Sustainability Plan For Mortgage Business In Australia

Integral Elements of Sustainability

Discuss about the Mortgage Finance Affects Urban Landscape.

As discussed Gathergood and Weber (2017), mortgage broker acts as the intermediary between the lender and the borrower. Mortgage lender is identified as the registered owner for the loan funds and mortgage broker is paid the fees as a compensation for services. Being one of the top broking firm in Australia, dealing in complex mortgage broking solution our aim is to adhere to the sustainability aspect as well. An individual providing broking service is liable for the borrower’s circumstances. In some of the other cases the broker may be a mortgage sales agent who may be guiding the borrower for the right lender. The report aims to propose a sustainability plan for a mortgage business operating in Australia. Our sustainability policy ensures that the objectives of the business are given at the first instance of the deal. It will cover the specific aspects of the business operations and the scope which will ensure that the sustainability policy is able to recommend for all the relevant objectives of the business.

The nature and the scope of the activities has been reviewed as per the data obtained from the jurisdictions prevailing in Australia. The discourse of the report will define the integral elements of sustainability, identification and consultation with stakeholders and Include the appropriate strategies in the policy at all stages of work for minimising the resources. Some of the various types of the other discussions will focus on the making recommendations for policy options as per the effectiveness, cost and timeframes. The findings of the report will also develop the policy which reflects the organisation’s commitment to the sustainability. The findings of the report have agreed to the appropriate method for implementation, outcomes and performance indicators. The latter part of the of the study has suggested on the policies for promoting workplace sustainability, which includes the expected outcomes key to the stakeholders. The implementation policies will also highlight on the development of the communication procedure to asset the workplace sustainability. The final section of the policy aims to monitor the records to identify the trends which may require remedial action and use of the continuous performance improvement procedures (Campbell and Cocco 2015).

The significant information relating to sustainability plan will be collected from “Decision Support Tool” taken from “The Business of Sustainability”. The main nature of the business is identified as a service provider. We are not aware of the damages environment suffers due to the services provided by us. The exploitation of natural resources is depicted in such a manner that it may lead to scarcity in the near future. The requirement of the sustainability has been depicted in areas pertaining to carbon footprints and greenhouse emissions. It is of equal importance to focus on the “economic as well as social factors because they also affect it substantially”. Despite of being a service industry providing complex mortgage broking solution, our main intention is to ensure that the best service to our clients along with keeping a check on the environmental degradation (Mian and Sufi 2017).

Identification and Consultation with Stakeholders

The policy has identified customers, communities and shareholders as the main stakeholders of the mortgage firm. The policy will be also able to cover all the interactions of the stakeholders which will be handled during the daily operations. The employees taking part in the workplace traditions and providing good ideas are an invaluable asset and stakeholders for the organization. The planning of the sustainability will be implemented into the daily business workings. (Chan, Haughwout and Tracy 2015).

The technology and design are viewed as a broader term which will cover the fields like “service improvement and lifecycle monitoring of environment and control, facility design and management”. We will also emphasize on some of the new ways for saving energy and introduce smart technology in our office premise. This has been further viewed with the different types of the implementation of the standards which will be focused on the enhancing the energy efficiency at our offices and facilities (Krainer and Laderman 2014).

As stated by Pivo (2015), the implementation of these technology is viewed with an integral role in enhancing the overall sustainability. On a small scale we may introduce using motion sensors for office lights and make procedures to ensure that the appliances are automatically switched off when not in use. The customers are aware of the energy consumed by the respective appliances from both the environment and cost perspectives. It needs to be understood that the demand for smart products is continuously increasing which not only has lower energy consumption but several innovative features such as auto switching, “self- monitoring or the system of re-use of water” (Keys et al. 2014). 

Some of the other areas of the application for the sustainability will be seen with the “design and technology and daily operations. We strive to encourage our staff to save more energy and come out with a more energy efficient process. The efficient and productive systems are depicted with minimising normal resources, thereby reducing the waiting times for the new applicants of the mortgage services (Agarwal, Ben-David and Yao 2017).

The policy options along with the timeframes for the respective policies are stated below as follows:

The sustainability policy will include the principal brokers and the owners of the mortgage firm. The improvement process of the sustainability will be applied to the entire business. The focus will be given on the “governance and planning, compliance, impact on the community, and procedures”. The strategic decisions will be conducive in guiding the operationally efficient projects. It will also enable us in having a better understanding of the “technology, improvement in the product, in product designs” (Chauvet, Gabriel and Lutz 2016).

