Is Good Risk Management Like an Olympic Sport?
All Industries
Jun 07, 2023, 15:46 ET
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At NCCI, we know that the work we do can help our clients save a great deal of money, preserve important customer relationships, comply with regulatory requirements and preserve their reputations in the markets they serve, but that doesn’t make us athletes. Or does it?
In a recent LinkedIn Pulse article, NCCI’s Director of Business Development Doring Lloyd drew some very interesting parallels between the work we do for clients in a range of industries and a recent Bronze Medal curling match she attended with her husband.
“The strategy struck me the most! Strategy for planning the very placement of the stone, how strong or not to slide the stone off the hack, how much to sweep the running stone to reduce friction and increase the distance the rock travels, and the why,” she wrote in her post. “I thought about how much this ‘strategic planning’ relates to the mortgage banking industry. With so many unknowns within the mortgage banking industry right now, if you’re a lender, servicer, or sub-servicer isn’t it most important to strategically think about how to bring the borrowers in the door, keep the borrower once they are there, and engage the borrower throughout the life of the loan, whether the loan is in good standing or not.”
She makes a good point. Success often comes down to having a good strategy. Leading mortgage servicers know that a key element of that strategy is making every effort to make contact with borrowers who get into trouble. We help many servicers with this and can tell you that it absolutely works to reduce their risk and get borrowers back on track.
As we finalize our preparations to meet with mortgage servicers at the upcoming Mortgage Bankers’s Association’s Servicing Solutions Conference in Orlando, we are planning on having a number of fruitful discussions with servicers who understand how important effective loss mitigation is in a changing economy.
If you’re planning on being at the show, be sure to find us on the exhibit hall floor, as we are proud sponsors of the event. If you want to be sure to meet with us, reach out to Doring at DLloyd@nationalcreditors.com to schedule a meeting. Just don’t let her talk you into a curling match.
