{"id":3653,"date":"2024-09-18T11:06:04","date_gmt":"2024-09-18T15:06:04","guid":{"rendered":"https:\/\/sciences.ucf.edu\/statistics\/?page_id=3653"},"modified":"2025-10-09T13:34:46","modified_gmt":"2025-10-09T17:34:46","slug":"addition-financial-competition-2024-2025","status":"publish","type":"page","link":"https:\/\/sciences.ucf.edu\/statistics\/addition-financial-competition-2024-2025\/","title":{"rendered":"Addition Financial Competition 2024-2025"},"content":{"rendered":"

UCF Statistics and Data Science in partnership with Addition Financial<\/a> is excited to announce the 2024-2025 Analytics Competition! Participants will analyze real-world data to gain actionable insights into the factors influencing consumer decisions when choosing financial institutions for mortgage loans. The goal is to enhance Addition Financial’s understanding of these factors to inform strategic planning and better meet customer needs. By developing a rigorous and reproducible statistical analysis and presenting their findings in a way that is accessible to non-experts, students will gain valuable experience for their future careers. And to top it off, there’s a $3,000 grand prize!<\/strong><\/p>\n

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COMPETITION INFORMATION<\/h2>\n

UCF students will engage in a real-world project with Addition Financial, analyzing key factors that influence consumer decisions in the mortgage loan market, such as interest rates, fees, reputation, trust, loan terms, and customer service. Utilizing publicly available HMDA data, consumer reviews, financial ratings, and industry reports, they will uncover patterns and trends in consumer behavior. This experiential learning initiative fosters creative and critical thinking, challenging students to envision Addition Financial’s future growth and its impact on the communities it serves. By collaborating with industry experts and receiving guidance from professors and Graduate Assistants, students will present their findings to key stakeholders, developing practical skills in data analysis and decision-making while gaining a deeper understanding of the interplay between finance, demographics, and community development. Ultimately, this partnership empowers the next generation of professionals with the knowledge and expertise to navigate the complexities of modern financial institutions and contribute to the sustainable growth of Florida’s diverse communities.<\/p>\n

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Problem<\/h3>\n

Addition Financial, with its mission to empower the financial well-being of its members, seeks to understand the critical factors influencing consumer decisions when choosing a financial institution for mortgage loans. By analyzing a variety of factors such as interest rates, fees, reputation, trust, loan terms, customer service, approval speed, product offerings, convenience, recommendations, financial stability, and special offers, Addition Financial aims to gain valuable insights into consumer behavior.<\/p>\n

The challenge lies in identifying why consumers choose one financial institution over another, enabling Addition Financial to tailor its offerings to better meet the needs of future potential borrowers. This multifaceted approach will inform Addition Financial’s strategic planning, enhancing its competitive edge in the mortgage market and ensuring sustainable growth and profitability. Through this analysis, Addition Financial aims to broaden its reach and impact, fostering financial growth and well-being within the communities it serves.<\/p>\n

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Dataset<\/h3>\n

Contest participants will have access to a variety of publicly available datasets to aid in their analysis. The primary sources of data are:<\/p>\n

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  1. **Consumer Financial Protection Bureau (CFPB)**: The CFPB provides a comprehensive overview and access to HMDA data, including raw data, reports, and analysis of mortgage trends. This data is crucial for understanding lending patterns and consumer behavior.<\/li>\n
  2. **Federal Financial Institutions Examination Council (FFIEC)**: The FFIEC’s HMDA platform offers access to loan-level data, including the Modified Loan Application Register (LAR) data. This platform is essential for detailed analysis of loan applications and mortgage market activity.<\/li>\n<\/ol>\n

    Participants will also need to use publicly available data dictionaries pertaining to the dataset that describes each of the data points, ensuring a clear understanding of the data being used. It is imperative for participants to familiarize themselves with the data dictionary, as much of the data is industry specific.<\/p>\n

    Using these datasets, participants are expected to perform in-depth analysis to uncover patterns and trends in mortgage lending. Participants will need to explain their findings in a clear and concise manner, emphasizing the accuracy of their results. This comprehensive approach will help participants understand the critical factors influencing consumer choices and provide actionable insights for Addition Financial\u2019s strategic planning.<\/p>\n

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    Contest Structure<\/h3>\n

    The primary objective of this endeavor is to accurately predict and make well-informed decisions about the critical factors influencing consumer choices when selecting a financial institution for mortgage loans. This analysis aims to leverage publicly available HMDA data, consumer reviews, financial ratings, and industry reports to uncover patterns and trends in consumer behavior.<\/p>\n

    All entries will be judged based on the following criteria:<\/p>\n