Primary Residential Mortgage Inc. (PRMI) has announced the formation of a new Enterprise Risk Management (ERM) group. The creation of new ERM group demonstrates the company’s commitment to manage risk through the entire loan origination process and ensures that the company has the appropriate monitoring and evaluation policies.
“Over the last couple years, the mortgage industry has been under intense scrutiny,” said Dave Zitting, president and chief executive officer of PRMI. “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 to providing a safe and compliant mortgage experience.”
Twenty-five year mortgage-banking industry veteran H. Burton Embry has been named senior vice president–Enterprise Risk Management and will be responsible for overseeing the compliance, licensing, quality control (QC), insuring, final docs and HMDA Departments for the company’s more than 190 nationwide offices and more than 850 mortgage loan originators.
“In today's mortgage environment, lenders must manage compliance and quality issues more closely than ever before,” said Embry. “By establishing this new group, we are implementing a solution that will sharpen our focus on complying with all mortgage banking laws and regulations, improve on our overall loan quality and help us to better manage risk across all areas of our company.”
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 PRMI. Previously, Hill was PRMI’s state compliance manager, a position she’s held since April 2011.