Data management's day is here: here are some different perspectives on how data management can produce significant benefits in the mortgage business.
Mortgage Banking › Vol. 64 Nbr. 6, March 2004 ›
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Cover Report: Technology
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Data management's day is here: here are some different perspectives on how data management can produce significant benefits in the mortgage business.
DAVID WILLIAMSON, VICE PRESIDENT, THE PERFORMANCE Group, believes the time has come for the mortgage industry to capitalize on the powerful data it collects on its customers. He is not alone. Technology vendors, lenders and industry consultants alike see the time as ripe for data management to become mainstream in the mortgage world. * Mortgage banking executives today find their operations buried in databases. While companies are data-rich, they are information-poor. There is a lack of any true in-depth knowledge about their operations or customers. Why is the mortgage industry drowning in data? * Williamson says the leading reason mortgage banking executives are overwhelmed by data is that the cost of storage has plummeted in the last 25 to 30 years. A megabyte of disk storage costs a few cents today; however, in the late 1970s it cost thousands of dollars. All but the largest companies would have likely shared the disks at a service bureau for their compounding needs.
Additionally, the advent of the personal computer, the Internet and business applications such as Microsoft[R] Access automate nearly everything and have provided mortgage bankers with a business environment that creates data as easily as humans breathe. [ILLUSTRATION OMITTED] [ILLUSTRATION OMITTED] Wanted: actionable data This deluge of data coming from so many sources has led to a very serious problem: Corporate executives at mortgage companies are making decisions with more uncertainty today because the amount of data available is not easily synthesized into meaningful information. Thus, the plentiful information ...See the full content of this document
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