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Application of DECISION MAKING tools to MORTGAGE Industry Professional Experience - Coursework Example

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Over the years, different people have come up with decision making models which are aimed at enhancing the way people think and end up making rational decisions. Making rational decisions is not a spontaneous…
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Application of DECISION MAKING tools to MORTGAGE Industry Professional Experience
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Download file to see previous pages In making critical decisions, the people who are in positions of leadership often run into conclusions without inquiring well from professionals who can avert the damage that can be caused by such an occurrence. A good example is the doomed merger between AOL and Time Warner in the year 2001. The merger happened despite the advice of the subordinates on Gerald Levin who was at the time the Chief Executive Officer at Time Warner Inc. Levin who was obsessed with leaving a legacy at Time Warner Inc. decided to go ahead and authorize the merger despite the warnings. This is a good example of the consequences that can follow the making of irrational decisions.
In this work, we shall look at the decision making models that have been developed to help in making the best decisions especially in our field. This will be addressed in the context of the mortgage industry which is our section of interest. By first comparing them we shall be able to figure out the best and discuss it.
There are a number of decision making models that can be used in the mortgage and loan financing industry. First it is important to understand this field so as to see how the idea of using decision models and techniques can be implemented. First, the mortgage loans are availed to the people who want to try their hand in real estate so they can be able to purchase the property they want. In the legal mechanism that need to be followed to validate this process, the property stands as the security in case the borrower is unable to pay back the loan (Gaffney, 2014). This is a business that has been so successful in the recent past and thriving in it requires a bit of critical decision making. The amount of cash that is required to establish it means that there is no space left for gambling and every step made counts.
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