Case study: mortgage approval time study | MAT 510 Business Statistics | Strayer University

  

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Read the following case study:

A major financial services company wishes to better understand its mortgage approval process. In particular, the company is interested in learning about the effects of good versus fair credit history, the size of the mortgage (less than $500,000 versus greater than $500,000), and the region of the United States (western versus eastern) on the time it takes to get a mortgage approved. The database of mortgages approved in the last year is accessed, and a random sample of five approved mortgages is chosen for each of the eight combinations of the three variables. The data are shown in the table.

  

First, conduct an analysis using the following steps:

  1. Use the data shown in the table to conduct a design of experiment       (DOE) in Microsoft Excel to determine the nature and magnitude of the       effects of the three variables on mortgage approval times. Identify the key drivers of this process.
  2. Determine the graphical display tool (Interaction Effects Chart,       Scatter Chart, et cetera) that you would use to present the results of       the DOE you conducted in Question 1. Provide a rationale for your response.
  3. Assess the data sampling method:
    • Determine if the sample size is sufficient.
      • Identify circumstances under which would         it have been appropriate to select a larger sample. Determine whether a         sample of five mortgages is adequate to access the relative magnitudes         of the effects of the variables.
      • Recommend a sample size for future study         and discuss what analysis can be made with a larger sample         size. (Hint: Look back at Chapters 2, 3, 5, and 6 for discussion of         sampling.)
  4. Provide other variable responses that might be of interest to measure       and study. (Hint: If you were getting a mortgage or a loan, what are the       two most important measures of the process you would have to go through?)
  5. Propose one overall recommendation to the financial services company       based on the DOE that could help reduce mortgage approval times.

  

Second, create a PowerPoint presentation to communicate the data analysis you completed. Your submission must meet these requirements:

  • A PowerPoint presentation with at least 10 content slides that       include the answers to questions 1 through 5.
  • A reference slide and cover slide with the title of the       assignment, your name, the professor’s name, the course title, and the       date.
    • Note: The cover and reference slides are not included in the        required number of slides.
  • Formatting of the slides should be consistent and easy to read.

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