The Mortgage Bankers Association's (MBA) Residential Technology Steering Committee has released a white paper that details the key fundamental concepts of industry data management, which the MBA considers 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,’ says Robert E. Story Jr., MBA's vice chairman and chairman of MBA's Board of Directors Technology Steering Committee. ‘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 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 and data security.