For the first time in five decades, the Kansas City Chiefs are world champions, and needless to say, our hometown pride is at an all-time high. So, it only seems right to use a football analogy to announce the launch of LendingStandard’s exciting new analytics tool, Spotlight.

Chiefs head coach Andy Reid doesn’t just tell Patrick Mahomes to make more completed passes and – bam! – it happens. First, he analyzes the data, watching game video frame by frame to understand what part of the process needs work. Did the offensive line do its job? How many hurries were there? How often was Mahomes forced to leave the pocket and scramble? By looking at those stats, Reid can trace Mahomes’ pass completion problem (not really a problem, but go with us here) back to its root: Some players aren’t doing their jobs. The lesson? Inspect the data and you’ll often find bigger issues at play.

Shine a light on your underwriting process

Now you can apply the same approach to your underwriting process. Spotlight, a new addition to the LendingStandard dashboard, allows you to analyze your pipeline step by step to discover what works and what doesn’t work.

Here’s how:

  1. Spotlight tracks your process.Spotlight allows you to define the stages of your underwriting process and automates the workflow. It’s quick and easy to see what actions are needed, when, where and by whom. Spotlight even links you directly from the dashboard to the step that requires attention.
  2. Spotlight streamlines communication. Spotlight’s dashboard boosts your team’s collaboration and efficiency by documenting their comments as well as conversations between the borrower and lender, all in one place. No more loans failing because a critical message was lost in translation or overlooked in somebody’s inbox.
  3. Spotlight organizes documents. Our clients report that their underwriters often rely on complicated spreadsheets and Salesforce reports with incomplete data. Not only does Spotlight mean you can kiss those massive spreadsheets goodbye; it also eliminates the glut of paperwork you have to keep track of. Spotlight’s document portal stores important forms you need borrowers to sign and collects documents from them. Spotlight’s document portal also shows you what action items are required to move the loan forward.

 

Spotlight tracks your completed loans to show you the average amount of time you’re spending in the loan process and allows you to compare that with outliers so you can pinpoint why a particular loan took longer than average. You can also identify the average number of days a loan was stalled in a certain status (e.g., prospect, application submitted), as well as track loan dropout rate by status. And for every stage you define, Spotlight alerts you with red or yellow risk status buttons to let you know when to pay attention to (or start worrying about) a loan.

Spotlight helps you access the valuable data you already have, with just a few keystrokes, so you can use it to strengthen your overall underwriting process.

This is just the beginning. We’ll continue to add new features to Spotlight that teach you new ways to use your data to learn about and improve your business.

With Spotlight, close more loans, generate more revenue—then, maybe, head to Disney World.

Join us for our free Spotlight webinar on Feb. 27 at 2 p.m. EST. Register today!