We achieve new results on skew polynomial rings and their quotients, including the first explicit example of a skew polynomial ring where the ratio of the degree of a skew polynomial to the degree of its bound is not extremal. These methods lead to the construction of new (not necessarily associative) division algebras and maximum rank distance (MRD) codes over both finite and infinite division rings. In particular, we construct new non-associative division algebras whose right nucleus is a central simple algebra having degree greater than 1. Over finite fields, we obtain new semifields and MRD codes for infinitely many choices of parameters. These families extend and contain many of the best previously known constructions.