information, how important the data
is or even whether it is personal or
business in nature. This is why it is
important to establish policies for the
management, exporting, analysis and
reporting of the data collected. These
policies should be well thought out,
written and communicated to your
staff, and then monitored for effectiveness. And, of course, be sure to include
plans for security, privacy protection
and long-term data management.
Use industry standards
Finally, data standards exist within the
mortgage industry that can help make
the data you collect more portable.
MISMO, the Mortgage Industry Standards Maintenance Organization, has
developed — and maintains — an XML
data format that mortgage companies
can use to exchange loan-transaction
MISMO has progressed through multiple version updates to its XML standards. Each of these has a version
number, and version compatibility is an
important factor. The current MISMO
standard is Version 3. 3.
Although not required to be followed, MISMO does set a standard for
data that can help mortgage companies analyze their technology and data
elements. MISMO also has instituted
the Future State Standards Initiative
(FSSI) to help the mortgage industry
keep pace with emerging business
needs and technology opportunities.
The goal of FSSI is to address important
industry needs and provide products
and documentation targeted toward
business and domain experts.
n n n
Most mortgage companies have giga-
bytes — if not terabytes — of valuable
data stored that can help them and
their originators manage and grow
their business. The strength of this data
lies in what you do to harness its power
and manage it for accuracy, effective-
ness and growth. n
benefit from harnessing that data to
look for future prospects.
Whether you are a company vice
president, a branch manager or a loan
originator, you should think about how
to best utilize all of the data you and
your company are collecting. This data
plan should include: An evaluation of
your data technology and the porta-bility of your data; how you will gather,
analyze and report that data; and what
policies need to be set to manage that
data responsibly and efficiently.
Your plan also should include who is
responsible for gathering and storing
the data, as well as who is in charge
of — and what systems will be used
to —analyze and report on the data.
Know your data and recognize that
not all information is equal. It often is
important to categorize information to
discover its value, which may require
careful consideration ahead of time.
Many companies lack basic data
knowledge, such as who owns the
<< Information continued from Page 62 “Many companies lack basic data knowledge,
such as who owns the information, how
important the data is or even whether it is
personal or business in nature.”