The OCC and other regulatory agencies have identified the inadequacy of Enterprise Risk Management (ERM) as one of the main causes of the credit crunch of 2008. In this video, Nationwide Title Clearing industry expert Myron Finley answers how ERM is important in the mortgage industry and addresses ways ERM can mitigate loss and lower your exposure to risk.
In this short video, Myron discusses these key points:
- Risk of loss must be mitigated.
- The ERM must reach beyond the activities conducted by the servicer.
- ERM requires a documented look at three specific quantities. The product of those quantities will produce your company’s exposure to each identified risk.
Watch Myron's response in the National Mortgage News Ask the Experts video here to learn more.
