Jonathan Shiery Authors Article for Mortgage Banking Magazine
Reputational Risk Management for the Mortgage Industry
An institution’s reputation has a critical connection to its intrinsic current value and the ability to create or destroy future value. In the mortgage industry where consumers are entering into a 30-year commitment on one of the most important decisions of their life, reputation could arguably be a financial institution’s single greatest asset. Although consumers do not choose their servicers, most servicing units are part of large financial conglomerates with consumer product portfolios where enterprise reputation can be put at risk by any single line of business.
Reputational management is the practice of monitoring your institution through risk assessments of the firm’s products, portfolio, and operations to identify and remediate activities that are or may be damaging to the firm’s reputation.
This Mortgage Banking magazine article, by Navigant Director Jonathan Shiery, uses the Consumer Financial Protection Bureau complaint data to identify three key risks to mortgage participant’s reputation and provides five reputational risk mitigation activities that the mortgage industry can leverage to develop customer trust and create long-term value to the institution.
Click here to read the full article.