Fundamental to our business model is our unique approach to tracking and utilizing data. In the mortgage industry, monitoring and leveraging data have been an ongoing challenge. At Wyndham Capital Mortgage, we identified this challenge and created a collection of tools and technology to monitor data from multiple systems within our enterprise to achieve continuous improvement.
We use data science and analytics from multiple sources as a calibration tool that drives profitable decision making. Our loan officers can rest assured that when a decision is made within the company, it’s based on documented facts and with their ultimate success in mind.
How it Works
Deep data utilization is a byproduct of our intelligent automation. In comparison to others in the mortgage industry, data monitoring tools are embedded within our technology allowing us to measure and calculate all our operations to ensure profitability and scale.
This is what makes us different. Data tells the story. It shows us where to improve and it helps drive future decision-making. Data makes us better.
What we Measure
At WCM, we review data from four different perspectives – speed, efficiency, service and cost.
When it comes to speed, the time it takes to close the loan is our most important metric. We consistently close loans in 42 days – 6 days faster than the industry average.
What does it means to you?
As loan officers, faster closings mean you close more loans, increasing your earning potential and industry experience without additional time and work. It also means our borrowers have a better experience – they get locked into better rates and can move into their new homes faster.
We also monitor the total number of loans we close year-to-date. This is an important metric as it’s indicative of how we’re doing as a company. More loans per month means our process is efficient and our loan officers, and the company as a whole, are successful.
We regularly review several metrics that help us determine how efficient and effective our processes are. Included are:
Employee hours saved via RPA (robotic process automation). In June 2020, we saved our loan officers more than 4,000 hours of work. By utilizing robotics, our loan officers are able to prioritize ‘headwork’ over ‘handwork’ and spend more time providing a five-star experience for our borrowers.
Additionally, we continuously monitor how many processes our robotics perform each month as well as how many clicks we eliminate by using robotics.
Average loans per WCM full-time employee (FTE) and per loan officer (LO). While this metric is commonly tracked in the mortgage loan industry, our averages are consistently higher than our competitors. We average 4.5 loans per FTE and 12.6 per LO, while the industry averages 1.9 per FTE and 5.2 per LO.
Because of our embedded efficiencies, we are more scalable and save time, money and energy – all of which positively impact our borrowers and employees.
To ensure the quality of our service is not compromised by speed and efficiency, we regularly solicit and monitor feedback from our customers.
Based on recent feedback provided by LendingTree, WCM has received:
- 8,000 five-star reviews
- 90% of all reviews were five-star
- 98% “completely satisfied” ratings
- 99% recommendation to other borrowers
- 4.83 overall rating (higher than the 4.77 average)
Additionally, we have won LendingTree’s Top 10 Customer Service Award 20 times since 2015 and are rated 4.8 (out of 5) on both Zillow and Google.
Even when working at a high volume, high speed and high efficiency, WCM does not move away from the goal of providing outstanding customer service. The borrower gets all the benefits of a Fintech Mortgage Lender without losing the human touch.
Arguably the most important metric to our customers is our cost to serve. In comparison to the industry’s average, WCM cost nearly 30% less to serve our customers. Because it costs us less to complete the process, our borrowers pay less in fees and rates and our loan officers, and company as a whole, is more successful.
Measuring data instills confidence in our borrowers and our employees. It gives us the capability of making our teams more efficient and gives us hard facts to grow and scale in the future.
Number of clicks by employees eliminated through robotics.
Robotic processes performed per month.
Employee hours saved via robotic processes per month.
Average turn time in days, vs. industry average of 49 days.