MBA Releases White Paper Outlining Fundamental Data Management Concepts for the Real Estate Finance IndustryMortgagePress.comdata management, white paper, MBA
The Mortgage Bankers Association's (MBA) Residential Technology
Steering Committee (RESTECH) recently released a white paper that
details the key fundamental concepts of industry data management,
one of the most important components in the mortgage banking
process. The goal of the paper is to provide an overview of
fundamental strategies for assessing and improving overall data
management practices while also providing measurement benchmarks
and references.
"MBA is committed to leveraging technology to improve industry
processes while mitigating future market challenges," said Robert
E. Story, Jr., CMB, MBA's Vice Chair and Chairman of MBA's Board of
Directors Technology Steering Committee (BODTECH). "Data management
is a key component of the mortgage supply chain. This paper
provides a solid framework that provides a tool to help our
industry improve the quality of data management practices."
The practice of data management was created to enhance
transparency and ensure that stakeholders in the mortgage process
can have confidence in the data assets that they utilize to make
business decisions. The paper recommends that data be treated as a
strategic asset that can be relied upon as an informal source for
these stakeholders. The paper suggests that enterprise data needs
to be managed throughout its entire lifecycle through a
comprehensive program rather than simply being stored in a single
data warehouse and used solely as a repository for data
collection.
The paper reviews the following areas of data management
programs as they relate to industry best practices:
•Data Governance
•Data Stewardship
•Data Quality
•Data Architecture
•Data Standards
•Data Security
To obtain a copy of the MBA RESTECH white paper, please go to
www.mortgagebankers.org//files/AboutMBA/DataManagementWhitePaper.pdf
or for additional information, visit MBA's Web site: www.mortgagebankers.org.
