RE:RE:RE:RE:RE:RE:RE:RE:RE:This is all very amusingon anotehr note all i read here is
I SUSPECT.. I THINK... IT MIGHT BE THAT... no one cares what you think, suspect, or beileve in...
if you want to bring in FACTS.. as oppose to ignorant guesing that would be appreciated...
"this stuff is not even educated guessing".........
Grisha6 wrote: CEO, especially of a bank should not be involved in technology, they should have bigger things to worry about. Anyways thats why Chris Whyte (now gone) was installed as COO to prod along the tech development which was late and well oveer budget. Its probably not the tech itself, but the process and how they are using it to balance the work load between originations and underwriting. What I suspect is happening from the anouncements of new hires and subsequent expo layoffs is that they are i) still struggling to build an efficent and effective underwriting staff and ii) still unwilling to spend the required amount of ime and effort to adequately underwrite thier originations. Further suspect this is one of the major reasons the VP underwriting jumped ship a couple of months back is that he was being told to speed up the process.
Its not about tech portals (which is the CEOs forte) but a more complicated problem of how to profitably manage a mortgage right through from originations to Underwriting to adminstration.
The new head of Res Lending may be able to address that, given that his expierence is all at softeware companies, but you would think that if they wanted to grow the mortgage book they would have hired someone with at least a big toe in the mortgage business itself.
None of the major staff now CEO, CFO, (CMO) Chief Mortgage Officer have any experiece with managing a business that actually writes and manages a mortgage portfolio or was a regulated deposit-taking FI.
I can't see how OSFI is fine with that unless they just want caretakers to fix exisiting problems and incurr any more risk by atualy trying to significantly grow the business. Then it makes sense.