MReport April 2017

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TH E M R EP O RT | 61 O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST GOVERNMENT President Trump Signs Executive Order Targeting Regulation Relaxing federal regulations may help cut compliance costs for mortgage lenders and servicers and open up lending to more borrowers. P resident Donald J. Trump signed an execu- tive order affecting regu- lation on February 24. According to CNBC, the execu- tive order will impose additional oversight on government regula- tions, designating officials within government agencies who will monitor rule-making and identify needed policy changes. "Excessive regulation is killing jobs," Trump said at an Oval Office signing ceremony. "Every regulation should have to pass a simple test: Does it make life bet - ter or safer for American workers or consumers? If the answer is no, we will be getting rid of it." Titled "Enforcing the Regulatory Reform Agenda," the order will require department and agency heads to designate a "regu - latory reform officer" to oversee the implementation of regulations and identify needed changes, ac- cording to Bloomberg BNA. The regulatory reform of- ficers must be appointed within 60 days and will be responsible for enforcing existing executive orders that already attempt to wrangle increasingly complicated federal regulations, which include President Trump's Executive Order 13771, President Obama's Executive Order 13563, and President Clinton's Executive Order 12866. Tim Rood, Chairman of the Washington, D.C.-based Collingwood Group, said that increased compliance costs force lenders and servicers to raise bor - rower costs, putting those who need assistance in a financial strain. "Many regulators seem to be numb to the increased costs of compliance that lenders and servicers have manifested in ways that substantially raise borrower costs, reduce lender competition, and minimize program options," he said. "Moreover, the complex - ity and inconsistency of regula- tions from states, federal agencies, and quasi federal agencies almost guaranty violations. When those violations come with outsized and crippling fines, a substantial amount of lenders only focus on originating the most pristine loans. The net effect consists of higher costs for borrowers and little to no financing for those who need the most assistance— low to moderate income and minorities." A day before Trump signed the executive order on govern - ment regulations, White House strategist Steve Bannon told the Conservative Political Action Conference that one of the admin - istration's top goals is dismantling the regulatory framework that previous Democratic presidents have put in place, as reported by NPR. "The way the progressive left runs is, if they can't get it passed, they're just going to put in some sort of regulation in an agency," he said. "That's all going to be deconstructed." LEGAL LEAGUE 100 SERVICER SUMMIT M A Y 1 0 , 2 0 1 7 | T H E F A I R M O N T H O T E L | D A L L A S , T E X A S Now in its 10th year, the semi-annual Legal League 100 Servicer Summit features unique, open-forum discussions and first-class networking opportunities designed to position you to lead the industry forward. This day-long gathering of industry professionals lays the course for active, collaborative discussions with attorney- and associate-members of the Legal League 100, as well as experts from the lending and servicing communities. RSVPs to this event are only accepted from lenders, servicers, GSEs, regulators, and members of the Legal League 100. LEADERSHIP IN ACTION REGISTER TODAY BY CALLING 214.525.6700 OR AT LEGALLEAGUE100SPRINGSUMMIT.COM P A R T I C I P A T I N G S P O N S O R S A U C T I O N . C O M P R O V E S T U D R E N L A W O F F I C E S , P . C .

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