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Essay / Research Paper Abstract
A 5 page paper discussing the planning function of management as it applies to the mortgage industry in 2007. The paper discusses legal, ethical, and social responsibility issues and identifies three factors influencing management planning. Those three factors are the economy, price pressures and loan quality. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: CC6_KSmgPlnMort.rtf
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Unformatted sample text from the term paper:
in the mortgage industry depends more on external conditions than in many other industries. The general economy directly affects the housing market, which in turn directly affects the mortgage
industry. Mortgage industry management planning requires not only internal attention, but also the ability to correctly identify trends in the housing market. Mortgage companies operating in the sub-prime
market are even more closely tied to external conditions. The Industry The mortgage industry was worth $3.1 trillion in 2005; 2.5 trillion in
2006 and is expected to slow to $2.3 trillion in 2007 (Is it over yet?, 2007). Angelo Mozilo, chairman and CEO of Countrywide Financial Corp., called the events and
conditions that have led to the current situation in the mortgage industry, and now states that he "expects 2007 to be a transitional year for the mortgage industry" (Is it
over yet?, 2007; p. 13). Countrywide is one of the nations largest mortgage lenders and operates in one of the most active segments of the industry.
In 2006 Mozilo predicted decline in industry revenues, and Countrywides pre-tax earnings in the mortgage division "were down by 20 percent compared to the first nine
months of 2005" (Is it over yet?, 2007; p. 13). Mozilo points to slower home sales, but also to the many adjustable rate mortgages that are coming due.
Further, "regulators are increasingly cracking down on the subprime sector, all suggesting continued weakness for mortgage lenders" (Is it over yet?, 2007; p. 13). At the end of 2006,
the Mortgage Bankers Association "reported delinquency rates for mortgage loans in the third quarter rose 28 basis points compared to the second quarter and 23 points from the year ago
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