Question Description
I need two comments for each part, each part is around 80 words comments.
Part 1:
My short stint in the mortgage industry was my first introduction to someone working on developing their own analytics tool. Seeing their entrepreneurial passion take an idea and morph it into a tangible product was really interesting, but I knew they had a long way to go and it seemed they were missing the mark overall. Right now, if you want to apply for any type of mortgage you need to go through a lender and that lender needs to have a mortgage officer that is licensed to be able to present the best available loan option to you based on your current financial obligations and income. That was the moment I knew this was an outdated system. Why should the best product available to an knowledgeable consumer that needs a loan be left up to one mortgage officer that may or may not know all of the best available lending options available? The laws and regulations change and certain programs are only available to specific consumers in specific markets. This is where an analytics tool can become its own service and lender all in one. I know companies like Rocketmortgage do something similar to this, but it still doesn’t seem like the best final product and that there is significant room for improvement. Right now, housing especially in the northeast is out of reach for most college graduates unless they have dual income or qualify for a loan that requires very little money down. While that mortgage broker you would be dealing with in person is making 1% at least on the total value of the loan! It seems crazy to me still even just writing this post that they can take that amount of money just for being a middle man. Now there is a lot of headache and paperwork involved yes, but if the loan is worth $300k that broker just make $3k for helping you and closing the deal. For me the needs are not necessarily personal. I was lucky enough to purchase a home when I was 23 because I was stable with work and had very little debt, but almost all of my friends thought it was a shot in the dark for them to ever be able to afford a home. My hope is that more lending programs are presented to consumers regardless of the loan officer they may happen to get when they set an appointment with a lender. The true need is to see housing be more affordable to every day residents, but I think having an analytic tool which takes the personal financial details of a potential buyer, considers the location for their search area, and presents loan programs that make the most sense to me for this discussion question. Right now, the majority of my friends that have gone through the home buying process have relied on a network of realtors and lenders that they trust based on recommendations. Reliability is great, but analytics can ensure the buyer is getting the best deal out of every single option that is truly available to them.
Part 2:
Regarding these analysis tools, all have their own shortcomings. The disadvantage of Matlab is that it requires a programming foundation and its statistical functions are not perfect. The disadvantage of SPSS is inflexibility and low operating efficiency. The disadvantage of SAS is that it requires a programming foundation. The shortcomings of Excel are low operating efficiency, sample size limitations and imperfect statistical functions. In summary, it is necessary to develop a free, flexible, and efficient analysis tool that does not require programming foundation and complete statistical functions. This will be more convenient to use with people in many fields. For me, I have more opportunities to use business analysis, and the new analysis tools will satisfy my greater help in data comparison, visualization, drawing, and sorting.
