TheMReport — News and strategies for the evolving mortgage marketplace.
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mnotes Looking Toward the Regulatory Horizon T he turmoil created by the mortgage market meltdown of 2008 generated swift, over-arching moves by the Federal government to regulate the mortgage industry. With the missteps that led to the U.S. housing bubble fresh in the minds of the homeowners and the media, the spotlight was on the government to act quickly. This haste often left the mortgage industry in the unfortunate role of having to play catch up to quickly implement new procedures, systems, and technology in order to stay compliant. Today, the initiatives of the Obama administration and the ripple effects of the 2014 settlement spree continue to affect mortgage companies' reactions to compliance challenges in this continued era of heightened oversight. Though things have calmed down from the early days of the financial crisis, it is essential that mortgage companies come out in front of government regulations. This month's MReport cover story, "Resisting the Merge" explores the candid reactions of mortgage lenders to the final rule released as part of TILA-RESPA, which will go into effect on August 1, 2015. As the industry anxiously holds its breath to see whether the rule's imple- mentation will go off without a hitch, many wonder what the true cost will be. Regardless of the anxieties we may have, this ship is leaving the harbor, and you need to ensure that your business is on board. To prepare for the logistical realities of TILA RESPA, Kris Stewart and Jeanne Erickson of Wolters Kluwer Financial Services present five crucial questions lenders must ask themselves to gauge their readiness for the August 1 deadline in their piece, "Are you Ready for TILA RESPA?" Understanding the changes to come is one thing. Investing the capital to ad- equately prepare your business is some- thing else. Eric Rawlings and Debbie Hoffman, chief technology officer and chief legal officer respectively at Digital Risk, LLC outline the practical steps creditors can take to upgrade or estab- lish new technology solutions crucial to arrange a seamless transition to TILA- RESPA in their article "Keeping Up With the Times and the Regulators." Increasing government oversight has particularly affected appraisers in recent years. Recognizing this, Mero-West Appraisal Co. analyzed the effects of historic reforms such as FIRREA, and current regulations, such as those under Dodd Frank, on the appraisal industry in their article "Regulating Real Estate Appraisers." With this history in mind, they provide a peek into what to expect in 2015 and beyond. For a change of pace, the largest field services company in the U.S., Safeguard Properties, outlined the evolution of the field service vendor. "The Next Generation of Field Services" touches on the ways modern technology, heightened industry standards, and new regulations continue to affect the course of field services. No matter what spectrum of the industry you count yourself a part of, this month's MReport delves into the government regulations you need to have on your radar. Never wanting to leave you in the lurch, we provide you with the resources you will need so your business will keep pace in today's regulatory environment. All the best, Rachel Williams Editor 2 | Th e M Rep o RT Publisher Mark hulme editor Rachel Williams online editor theMrePort.coM Tory Barringer coPy editors Alison Rich Shalene Roberts contributors Jeanne erickson Debbie hoffman George Mehok Rick Moran eric Rawlings Ryan Schuette Greg Stephens Kris Stewart creative director Jason Stone art director Denis Kashoid Jonathon Won design director Sean Walker advertising Suzanne Andresen (207.443.3314) Robyn Clayton (214.525.6716) Kevin McCrea (214.525.6756) Jason Myers (214.525.6760) Lindsay Wolf (214.525.6713) corPorate officers chairMan & chief creative officer Mark hulme President & chief executive officer ed Delgado chief financial officer John harrison director of hr/accounting ernest Gillespie art direction Denis Kashoid Jason Stone Sean Walker Jonathon Won No part of this publication may be reproduced without written permission from the publisher. ©2015 Reo publishing LLC All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. MReport strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. MReport does not guarantee the accuracy of the information and is not liable for any damages, losses, or other detriment that may result from the use of these materials. © 2011 First American Financial Corporation and/or its affiliates. All rights reserved. YOUR business is OUR business! First American Mortgage Services is laser focused on mitigating YOUR cost, risk and exposure by aligning our advanced solutions with YOUR strategic objectives and compliance needs. We are the New First American, over 120 years young, strong and financially secure. Insight | Innovation | Integrity First American Title Insurance Company and First American Mortgage Services make no express or implied warranty respecting the information presented and assume no responsibility for errors or omissions. FIRST AMERICAN and FIRST AMERICAN TITLE are trademarks owned by First American Financial Corporation. 2 | Th e M Rep o RT Publisher Jon Ball contributing editor Abby Gregory online editor theMrePort.coM Ryan Schuette coPy editors Alison Rich emily White Youree heather hill contributors phil Britt Bob Calandra eric Fox Jack Konyk Mark Lieberman creative director Jason Stone art director Jonathan Won associate art directors Bruce Sons Chanyanont Loha-Unchit design director Sean Walker advertising Dina Duncan (214.525.6740) Jason Myers (214.525.6760) Andi Zimmerman (214.525.6724) technology Toby Tull Brandon Shangraw social Media Leon McKenzie Ani Vera circulation/corresPondence Celina Avila corPorate officers chairMan & chief creative officer chief executive officer Mark hulme edward R. Delgado business develoPMent Andi Zimmerman chief financial officer John harrison director of huMan resources ernest Gillespie director of oPerations Toby Tull account executives senior account executive Donna Lott (214.525.6792) sPonsorshiPs Jason Myers (214.525.6760) account executives Renee Charles (214.525.6742) Thomas Griffin (214.525.6754) Kristin Larson (214.525.6713) Ryan McLemore (214.525.6706) Marketing Travis Bogdon Matt hulme Production Kyle Curtis Miguel Martinez Christian McCrossan concierge Celina Avila art direction Jason Stone Sean Walker Jonathan Won No part of this publication may be reproduced without written permission from the publisher. ©2011 Reo publishing LLC All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. MReport strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. MReport does not guarantee the accuracy of the information and is not liable for any damages, losses, or other detriment that may result from the use of these materials. FORDEFAULTSERVICINGPROFESSIONALS THEFIVESTARINSTITUTE Follow us.