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The main goal is to offer the lowest fixed rate and the personal services homebuyer deserve. Building long lasting relationship with current and past customer. How we measure the risk between one buyer and an other goes by credit, debt income ratio, work stability, able to have some savings, any previous bankruptcy, foreclosure or judgement. By taking caution we are avoiding and preventing ahead of time a possible foreclosure.
Recommend a preventive solutions that incorporates risk mitigation
The best tool is to open the channels of communication with employees and communicate and keep the update with the new regulation and guidelines regarding mortgage financing.
2) Any discrimination to extend credit because race, color, religion, age its consider a violation
They are 3 categories of control in relationship to risk.
1) Preventive Control: Can reduce the risk that united Mortgage can encounter. In order to prevent mortgage fraud united Mortgage have a new policy to required every single homebuyer to sign a 4506T (tax transcript) with the purpose that the tax return to be review prior to submit to the underwriter. If there is fraud committed united Mortgage rather stop the file before that gets to the underwriter hands and affect the business relations and good name of the company And file charges against the person who infringed the law. Preventive control eliminates and reduces the risk to be involved in scandals of mortgage fraud.
2) Detective Controls once the risk is identified take action to it. Provide a mortgage fraud class. How to identify mortgage fraud.
3) Corrective Controls are used to mitigate and to correct the problem in this situation to educated the Loan officer how to identified mortgage fraud.
Pine Valley Mortgage must implement certain goals. The company is audit once in a while by the Banking commission to make sure that the RESPA guidelines are met. Making sure that the appropriate form are disclosed and sign by the homebuyers. If there any violation united Mortgage will receive a report, which is, turn to the Branch Mananger with the intention that in the second review United Mortgage improve the weakness.
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"Enterprise Risk Assessment." 123HelpMe.com. 18 Jul 2019
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In the COSCO framework, ERM consist of eight interrelated components, which are derived from the way management runs an enterprise and integrated with the management process
1. Internal environment, in relationship to enterprise Risk Management as defined by OSCO, describe united Mortgage as the organization in relationship to the risk, credit risk. The internal Environment it important due that is related to the culture of Pine Valley Mortgage and it takes accounts business ethics. united Mortgage cannot discriminate in extending a mortgage financing if the borrower qualified depending on race, color, religion, age and nation origin (ECO) Its against The Federal Equal Opportunity Act. The goal of the Internal Environmental is to have defined rules and policies that could cost the organization lawsuit and penalties.
To objective is to successfully assess risks. This is the process of Risk Assessment. Give the office manager in this case to identify the risk and address to the rest of the employees on how does prevent lawsuit and foreclosure at the same time.
Information and Communication
This is to ensure that the most important information is been communicated to the e. employees regarding guidelines, regulation and how to prevent mortgage fraud. Effective communication also occurs in a broader sense, flowing down, across, and up the entity (COSCO, 2004). In this manner, information and communication is the thread that holds the company goals.
The office manager will monitor and make sure that the rest of the employees follow the RESPA guidelines. Just in case we get audit we won’t have any problems putting are files together. RESPA required that once a borrower applied for a mortgage financing we have to mail copy of the credit report and create a file even do the transaction does not take place. Following the rules will prevent the company any penalties.
The offices manager will be responsible to conduct the internal audit with the purpose when the external audit come the files met the RESPA guidelines. Once the offices manager conduct the internal audit she will communicate with the rest of the employees what are the weakness and educated with the purpose to correct this issue.