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CASE 4 - CASE 4-2 President Executive Vice President Vice...

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CASE 4-2 President Executive Vice President Vice President Vice President Investment Division Law Division William Somersby Supervisor Individual Loan Supervisor Corporate Loan Section Section – John Wallace Peter Carlisle (3 other sections) Atlantic Midwet Pasific Coast Group Group Coast Group New Jersey Insurance Company On July 16, 1987, JW. Montgomery, a member of the budget committee of the NJ. Insurance Co. was reading over the current budget report for the law division in preparation for the next day with the head of division. The law division off the NJIC was responsible for all legal matter relating to the company’s operations. The head of law division, W. Somersby, reported directly to top management. The law division divided into five sections. This case is concerned with only two of these sections, the individual loan section and the corporate loan section. Individual Loan Section This section was responsible for the legal processing of loans made to individuals and secured by mortgages on real property. The investment division was responsible for establishing the terms of loans, including their amount, interest rate, and maturity. After the loan approved, it would be forwarded to the law division. The major function of individual loan section was to perform the legal work necessary on all new loans purchased and on all existing loans.
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Problem cases were referred by the mortgage examiners to the attorneys. J.Wallace, head of individual loan section, estimated that initially it took about three months to train a person to do this type of work. It then took about a year and a half of on-the-job training and experience before the examiner achieved a satisfactory rate of output and two to three years before the average examiner reached optimum performance.
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