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## MAT510 Strayer University Mortgage Approval Time Study Case Study 2

### Question Description

Case Study 2: Mortgage Approval Time Study

Amajor financial services company wishes to better understand itsmortgage approval process. In particular, the company is interested inlearning about the effects of credit history (good versus fair), thesize of the mortgage (<\$500,000 versus >\$500,000), and the regionof the United States (western versus eastern) on the amount of time ittakes to get a mortgage approved. The database of mortgages approved inthe last year is accessed, and a random sample of five approvedmortgages is selected for each of the eight combinations of the threevariables. The data are shown in the table

Mortgage Approval Time Study

Credit History Mortgage Size Region Approval Times (Days)

Good <\$500,000 Western 59 50 64 62 47

Fair <\$500,000 Western 81 58 69 65 74

Good >\$500,000 Western 38 52 58 60 65

Fair >\$500,000 Western 146 159 133 143 129

Good <\$500,000 Eastern 28 26 38 41 21

Fair <\$500,000 Eastern 42 53 40 50 64

Good >\$500,000 Eastern 49 31 49 42 38

Fair >\$500,000 Eastern 106 115 126 118 138

First, conduct an analysis using the following steps:

1. Usethe data shown in the table to conduct a design of experiment (DOE) inMicrosoft Excel in order determine the nature and magnitude of theeffects of the three variables on mortgage approval times. What are thekey drivers of this process?
2. Determinethe graphical display tool (e.g., Interaction Effects Chart, ScatterChart, etc.) that you would use to present the results of the DOE thatyou conducted in Question 1. Provide a rationale for your response.
3. Assessthe data sampling method. Our sample contained only five mortgages percombination. Under what circumstances would it have been appropriate toselect a larger sample? Is a sample of five mortgages adequate to accessthe relative magnitudes of the effects of the variables? What samplesize would you recommend? What could you learn from a larger samplesize? (Hint: Look back at chapter 2, 3, 5, and 6 for discussion ofsampling.)
4. Provideother variable responses that might be of interest to measure andstudy. (Hint: If you were getting a mortgage or a loan, what are the twoand most important measures of the process you would have to gothrough?)
5. Proposeone overall recommendation to the financial services company, based onthe DOE, that could help reduce mortgage approval times.
6. Use http://research.strayer.eduto identify at least two (2) quality references to support yourdiscussion. Note: Wikipedia and other Websites do not qualify asacademic resources.

Second,create a PPT presentation to communicate the data analysis youcompleted. Your presentation must follow these formatting requirements:

• A PPT presentation with at least 10 slides that include the answers to questions 1 through 5.
• A reference slide which follows APA format. Check with your professor for any additional instructions.
• Formatting of the slides should be consistent and easy to read.
• Cover slide containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date.

Note: The cover slides and the reference slides are not included in the required assignment slides length.

The specific course learning outcome associated with this assignment is:

• Develop recommendations to improve business processes, using statistical tools and analysis.

Gradingfor this assignment will be based on answer quality, logic /organization of the paper, and language and writing skills, using thefollowing rubric:

Case Study 2: Mortgage Approval Time Study

Criteria

Unacceptable

Below 70% F

Fair

70-79% C

Proficient

80-89% B

Exemplary

90-100% A

1.Use the data shown in the table to conduct a design of experiment (DOE)in order to test cause-and-effect relationships in the mortgage approvaltime for the financial services company.

Weight: 16%

Didnot submit or incompletely used the data shown in the table to conduct adesign of experiment (DOE) in order to test cause-and-effectrelationships in the mortgage approval time for the financial servicescompany.

Partiallyused the data shown in the table to conduct a design of experiment(DOE) in order to test cause-and-effect relationships in the mortgageapproval time for the financial services company.

Satisfactorilyused the data shown in the table to conduct a design of experiment(DOE) in order to test cause-and-effect relationships in the mortgageapproval time for the financial services company.

Thoroughlyused the data shown in the table to conduct a design of experiment(DOE) in order to test cause-and-effect relationships in the mortgageapproval time for the financial services company.

2.Determine the graphical display tool (e.g., Interaction Effects Chart,Scatter Chart, etc.) that you would use to present the results of theDOE that you conducted in Question 1. Provide a rationale for yourresponse.

