Web-service Based Information Integration for e-Mortgage Contract Matchmaking Decision Support: A Case Study in Hong Kong Dickson K. W. CHIU Senior Member, IEEE Dickson Computer Systems Hong Kong Patrick C. K. HUNG Faculty of Business and Information Technology, University of Ontario Institute of Technology Gordon K.T. LAU Dept. of Computer Science Hong Kong University of Science & Technology

Mortgage DSSHICSS Introduction Effective decision making often requires disparate information from heterogeneous sources Significant contracts required gathering such information particularly slow and inefficient Few studies in the end-users perspective Case Study: HK real estate business $$$$$ => important decision to end-user Complexity of terms and conditions Tedious and time-consuming process e-Mortgage Contract Matchmaking Service (EMS) Studies how the application of Web service technologies helps

Mortgage DSSHICSS Typical Flow of Property Acquisition

Mortgage DSSHICSS Stakeholders mortgage providers highly competitive value-added services competitive edge legacy systems customer segmentation property buyers mortgage service applicants looking for mortgage plans individual financial needs additional channels accurate, timely, convenient, secure complexity Representatives of buyers provide advice and service in selecting properties earn commission add-on service to attract and assist customers in property acquisition Authorities / 3rd party institutions providing credit history / rating unbiased to various parties

Mortgage DSSHICSS Message Flow

Mortgage DSSHICSS System Architecture

Mortgage DSSHICSS Web Service Operations

Mortgage DSSHICSS UML Concept Model for EMS

Mortgage DSSHICSS Sample WSDL

Mortgage DSSHICSS Sample SOAP Message

Mortgage DSSHICSS Mortgage Quote Request Flow

Mortgage DSSHICSS Mortgage Quote Process Flow

Mortgage DSSHICSS XML with Security Control

Mortgage DSSHICSS Example Weight XML

Mortgage DSSHICSS Ranking Mortgage ComponentsOffer AOffer BExpected Interest (%)565.5 Monthly Payment Amount Duration (Months) Mortgage ComponentsOffer AOffer B Weight Interest (%)0.5 (5.5 – 5)-0.5 (5.5 -6) 5 Monthly Payment Amount-500 (6500 – 7000)500 ( ) 3 Duration (Months)60 ( )-120 ( ) 10

Mortgage DSSHICSS Ranking - Result Mortgage Component Offer A (variation)Offer B (variation)Weight Interest (%)2.5 (0.5 * 5) -2.5 (-0.5*5) 5 Monthly Payment Amount (-500 * 3) 1500 (500 * 3) 3 Duration (Months)600 (60 * 10) (-120 * 10) 10 Total (Score)

Mortgage DSSHICSS Summary  Web services integrates disparate information to facilitate decision support  Attempts to address real-life problems: complexity of contracts and decision  Value added service from end-users’ perspective  Web Service Architecture (WSA)  provides an efficient channel to communicate among parties in the business processes  extend the value of current legacy systems  less paper exchange  more automated and accelerated processes

Mortgage DSSHICSS Future Work  Further enhancement and automotion of the mortgage application workflow  Reach a state of paperless and all-in-one stop for mortgage applications  Enhance the current built-in raking function: pattern recognition and data mining techniques  Abstracting the experience gathered from our case study to a higher level methodology and meta-model  Application of ontologies

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