Data extraction continues to present challenges in the mortgage industry. This process involves the transfer of data from various sources into an easy to read format. The main issue that arises is the inconsistency and inaccuracy of data when it is re-extracted over and over again. The lack of an ability to be able to quickly and accurately determine if any of the data or documents has been changed or modified since the last time it was checked. It is also difficult to identify whether such data is collected from the original direct source.
In summary, the mortgage industry struggles with data extraction due to:
– Inability to accurately determine if documents or data have been changed since last checked
– Difficulty to establish whether data is from direct source
– Re-extraction of data resulting in inconsistency and inaccuracy
You can read this full article at: https://www.housingwire.com/articles/it-all-comes-down-to-trust-in-data/(subscription required)
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