It’s no secret that the mortgage industry runs on data. It is the essential component in underwriting decisions, valuing properties, detecting risk, mitigating fraud, and improving the efficiency and costs of all aspects of mortgage lending.
Like other kinds of fuel, data is often considered to be a commodity – and that couldn’t be further from the truth. Not all property data is of equal quality, just as not all real estate data providers are the same, nor do they provide the same level of service.
Paul W. Harris, general manager, mortgage analytics for First American Data & Analytics, explores why lenders are coming to understand that data quality is essential to reducing risk and helping to achieve a measurable competitive advantage.