Weight: 16%

Didnot submit or incompletely determined the graphical display tool (e.g.,Interaction Effects Chart, Scatter Chart, etc.) that you would use topresent the results of the DOE that you conducted in Question 1. Did notsubmit or incompletely provided a rationale for your response.

Partiallydetermined the graphical display tool (e.g., Interaction Effects Chart,Scatter Chart, etc.) that you would use to present the results of theDOE that you conducted in Question 1. Partially provided a rationale foryour response.

Satisfactorilydetermined the graphical display tool (e.g., Interaction Effects Chart,Scatter Chart, etc.) that you would use to present the results of theDOE that you conducted in Question 1. Satisfactorily provided arationale for your response.

Thoroughlydetermined the graphical display tool (e.g., Interaction Effects Chart,Scatter Chart, etc.) that you would use to present the results of theDOE that you conducted in Question 1. Thoroughly provided a rationalefor your response.

3.Assess the data sampling method by determining if the sample size issufficient, determining if effects of variables can be measured,recommending a sample size for future study, and stating what analysiscan be done with larger sample sizes.

Weight: 16%

Didnot submit or incompletely assessed the data sampling method bydetermining if the sample size is sufficient, determining if effects ofvariables can be measured, recommending a sample size for future study,and stating what analysis can be done with larger sample sizes.

Partiallyassessed the data sampling method by determining if the sample size issufficient, determining if effects of variables can be measured,recommending a sample size for future study, and stating what analysiscan be done with larger sample sizes.

Satisfactorilyassessed the data sampling method by determining if the sample size issufficient, determining if effects of variables can be measured,recommending a sample size for future study, and stating what analysiscan be done with larger sample sizes.

Thoroughlyassessed the data sampling method by determining if the sample size issufficient, determining if effects of variables can be measured,recommending a sample size for future study, and stating what analysiscan be done with larger sample sizes.

4. Provide other variable responses that might be of interest to measure and study.

Weight: 16%

Did not submit or incompletely provided other variable responses that might be of interest to measure and study.

Partially provided other variable responses that might be of interest to measure and study.

Satisfactorily provided other variable responses that might be of interest to measure and study.

Thoroughly provided other variable responses that might be of interest to measure and study.

5.Propose one overall recommendation to the financial services company,based on the DOE, that could help reduce mortgage approval times.

Weight: 16%

Didnot submit or incompletely proposed one overall recommendation to thefinancial services company, based on the DOE, that could help reducemortgage approval times. Did not submit or incompletely provided arationale for your response.

Partiallyproposed one overall recommendation to the financial services company,based on the DOE, that could help reduce mortgage approval times.Partially provided a rationale for your response.

Satisfactorilyproposed one overall recommendation to the financial services company,based on the DOE, that could help reduce mortgage approval times.Satisfactorily provided a rationale for your response.

Thoroughlyproposed one overall recommendation to the financial services company,based on the DOE, that could help reduce mortgage approval times.Thoroughly provided a rationale for your response.

6. Presentation Requirements

Weight: 10%

Presentationdoes not have 10 slides in addition to a cover slide and a referenceslide. There is no consistent theme or design and slides are difficultto read.

Presentationdoes not have 10 slides in addition to a cover slide and a referenceslide and/or there is no consistent theme or design in the presentation.Some slides may be difficult to read.

Presentationincludes at least 10 slides in addition to a cover slide and areference slide. There is a theme or design throughout the presentation,but some slides may contain too much information to be easily read.

Presentationincludes 10 or more slides in addition to a cover slide and a referenceslide. There is a consistent theme or design throughout, and all slidesare easy to read.

7. Writing / Support for Ideas

Weight: 5%

Rarely uses reasons and evidence that logically support ideas.

Partially uses reasons and evidence that logically support ideas.

Mostly uses reasons and evidence that logically support ideas.

Consistently uses reasons and evidence that logically support ideas.

8. Writing / Grammar and Mechanics

Weight: 5%

Numerous errors in grammar, spelling, and punctuation.

Partially free of errors in grammar, spelling, and punctuation.

Mostly free of errors in grammar, spelling, and punctuation.

Free of errors in grammar, spelling, and punctuation.

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