputerWeekly.com. In addition, 67% of companies surveyed indicated that they plan to expand their data gathering activities. 64% of users will employ their new-found data knowledge to get even more benefit from the information gathered.

Experian Attribute Toolbox Gives Lenders a Competitive Edge

The new Experian Attribute Toolbox offers mortgage lenders a new way to remain competitive in a somewhat shaky marketplace. The newly released data intelligence tool provides attribute management capabilities and superior data access. Lenders can use the Experian Attribute Toolbox to gain new insights about customers and make better decisions before extending lines of credit. The new data intelligence and analytics toolkit lets lenders connect to multiple sources of data to make knowledgeable decisions about customer lifecycles.  

Learn more about the Experian Attribute Toolbox in a free online Webinar.

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