Salt Lake City-based lender Primary Residential Mortgage Inc. has created a new “enterprise risk management” group with the goal of managing risk through the entire loan origination process and ensuring that the company has appropriate monitoring and evaluation policies.
“Over the last couple years, the mortgage industry has been under intense scrutiny,” said Dave Zitting, president and CEO of PRMI, in a press release. “While the larger banks all have ERM departments, it’s uncommon for a company of our size to have one but we wanted to take aggressive steps to demonstrate to our customers, partners and employees our commitment.”
H. Burton Embry, who has 25 years of experience in the mortgage industry, has been named senior vice president, enterprise risk management and will be responsible for overseeing the compliance, licensing, quality control, insuring, final docs and HMDA departments for the company’s more than 190 nationwide offices and over 850 mortgage loan originators.
Lenders must manage compliance and quality issues more closely than before, said Embry. The new group will help the company comply with all mortgage banking laws and regulations, improve its overall loan quality and help it to better manage risk across all areas, he said.
In addition to Burton’s promotion, Shelly Hill has been promoted to compliance director. Hill will be responsible for the day-to-day compliance activities of Primary Residential Mortgage. Previously Hill was PRMI’s state compliance manager, a position she has held since April 2011.
