Week 3: Taking the Reins- A Manager's Checklist for Effective Oversight
Residential lending, on both the origination and servicing side, house highly-critical functions, demanding meticulous attention to detail and a proactive approach to risk management. A manager’s role overseeing these areas extends beyond simply delegating tasks. This person establishes the foundation of the team's success, ensuring smooth operations, borrower satisfaction, and adherence to regulatory compliance.
This post outlines a framework for kickstarting a review of the effectiveness of oversight measures in place, empowering you to build a high-performing team and minimize operational risks.
1. Identify and Assess Existing Procedures
What procedures are currently in place? Are they up-to-date and effectively communicated to the team?
What procedures are missing? Do we have known problems or challenges, and are they tracked for resolution?
2. Leverage the Power of Reports
What reports are currently available to monitor key performance indicators (KPIs)?
Are these reports effectively utilized to identify trends, analyze performance, and make data-driven decisions?
3. Foster Open Communication and Address Team Concerns
Are all team members involved in regular team meetings to discuss challenges, share best practices, and address any concerns?
Key Areas of Focus for Managers
Dual Control: Implement robust controls to ensure separation of duties, such as dual control for file maintenance and monetary transactions.
Open Lines of Communication: Create a safe and open environment for team members to raise issues or concerns without fear or judgement.
Policy Effectiveness: Continuously evaluate the effectiveness of all implemented policies and procedures, ensuring they are updated regularly .
By diligently following this checklist and fostering a culture of continuous improvement, you will more effectively manage your operations team, minimize risk, and enhance borrower satisfaction.
For information on how SCA can help with implementing effective managerial oversight using a practical, attainable approach, contact our Director, Bill Dolan, at: WDolan@scapartnering.com or by phone at: (617) 694-2617.
