TheMReport

February, 2013

TheMReport — News and strategies for the evolving mortgage marketplace.

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feature SERVICING Or ig i nat ion Back on Track s e r v ic i ng As a leader for IDS, Mark Mackey believes that maneuverability bests ability when it comes to stimulating success, and in 2013, he's focusing on building greater flexibility to ensure momentum—no matter what path the industry follows during the year ahead. By Abby Gregory What industry movement ranks as the most dominant and enduring postcrisis trend? According to Mackey, the demand for greater efficiency continues to expand, prompting new, innovative strategies. Mackey // First off, the com- panies that made it through the turmoil made it because their companies were well oiled and efficient. This trait has not gone away even though the market has improved. I compare it to my own grandma, who lived through the Great Depression. She would not get rid of something that was worn—it had to be unfixable to move on. At meals, she would use every last scrap to ensure that nothing was wasted, and companies seem to have gone through this same shift in mentality as a result of the rough times our industry has seen. This shift in our industry has meant that companies want to ensure they take advantage of every feature and timesaver available to them, and they are looking to improve their processes to make them more efficient. Policies & Progress Speaking out on the leading regulatory issues for lenders, Mackey elaborated on the challenges presented by balancing consumer protection efforts with compliance initiatives. Mackey // The main con- cerns for IDS and our clients is compliance, and whether we're addressing the new RESPA/ TILA disclosures or the electronic signature platform requirements promulgated by the IRS with respect to the 4506-T, our compliance team never loses sight of the privacy required when handling sensitive customer information. Our clients rely on us to be familiar with and compliant with the applicable consumer protection laws and regulations, such as the Gramm-Leach-Bliley Act. The initiative that IDS has implemented is a quality control program. The program, among other things, makes sure that IDS' security measures are audited annually, that our document service software is secure, dependable, accurate, and supportive. Also, IDS employees are instructed and agree not to use nonpublic information outside the scope of the administration and implementation of IDS-sanctioned work assignments. IDS understands the concerns that our lenders, and lenders at large, are dealing with; and our key objective is making the burden of compliance less cumbersome. In addition to helping our clients prepare for regulatory The M Report | 53 se c on da r y m a r k e t Ciphering the Signs Take initial disclosures, for example. This has become a highly automated process. Documents are generated, and from that point, the entire process is automated, helping avoid labor costs, removing errors, and when everything is completed, providing auditors with proof that all files were delivered as required. Additionally, we are also seeing better and cleaner interfaces between the various systems in the process. This means there is no need to ever enter data twice and that the data used is uniform through the entire process. This consistency avoids costly errors and ensures that the data used by underwriters and all service providers is universal. Looking at the industry from a broader perspective, we're observing that—despite the increase in national volume, record-low interest rates, and refis increasing—people are still a bit timid and hesitant to accept that as an industry we are back. a na ly t ic s N ow the EVP of IDS, Inc., Mark Mackey fine-tuned his industry expertise by developing strong, significant partnerships while serving as the company's national sales director. Accordingly, Mackey credits his success as an executive to three critical factors: relationships, rigorous efficiency, and the ability to remain flexible. Find out what marketplace trends Mackey is anticipating in 2013 and what he believes will be the key difference-maker for lenders in the year ahead.

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