A major financial services company wishes to better understand its mortgage approval process. In particular, the company is interested in learning about the effects of credit history (good versus fair), the size of the mortgage (<$500,000 versus >$500,000), and the region of the United States (western versus eastern) on the amount of time it takes to get a mortgage approved. The database of mortgages approved in the last year is accessed, and a random sample of five approved mortgages is selected for each of the eight combinations of the three variables. 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
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