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MNOTES Up to the Challenge A look at how the industry's best are tackling TRID, Millennials and other big-ticket issues W hile putting this issue together, I had to stop many times and laugh at how many of the features, news stories, and stats hit close to home. A bit of background—I am part of the much-discussed "millennial" generation . . . you know that group of adults between 18 and 34 who constantly come up when the future of the mortgage industry is discussed. Like a growing number of millennials, I just recently became a homeowner, and it was eye opening to see the origination process from a new perspective. Gone was my reporter's hat, and instead of taking an analytic view toward the TILA/ RESPA Integrated Disclosure (TRID) rule, I was faced with the real-world perspective of it as it delayed my closing date. The growing concern of oil prices affecting the marketplace was more than abstract as I moved away from energy-dependent Midland, Texas to the still-strong market of Dallas for new oppor - tunities. And of course, I couldn't help but remark on how far we have come when I completed my mortgage papers using fast and convenient e-signing technology. It was with this renewed vigor that I approached the February issue, which is dedicated to sharing the best practices of some of the top companies in the mortgage industry today. Our report - ers examined the challenges they are facing and took a long, hard look at the ingenious ways they are overcoming them—and taking them in stride. In "Behind the Curtain of the Nation's Top Credit Unions," Xhevrije West unrav - els the mystery surrounding these niche lending institutions and provides an in- depth look at what it's like to work at the nation's top credit union—Navy Federal. Next, GSF Mortgage Corp.'s Chad Jampedro explores the barriers holding my generation back from homeown - ership in "Millennials Have a Credit Problem." In this article, Jampredro not only examines what lenders can do to bridge the homeownership gap, but he shares the experiences of four different millennial first-time buyers, giving us a glimpse of what they enjoyed—and hated—about the homebuying process. Then, Debbie Hoffman and Laura Williamson of Digital Risk challenge CFPB Director Richard Cordray's assessment that the hype around TRID was overblown in "The True Impact of TRID." Instead, they advise taking a more long-term look to determine the rule's true impact. Lastly, Brent Chandler of FormFree Holdings Corporation, encourages lenders to get on the automated verification band - wagon, in "Time+Money=Automated Verifications." Automated verifications not only saves time and money, but pro- motes the stability of the market by ensur- ing that qualified borrowers have access to homeownership. The truth is our industry is chang- ing, and it requires regular assessments, analyses, and input—like those from the professionals featured in this issue—to keep ahead of the game. I hope you find this MReport as informative as I did—millennial or not! All the best, Rachel Williams Editor 2 | TH E M R EP O RT EDITOR Rachel Williams ONLINE EDITOR Xhevrije West ONLINE CONTRIBUTORS Brian Honea Scott Morgan COPY EDITORS Krista Franks Brock Alison Rich Aly Yale CONTRIBUTORS Brent Chandler Debbie Hoffman Chad Jampedro Xhevrije West Laura Williamson 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. ©2016 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.