Information quality issues in the mortgage banking industry
Computer & Information Science
The current mortgage crisis and credit crunch presents the U.S. mortgage industry not only with unprecedented challenges, but also with great opportunities for improvement. In this research, information quality (IQ) issues within the mortgage banking industry are reviewed and discussed. Through extensive literature reviews from a multitude of mortgage industry resources, IQ issues within the industry are analyzed utilizing six of the most applicable Wang and Strong dimensions. These widely regarded IQ dimensions provide a framework by which IQ issues in the mortgage banking industry can be assessed. Specific IQ problems are indentified and possible means of improvement are discussed. We focus especially on how the Mortgage Industry Standards Maintenance Organization (MISMO) standards and data specifications help improve IQ in this industry. This research concludes that industry wide standards such as MISMO's eMortgage standards can help provide extensive benefits to the mortgage banking industry providing firms are willing to accept and adopt these standards. And, more importantly, we hope that these conclusions and recommendations may make a small, but important contribution to the current malaise in the mortgage industry.
Proceedings of the 2009 International Conference on Information Quality, ICIQ 2009
Wigand, R. T., Wood, J. D., and Yiliyasi, Y. (2009). Information quality issues in the mortgage banking industry. Proceedings of the 2009 International Conference on Information Quality, ICIQ 2009.