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Business analysts are a crucial component of lender success, but finding mortgage-savvy ones isn’t easy, according to a recent Insights Report from STRATMOR Group. In fact, the industry is suffering a “dearth” of them.
Len Tichy, Senior Partner at STRATMOR, said business analysts specifically trained in mortgage are a must for today’s lenders.
“In an environment of ever-changing regulations, systems, and challenges, having a skilled and talented BA is essential,” Tichy said. “I can hardly count the number of failed project horror stories I’ve heard. My question is always the same: Was there a qualified BA involved?”
According to Tichy, BAs will become even more necessary as FinTechs and eMortgage solutions take over the market. The problem is mortgage-savvy isn’t something that’s easily taught.
“The fact is, the industry needs a great many more BAs, but they do not come freshly minted from the university and ready for immersion in complex projects, ‘speaking mortgage,’ as it were,” Tichy said. “And as anyone who’s been in this industry for any time knows, it requires a very particular knowledge base to navigate skillfully—particularly if you’re also tasked with navigating mission-critical projects.”
The solution, Tichy said, is for lenders to develop mortgage-specific BAs from within.
“It begins with identifying and tapping mortgage savvy individuals who are collaborators, smart enough to know what they don’t know and find out who can fill in the blanks,” Tichy said. “These people must be cultivated, developed as seen as the valuable resource they are because the dearth of quality BAs in the mortgage industry must be addressed. While this may seem expensive, it is penny-wise, pound-foolish to try to ‘save your way’ to successful complex problem-solving and process innovation.”
To develop more internal BAs, the STRATMOR Insights Report recommends: creating an internal BA development program; defining a BA role as a part of larger team efforts; identifying potential candidates; and investing in technical training.
The report also revealed a slight uptick in borrower satisfaction in February, though it notes that “this pickup in satisfaction may reflect nothing more than the seasonal winter lull in transaction volume.”
