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E-commerce business models in the US home mortgage industry

Source: digital.is.ualr.edu
Topic: Home Industry

Sort Desciption: The home mortgage industry is highly significant for the US economy in terms of ..... segments of the home mortgage industry suggests that IT has started to ...

Content Inside: 1 E-commerce business models in the US home mortgage industry M. Lynne MARKUS 1 , Charles W. STEINFIELD 2 , Rolf T. WIGAND 3 1 Bentley College, 175 Forest Avenue, Waltham, MA, 02452-4705, USA Tel: +1 781 891-2312, Fax: +1 781 891-2896, Email: mlmarkus@Bentley.edu 2 Michigan State University, East Lansing, MI 48824-1212, USA Tel: +1 517 432-1331, Fax: + 1 517 355-1292, Email: steinfie@msu.edu 3 University of Arkansas at Little Rock, Little Rock, AR 72204-1099, USA Tel: +1 501 371-7647, Fax: + 1 501 583-7049, Email: rtwigand@ualr.edu Abstract: The home mortgage industry is highly significant for the US economy in terms of Gross Domestic Product and employment. Despite the fact that mortgage lending is an information-intensive industry, residential mortgage lending has been characterized as traditional and slow to adopt IT. Thus, the potential impacts of e-commerce in this industry are great, making this preliminary study of IT impact in the industry (funded by the US National Science Foundation) a natural complement to the STAR project. Our findings show that IT is already having profound effects in this industry and promises more changes to come. 1. Introduction The home mortgage industry is highly significant for the US economy in terms of its contribution to the Gross Domestic Product and employment. Despite the fact that mortgage lending is an information-intensive industry, residential mortgage lending has been characterized as traditional and slow to adopt IT. Thus, the potential impacts of e-commerce in this industry are great, making this preliminary study of IT impacts in the industry (funded by the US National Science Foundation) a natural complement to the STAR project (funded by IST KA II). The impacts of IT are known to vary with the specific uses to which IT is put and with complementary changes in business processes, management practices, etc. The concept of e- commerce business models captures variations across organizations in the use ...

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