Mortgage Rainmaker Essay

The mortgage crisis that has caused house prices to fall and foreclosures to occur across the United States will create the need to alter the financial mortgage industry policies; as the impact it has can go as far as causing a consumer recession due to the low unemployment rate, rising

It requires a great deal of effort to induce satisfied customer to switch away from their current existing. Thus, customer satisfaction is been given top priority in today’s competitive world.

Within the past three to four years, the United States has seen the dramatic collapse of the housing market. The housing bubble spurred by ill-advised loans to individuals who could not afford a mortgage, complicated contracts which had interest rates and payments changing without reason, and the mass purchasing of bad loans by lending superpowers, had popped. The rapid increase in the value of homes across the country for the previous decade, had been a falsity, in which billions of dollars funded by investments and home purchases were lost within a few months (Wikipedia.org: United States housing bubble). Millions of home owners were found to be unable to pay their mortgages, leading to hundreds of thousands of foreclosures. These

The reason is that a vision statement is intended to prove the organization’s values, guides employees’ behavior and motivate consumers (Hawthorne, n.d). A vision statement provides direction of for the following years; yet, not change it every year and that where Mentor Graphic fail to do. Their customers felt lost and confused; while their employees had no encouragement nor drive. It was crucial for them to developed a vision with strong roots like they did at the beginning to keep their business going.

Did you know that you can take up to 30 years to pay off a mortgage in Canada?

Shared Vision – Shared vision stimulates organizational commitment by establishing purpose, principles, and actions that will help the organization reach its goals

Due to the recession that our economy has recently experienced, American consumers are currently undertaking serious financial problems. Such difficulties are obvious in real estate, with homeowners having to deal with a major foreclosure crisis. According to studies by the Mortgage Bankers Association, one out of every 200 homes will eventually be foreclosed, and 250,000 families enter into foreclosure every three months. Although the worst times are still in our future, with help from the United States government, we as citizens will eventually overcome the horrendous situation of America’s current real estate market.

The mortgage crisis is a shock wave that has traveled through the economic leaving all in its path searching to pick up

Vision. Vision alludes to a dream with some understood or unequivocal analysis on why individuals should attempt to make it a reality. Tomasso Corporation's vision of "Joyful and Passionate People Serving Enthusiastic Customers" is an illustration. In persuading change, vision serves three essential capacities by clarifying the change of course, simplify complex decisions, and serving to swiftly coordinate team dynamics. Furthermore, a persuasive vision empowers workers, offers job fulfillment, gathers commitment, and sets up a standard of excellence. In preparing individuals a vision must be board with appeal, embody the organizations destination and journey, reflect high goals, and energize hope and

Reverse mortgages are a revolutionary way of achieving financial freedom while on retirement. It does not put strain on the individual through payment of costly monthly installments, and provide a person loved ones with a cushion incase anything goes wrong. It also has lower interest rates. Despite the fact that it is one of the loan products that fits well for senior citizen, numerous people do not understand how it works.

When a lender is offering a mortgage loan to a borrower, he or she has to determine what are the risks involved. In order to determine these risks, the lender uses a process known as mortgage underwriting, in which some parameters are assessed. The underwriters consider risks that fall under the category of credit, capacity and collateral. The decision of the underwriter is the final one to either approve a loan or decline it. This process is so cumbersome that lenders at times contract mortgage underwriting.

Research suggests that the surge in foreclosures over the past three years was a result of economic conditions as well as extremely lax levels of underwriting . As we have seen over the past 12 months, tackling the real estate and foreclosure crisis is difficult. There isn’t a single program that if implemented will be able to fully address foreclosures, however we do know that the approach must be comprehensive, for the best way of tackling problems is by doing so from the root. In the case of foreclosure the “proposed solution” aims to accomplish the following objectives:

A final suggestion would be to scrutinize the banking industry and all departments responsible for handing out mortgage loans to individuals who do not have the means to provide payment. They need a full disclosure form that would list all outstanding loans and research this area to be assured that the consumer is honest in their application and not already involved in high credit card or other debts which would hinder the repayment of the mortgage loan. Along with research, the banks should enlist a clause that would involve insurance companies that would assist a homeowner with payments and/or extensions of their payments due to an unexpected unemployment issue or a catastrophe that would enable homeowners to continue to make payments based on their new circumstance. Once the consumer’s circumstance improves

Customers play a variety of roles in the service experience. Some of those roles are productive resource, contributor to quality, satisfaction and value; and as competitor to the service organization.

An effectively communicated vision is a valuable management tool for enlisting the commitment of company personnel to actions that get the company moving in the intended direction.