| Title: | MBA Releases White Paper Outlining Fundamental Data Management Concepts for the Real Estate Finance Industry |
| Source: | MBA |
| Date: | 8/26/2008 |
Washington, D.C. (August 26, 2008) - The Mortgage Bankers Association's (MBA) Residential Technology Steering Committee (RESTECH) today 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 http://www.mortgagebankers.org//files/AboutMBA/DataManagementWhitePaper.pdf
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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry
that employs more than 370,000 people in virtually every community in the country. Headquartered in Washington, D.C., the
association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand
homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and
fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety
of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies,
mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending
field. For additional information, visit MBA's Web site: www.mortgagebankers.org.