Policy Options for Sustainability

The scope of better sustainability will be adopted with the implementation of the various steps which have stated that we may be able to achieve better energy efficiency by ensuring “lights are replaced with energy efficient lights such as LED”. We need to also ensure that all the electrical appliances are turned off during the night hours when they are not in use. Our advice to the clients are also based on following these sustainability strategies. We also advice our clients for using public transportation as much as possible when visiting the offices. In addition to this, we prefer conducting the meetings via audio/video conferencing instead of the personal meeting (Basten and Koch 2015).

The different polices set in the sustainability plan will be based on assigning the specific roles of the sustainability agenda. The crucial role by the operational staff has been discerned with achieving the specific business goals. As we are a service industry, issues related to waste management and supply chain need not be addressed.

The communication policy and procedure should include:

• Promoting “workplace sustainability policy, including its expected outcome to key stakeholders”
• Implementing the policy as to outcomes expected and activities
• Review sustainability policy implementation

• “Communicate information about environmental sustainability to the work group”
• “Consult with the work group on implementation and enhancements in environmental and energy efficiency”
• Adhering to the basic sustainability principles

• Encouraging the participation of the volunteers and staff
• Reinforce commitment to create positive work environment
• Enhancing the communication among staff and management
• Conducting regular surveys
• Organising focus groups and feedback sessions
• Conducting regular internal audits

Our company aims to gradually look for the positive changes in the sustainability outcomes. The feedback collected has been conducive in knowing about the different types of the areas of problem of sustainability policy.

• Identify trends from regulatory sources, relevant personnel and organisational specifications
• “Using software systems for recording and filing documentation” for tracking of current usage
• Taking Remedial actions after “compliance requirements for benchmarking and continuous improvement”

• Modify the procedure at service level (reducing waiting time)
• Modify the procedure at infrastructural level (motion sensor technologies, LED lights, sustainable technologies
• Modifying the policy at community level creating a strong relationship with the local population and giving assistance to the existing employees

Conclusion

We have been able to discuss on the sustainability initiatives with the success stories of the famous men and their contribution towards sustainable development with the employees. This has been a motivating factor for the employees to come up with innovative ideas. In addition to this, those who take part in the improvement process and follow “company’s advice for energy conservation” are rewarded adequately.

References

Agarwal, S., Ben-David, I. and Yao, V. (2017) ‘Systematic mistakes in the mortgage market and lack of financial sophistication’, Journal of Financial Economics, 123(1), pp. 42–58. doi: 10.1016/j.jfineco.2016.01.028.

Basten, C. and Koch, C. (2015) ‘The causal effect of house prices on mortgage demand and mortgage supply: Evidence from Switzerland’, Journal of Housing Economics, 30, pp. 1–22. doi: 10.1016/j.jhe.2015.07.001.

Campbell, J. Y. and Cocco, J. F. (2015) ‘A Model of Mortgage Default’, Journal of Finance, 70(4), pp. 1495–1554. doi: 10.1111/jofi.12252.

Chan, S., Haughwout, A. and Tracy, J. (2015) ‘How Mortgage Finance Affects the Urban Landscape’, Handbook of Regional and Urban Economics, 5, pp. 987–1045. doi: 10.1016/B978-0-444-59531-7.00015-6.

Chauvet, M., Gabriel, S. and Lutz, C. (2016) ‘Mortgage default risk: New evidence from internet search queries’, Journal of Urban Economics, 96, pp. 91–111. doi: 10.1016/j.jue.2016.08.004.

Gathergood, J. and Weber, J. (2017) ‘Financial literacy, present bias and alternative mortgage products’, Journal of Banking and Finance, 78, pp. 58–83. doi: 10.1016/j.jbankfin.2017.01.022.

Keys, B. J., Piskorski, T., Seru, A. and Yao, V. (2014) ‘Mortgage Rates, Household Balance Sheets, and the Real Economy’, NBER Working Paper, 1(Grant 1124188). doi: 10.1017/CBO9781107415324.004.

Krainer, J. and Laderman, E. (2014) ‘Mortgage Loan Securitization and Relative Loan Performance’, Journal of Financial Services Research, 45(1), pp. 39–66. doi: 10.1007/s10693-013-0161-7.

Mian, A. and Sufi, A. (2017) ‘Fraudulent income overstatement on mortgage applications during the credit expansion of 2002 to 2005’, Review of Financial Studies, pp. 1831–1864. doi: 10.1093/rfs/hhw104.

Pivo, G. (2015) ‘The Effect of Sustainability Features on Mortgage Default Prediction and Risk in Multifamily Rental Housing’, The Journal of Sustainable Real Estate, 5, pp. 152–173. Available at: https://www.josre.org/5-08-the-effect-of-sustainability-features-on-mortgage-default-prediction-and-risk-in-multifamily-rental-housing/.

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