Mortgage Loan Quality

Is QC Important; Ask Warren, Faye & PwC

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Oscars-error-faye-dunaway-warren-beatty-moonlinght-la-la-landSo you think that things always go as they should, eh? Well, recently we saw Steve Harvey and Mariah Carey fall victim to embarrassing moments, but the award, or should I say the Oscar, goes to Warren Beatty and Faye Dunaway.

If you watched the Oscars, you witnessed one of the most colossal blunders of all time. The Best Picture Oscar was awarded erroneously by Beatty and Dunaway to La La Land.

During their acceptance speeches and celebration, it was determined Moonlight had actually won the award. What a fiasco!

It could only happen in Hollywood, among those who are oh so perfect in every detail. Once again it proves that it is important to look before you leap; to trust but also verify.

Turns out that Beatty got the wrong envelope. We’re told he was handed a duplicate of the Best Actress winner; being Emma Stone from La La Land. Hence the confusion. But, that ain’t supposed to happen.

PricewaterhouseCoopers (PwC) is the firm responsible for tabulating the votes to determine the winners. These results, the best-kept secrets in the world, are provided to presenters as they go on stage. No one knows the winners until they are announced on stage by the presenters. No computers, no hacks, no leaks…

The process is supposed to be failsafe and it worked for years, until now. The results were kept secret, so secret no one knew there was a mistake until halfway through La La Land team’s acceptance. Talk about an awkward moment.

PwC will be the laughing stock for quite a while. More fodder for the late night talk shows. Maybe they’ll lay off the President for a while.

One more reminder that it is so important to check to make sure that what you think is being done, or is supposed to get done, is what is being done, the right way, all the time, when and how it should be done.

There is no substitute for quality and compliance, and for getting things right, the first time. Just ask Steve, Mariah, Warren and Faye…and PwC.

Michael Vitali

About the Author

Michael Vitali

Michael L. Vitali – Independent Consultant to the Mortgage Industry Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance. Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.
Michael Vitali

About Michael Vitali

Michael L. Vitali – Independent Consultant to the Mortgage Industry Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance. Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.
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