The Mortgage Bankers Association’s Residential Technology Steering Committee (RESTECH) released a new white paper yesterday. It details the key fundamental concepts of industry data management, which MBA contends is one of the most important components in the mortgage banking process. The paper provides 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 have confidence in the data assets that they utilize to make business decisions. MBA’s 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 under a comprehensive program, rather than simply being stored in a single data warehouse and used solely as a repository for collecting information. The white paper reviews the following areas of data management programs as they relate to industry best practices: governance, stewardship, quality, architecture, standards, and security.
To obtain a copy of the MBA RESTECH white paper on data management in mortgage banking, click here.