Finastra, a financial software company, has launched Data Insights 2.0, an analytics solution aimed at helping mortgage lenders convert a greater share of applications into funded loans.
The tool, available for Originate Mortgagebot, is designed to give banks and credit unions a clearer picture of where and why applicants drop out of the mortgage application process. It draws on anonymised data from over 1,000 mortgage originators to provide peer and industry benchmarking, allowing lenders to measure their own performance against the broader market. The solution also offers full drill-down capabilities and data export functionality to support faster decision-making.
Key features include real-time tracking of application exit points, conversion analysis, borrower demographic and credit score insights, channel performance metrics, submission timing analysis, and geographic heat maps of application activity. The dashboards are designed to be straightforward to act on, giving lending teams the context they need to address specific points of friction within their processes.
Finastra provides financial technology solutions to banks and credit unions, with its Originate Mortgagebot platform serving as the basis for the new analytics offering. Data Insights 2.0 sits within its lending product suite and is intended to help institutions streamline their mortgage operations by replacing fragmented reporting with consolidated, actionable data.
UnitedBank vice president, mortgage production manager Brenda Stoerkel said, “We knew we were losing applicants at specific points in our process, but we couldn’t figure out why.
“Data Insights showed us exactly where the process was breaking down. By fixing our mobile experience, and adjusting our communication timing, we saw our completion rates improve. Having the right information to make better decisions makes both our operations and our borrower experience stronger.”
Finastra chief product officer for lending Rick Foresta said, “Lenders have access to a considerable amount of data, but they need real insights to help them optimize their business.
“We built Data Insights 2.0 to cut through the noise. It tells you what’s actually happening in your mortgage pipeline and what you should do about it to make it easier for people to buy homes.”
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