The Federal S.A.F.E. Act as implemented by many
states created a new classification of individuals for employment
purposes in mortgage lending operations. The
Responsible Individual (RI) or a Branch
Manager is required to have at least three years of
experience in the mortgage business, within the five years
immediately preceding the application. A statement specifying the
previous duties and responsibilities of the Branch
Manager’s employment, term of employment, including month and
year, and the name, address and telephone number of a
supervisor, employer or, if self-employed, a business reference is
required to be submitted.
There are many
references to Responsible Individuals or Branch Managers but there
is no information on what a Responsible Individual does or
what the person's actual responsibilities are. Then we must
assume that the RI is pretty much responsible for everything
that happens in the branch including: loans, originators,
processors, customers, appraisers, lenders, attorneys, title
companies, vendors, landlords and the list goes on.
Managing such a responsibility requires a system designed for
that purpose.
The RI
responsibilities can be divided into the following
area:
Business Policy
Management
Customer Policy
Management
Originator Policy
Management
Processor Policy
Management
Vendor Policy
Management
Public Policy
Management
