Planning and organizing in respect to Wells Fargo is essential to the success of the company. The vision of Wells Fargo Bank is to move to the next stage going from "good to great," (wellsfargo.com). The organization has constantly reinvented itself through the years by creating new departments, products, services and new positions. The changes that have been made to the organization have been instrumental in the success of the company. Planning is a function that is often utilized within our organization.Within the mortgage wholesale division of Wells Fargo, we tend to have an operational disadvantage when it comes to our loan process. Our company realizes that business would not ex ...view middle of the document...
Sometimes we take up to 72 hours to give a decision to our brokers and borrowers. We need to improve our operational process to help give a final decision within 24 hours. We need to increase staff and educate our underwriters on how to quickly underwrite files. With implementing a 24 hour turn-time we can increase productivity and keep our brokers and borrowers satisfied.The strengths of Wells Fargo focus on the operational standpoint of how we track loans once they are entered into our system. Once a loan enters our system they are given a certain loan number and code. The coding system determines if a loan is denied, issued a commitment or if the loan has went to docs and funded. Once the loan enters our database, Wells Fargo mails out a broker survey in order to track our customer service. This lets us know our level of customer service provided to the broker. Then once the loan funds in our system, the same type of survey goes out to our borrowers, so we can track our service level with the borrowers too. Through these surveys we can obtain a general idea of our level of service by questioning the brokers and borrowers on the key elements that contributed in the process of closing their loan.We collect the surveys on a monthly basis and scan their electronic bar codes. These bar codes tally up the percentages from the results of the surveys and download them onto a spreadsheet. This spreadsheet gives us a breakdown in all areas so it is easy to read and understand our strong and weak areas. From the completed surveys, 100 will be randomly selected and flowed up on by a closing agent from Well Fargo. In effort to practice 100 percent customer service our closing representatives will follow-up with the broker by reviewing their surveys. This will also give Wells Fargo a chance to enhance our relationships with our brokers.By enhancing our relationships with brokers, it will lead us to bettering our operational opportunities. Since the start of this research, this measure has proven to enhance our customer service level by 63 percent. By interacting with our brokers and getting feedback helps us to build a stronger relationship with our brokers. The stronger our relationship, the more opportunities we will have to gain their business. When speaking to our brokers we must also keep diversity in mind.Some of our current operational threats are related to diversity. Diversity is a threat to all companies. The value of implementing a diversified corporate strategy depends on individual circumstances. Many critics have argued that unrelated diversification hurts a company more than it helps it. To overcome the threat of diversity Wells Fargo has implemented six steps to become more diverse.1. Executive management team takes responsibility for diversity and creates a culture that welcomes, respects and takes pride in diversity. We hold ourselves and others accountable and encourage open, honest feedback from team members.2. People from dive...
