I chose to review the mortgage industry, which
I have been working in for the last several years. Federal, state, and local governments
regulate the mortgage industry, so it must adhere not only to government
regulations but also to banking, construction, and other federal and local
regulations. With so many different
entities feeding into the mortgage industry, computer technology is desperately
needed to keep current with current laws and regulations, keep track and
documentation on all loans past and present and store all data associated with
anything mortgage related. Computer
technology is needed to navigate the court systems when bankruptcy, foreclosures,
redemptions, or successions are filed.
Access to banking systems are also needed to manage all incoming and
outgoing funds and multiple calculator functions are needed when new loans are
created and closed. The mortgage
industry also needs an extremely effective data security system as mortgages
are a target of cyber scams due to the large amount of money involved and the
amount of personal information included in mortgage documentation.
Computers are used mainly for research,
banking, communication with outside entities, and storing data. Everyone
working in the mortgage industry must have experience with emails, data processing
and spreadsheets, and various proprietary programs. Those working in the
financial sector also need to know accounting and online banking
functions. Since almost all positions
include working with outside entities, they would also need to be aware of
threats and scams and how to recognize and avoid them.
I don't know where this will go in the future
considering there are so many entities involved in the mortgage industry. I hope that the interaction of those entities
could somehow become more fluid and efficient with modern technology. There are so many variables and so much data
spread across so many programs, I hope that in the future, the data could be combined
into fewer more efficient programs.
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