| Subject | Business | Pages | 5 | Style | APA |
|---|
Question
Order Instructions:
create a public relations campaign for a financial institution that has recently received negative exposure in the media pertaining to its lack of responsiveness to those wishing to modify
existing home loans. The goal of your campaign is to influence public opinion, restore credibility, and generate positive press reporting.
The campaign must be presented in the form of a 3-5 slide PowerPoint presentation and accompanied by a 750-1050 word narrative.
Prepare this assignment according to the APA guidelines.
An introduction and conclusion are present. Relevant connections are made to course objectives in a thoughtful and insightful manner. Critical and creative thinking is indicated. Discussion is
comprehensive, accurate, and persuasive; definitions are clearly stated. Research is adequate, timely, and relevant, and addresses all of the issues stated in the assignment criteria. Thesis
and/or main claim are comprehensive. The essence of the paper is contained within the thesis. Thesis statement makes the purpose of the paper clear. In-text citations and a reference page are
complete and correct. The documentation of cited sources is free of error. Prose is free of mechanical errors. Writer is clearly in command of standard, written, academic English. All format
elements are correct.
Answer
Introduction
Having a home is one of the major dreams that most hard working individuals have. This is regardless of the size of the dream home, or time it may take to acquire it. As a result of this, most of the available financial companies and banks have engaged actively in the business of offering home loans, but specifically to individuals whom they have proven worthy of these mortgage loans (Amadeo, 2012). Since the recession in the United States of 2008, mortgage loan issues have been considered very contentious issues, mainly because it was deemed to be one of the major factors that led to the recession (Pritchard, 2012). Therefore, the same problem is what our company is facing because clients are trying to modify the loan policies to meet their expectations. This has now reached a point where the company image has been tarnished within the social media, a factor that prompted us to take the necessary steps to move masses over the same.
Fact File
It is clear that the mortgage sector is a very vital component for the development edge of any country. This is because it greatly contributes to the economy in more than one way. The mortgage sector is not the main reason behind the US recession, but it was as a result of the bank customers being given the freedom to change existent mortgage policies whenever they wished. However, since this is a contentious issue, there is an obligation to have these launched complaints handled with utmost care. This mortgage loans issue is greatly contended as it was identified as the major cause of the 2008 great recession (Muhammad, 2011). Similar to the past situation, loaning institutions are experiencing low turnover, hence there are too much funds still owed by customers.
Action
Some of the complaints brought forward were found not to hold any ground. However, a critical analysis was still carried out by the company, together with several exchange programmes, as a step to come up with comprehensive and detailed information regarding the valid complaints. To facilitate an interaction with the various customers, a website was launched. This enabled the company to chat with its various customers, and also respond to minor complaints. Several questionnaires were prepared and administered as a step towards obtaining the views of various clients.
Findings
According to the findings of this research, most of the complaints were noted to be purely in personal grounds, and hence could not be given into since doing so would take us back to the ancient times. Most of the cases featured delay complaints when it comes to the procedures taken before an applicant can be endorsed. Another bigger percentage of cases showed that customer paying capacity is not taken into account, therefore the loan worthiness of most of the applicants was not well considered. According to Muhammad (2011), most banks and loaning institutions do not have competent employees, a factor that hinders the chance of earning customer trust. Shillar (2008), argues that customers find it hard to make the right choices since banks have little information regarding the choices of mortgage loans.
Complaints Launched and Responses
Below are examples of the complaints launched and responses given.
Complaint
High interest rates charged on loans offered.
Response
It is important to understand that these interest rates are what regulate the rates of applicants, since it hinders worthy applicants from applying just because they are tempted. However, some changes will soon be made on these rates as they are being analyzed.
Complaint
Relatively short repayment periods are given
Response
This is a reasonable complaint, and thus the company is taking measures to adjust the repayment period, which will extend up to 15 years depending on the amount of loan given.
Complaint
Loan processing and disbursement delays
Response
To deal with this effectively, the company has created a website that will enable customers to request loans, which will automatically be checked into by a mechanism that will in turn give an instantaneous response to clients. Watcher (2009) argues that this will reduce time and expense used when travelling to make applications.
Conclusion
In conclusion, we have a symbiotic relationship between us and our customers. This is why we would like to ensure that your complaints are addressed appropriately. On the issue of lack of sufficient mortgage loans information, we have created proper ways to ensure that our customers are informed so they can make the right choices. Similarly, the inability to make timely payments has been addressed by the introduction of more options meant to meet the needs of all our customers. Lastly, to ensure that the mortgage loans are friendly, and that the repayment is not difficult, the initial rates have been reduced by a certain percentage.
References
Amadeo K. (2012). understanding the Subprime Mortgage Crisis. Retrieved on 21st August, 2014, from http://useconomy.about.com/od/economicindicators/tp/Subprime-Mortgage-Primer.htm.
Muhammad N.I. (2011). Still losing ground: Mortgage crisis isn’t over. Retrieved on 21st August, 2014, from: The Final Call: http://www.finalcall.com/artman/publish/Business_amp_Money_12/article_8426.shtml.
Pritchard J. (2012). Mortgage crisis overview. Retrieved on 21st August, 2012, from about mortgage/loans: http://banking.about.com/od/mortgage/a/mortgagecrisis.htm.
Shillar R. J. (2008). The subprime solution: how today’s global financial crisis happened and what to do about it. Princeton, N. J.: Princeton University Press.
Watcher S. M. (2009). The American mortgage system: crisis and reform. Philadelphia: University of Pennsylvania Press.