Discuss about the Plan for sustainability of Mortgage Broking Business.
A mortgage broker is one who acts as an intermediary between the borrower and the lender. Richmond Funding does the necessary paperwork by collecting the documents from the borrower and passes the papers to the lender for underwriting purpose and approval (Holgate, 2012). Mortgage lender is the registered owner of the loan funds, and the mortgage broker is paid fees for compensation for his services, known as the origination fee. Our aim is to be one of the top broking firms in the region within our five years of working, or before.
Every service we consume is a provided from a service provider. We don’t know what damages our environment suffers due to our services. There is the world outside the cities, filled with air, water, and land pollution. The natural resources are exploited in such a manner which can lead to its scarcity one day. Thus, the need for sustainability arises. It focuses on a range of different concepts and practices. However, its main focus areas are carbon footprints, greenhouse gasses, etc.(Wang and Wang, 2015). But now it has started giving equal importance to economic as well as social factors because they also affect it substantially. Even though we belong to a service industry, our mission is to serve best services to our clients along with proper checking of the environmental cost (Naudé, 2011).
The nature and scope of our activities vary with the different jurisdiction of different countries. For instance, in the UK, anyone providing mortgage broking services shall be held financially liable if the advice which the broker gave to the lender about the borrower’s circumstances is later found to be incorrect (Conklin, 2016). In some jurisdictions, the job of the broker might be a sales job: guiding the borrower towards the right lender. He does not give any advice and a commission is received for the job. Our sustainability policy should focus on this scope, so as to ensure that the objectives of the business are given. It also covers all business operations and stakeholder interactions which we handle during our daily operations. Planning plays an important role by enclosing sustainability into our daily business workings. Areas where the concept of sustainability can be applied are strategy and management operations, design and technology and to our daily operations.
The owners and principal brokers of Richmond Funding are Mark Henry and Joe Banks.
Areas of application of sustainability
In management and strategic processes, we can add some improvements for sustainability for the entire business. The main focus areas are governance and planning, compliance, impact on the community, and procedures. We can improve social sustainability by creating a strong relationship with the local population or by giving adequate training to the employees. This approach will have a direct impact on the sustainability of our business(Sanchez, 2010). The strategic decisions will help in guiding the implementation of operationally efficient projects and whether we should spend on technology, improvement in the product, in product designs, etc.(Noseworthy, Wasylak, and O'Neill, 2015).
Technology and design is a broader term which covers fields such as product improvement and lifecycle, monitoring of environment and control, facility design and management.We may want to develop some new ways for energy saving or smart products that increase consumers’ sustainability or we can set standards to enhance the energy efficiency at our offices and facilities. These technology and design decisions play an important role in improving sustainability, particularly our environmental as well as economic viability aspect. For instance, on a small scale, we can use motion sensors for office lights or make procedures to make sure that the appliance is switched off if not being used (Crossley, 2008). Today, customers are aware of the energy consumed by each of their appliances from both cost as well as environmental point of view (Borg, 2008). The demand for smart products is increasing day by day which consumes less energy and has other innovative features like auto switching, self- monitoring or the system of re-use of water, etc. (Durbach and Davis, 2012)
We might decide to target our daily operations. The areas covered are measurement and reporting of operational resource efficiency, process improvement, sustainability performance, management of waste as well as supply chain management decisions (Eicher, 2002). We encourage our staff to save energy and come out with more efficient processes. We have set up productivity and efficiency systems that target normal wastage in the processes, waiting time and waste materials. Operational staff plays a crucial role in achieving business goals. Employees who dedicatedly take part in a workplace tradition of respect and who give good ideas for improvements are an invaluable asset for the organization(Zhang, Wang, and Zhou, 2014). Since ours is a service industry, issues such as waste management, supply chain management,etc. are not required to be addressed ( Topic on Supply Chain Management and Resources Management, 2013).
Recommendations to our employees and clients
For better sustainability, we have adopted various steps such as, we can achieve energy efficiency by ensuring that all lights are replaced with energy efficient lights such as LED, and all electrical appliances are turned off during night hours when not being used. We have also advised our clients to do the same(Bashmakov and Myshak, 2014). We also make sure that the office stationery such as printing papers is appropriately recycled. We advise our clients to use both the sides of the paper and recycle them. We also advise our staff and other partners to use public transport as much as possible when visiting the office or to the clients. We even encourage our clients to use public transport when visiting our office. We conduct our meetings through audio/video conferencing who live out of the state instead of visiting them personally.
We also discuss the success stories of various famous men and their contribution towards the sustainable development of the business with our employees. This motivates the employees to come up with innovative ideas(McGee, 2006). Those who take interest in improving processes and Follow Company’s advice for energy conservation are adequately rewarded, and their work is recognized too(White, 2009). We identify the trends of the past years as well as from the industry standards, regarding environmental and energy conservation aspect, and take appropriate actions wherever needed. Since we want our business to be sustainable, we believe in maintaininggood relations with our clients, partners and employees because it affects the business productivity, our reputation as well as governance. This is known as community impact.
It is likely that a sustainable policy cannot by written by a single person within an organization. Rather, it is developed from the ideas and recommendations of various persons. Each idea is sought and then it is carefully included in the policy.
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