Mortgage Banker Magazine December 2021

RATE TRENDS

NON-QM’S TOP PLAYERS

CFPB CONCERNS December 2021

NMLS RENEWAL MELTDOWN CLIMATE CHANGE WORSENING LOAN VALUES

Pondering Powell FED’S MOVES UNDER COVID, JOBS UNCERTAINTY LEAVE LENDERS WARY A P U B LI C ATI O N O F A M E R IC A N B U S IN ES S M ED IA

FEDERAL RESERVE CHAIRMAN JEROME POWELL

RATE TRENDS

NON-QM’S TOP PLAYERS

CFPB CONCERNS December 2021

NMLS RENEWAL MELTDOWN CLIMATE CHANGE WORSENING LOAN VALUES

Pondering Powell FED’S MOVES UNDER COVID, JOBS UNCERTAINTY LEAVE LENDERS WARY A P U B LI C ATI O N O F A M E R IC A N B U S IN ES S M ED IA

FEDERAL RESERVE CHAIRMAN JEROME POWELL

SERVING THE MORTGAGE BANKING COMMUNITY FOR MORE THAN THREE DECADES 202.628.2000

PROVIDING COUNSEL TO THE FINANCIAL SERVICES INDUSTRY FOR MORE THAN THIRTY YEARS SERVING THE REVERSE MORTGAGE INDUSTRY SINCE ITS INCEPTION

202.628.2000 WASHINGTON DC | DALLAS TX | IRVINE CA

202.628.2000

CO M PL I A N C E OUR MISSION Mortgage Banker magazine is dedicated to providing quality informational/educational content that betters the mortgage process at every step. The content is oriented to help professionals progress their understanding of the residential mortgage banking business and develop their skills at improving the efficiency and profitability at all levels.

PUBLISHER & EDITOR-IN-CHIEF Vincent Valvo, CEO, vvalvo@ambizmedia.com ASSOCIATE PUBLISHER Beverly Bolnick bbolnick@ambizmedia.com FOUNDING PUBLISHER Ben Slayton BSlayton@ambizmedia.com EDITOR David Krechevsky davek@ambizmedia.com STAFF WRITER Katie Jensen kjensen@ambizmedia.com ADVERTISING David Hoierman David@ambizmedia.com GRAPHIC DESIGN MANAGER Christopeher Wallace cwallace@ambizmedia.com MARKETING MANAGER Michael Castor mcastro@ambizmedia.com GRAPHIC DESIGN Stacy Murray smurray@ambizmedia.com HEAD OF ENGAGEMENT AND OUTREACH Andrew Berman andrew@ambizmedia.com DIRECTOR OF STRATEGIC GROWTH Alison Valvo avalvo@ambizmedia.com ONLINE CONTENT DIRECTOR Navindra Persaud npersaud@ambizmedia.com USER EXPERIENCE DESIGNER Billy Valvo bvalvo@ambizmedia.com

REGULATORY CORNER FEDERAL COMPLIANCE FHFA ANNOUNCES CONFORMING LOAN LIMITS FOR 2022 Baseline Conforming Loan Limit Will Increase To $647,200

The Federal Housing Finance Agency (FHFA) raised the conforming loan limits (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2022. In most of the U.S., the 2022 CLL for one-unit properties will be $647,200, an increase of $98,950 from $548,250 in 2021.

NATIONAL BASELINE

The Housing and Economic Recovery Act (HERA) requires that the baseline CLL for the Enterprises be adjusted each year to reflect the change in the average U.S. home price. Earlier, FHFA published its third quarter 2021 FHFA House Price Index® (FHFA HPI®) report, which includes statistics for the increase in the average U.S. home value over the last four quarters. According to the nominal, seasonally adjusted, expanded-data FHFA HPI, house prices increased 18.05 percent, on average, between the third quarters of 2020 and 2021. Therefore, the baseline CLL in 2022 will increase by the same percentage. ​

HIGH-COST AREA LIMITS

For areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit, the applicable loan limit will be higher than the baseline loan limit. HERA establishes the high-cost area limit in those areas as a multiple of the area median home value, while setting a “ceiling” at 150 percent of the baseline limit. Median home values generally increased in high-cost areas in 2021, which increased their CLL. The new ceiling loan limit for one-unit properties will be $970,800, which is 150 percent of $647,200.

Special statutory provisions establish different loan limits for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. In these areas, the baseline loan limit will be $970,800 for one-unit properties.

Due to rising home values, the CLLs will be higher in all but four U.S. counties or county equivalents.

MARKETING & EVENTS ASSOCIATE Melissa Pianin mpianin@ambizmedia.com www.ambizmedia.com

© 2021 American Business Media LLC All rights reserved. Mortgage Banker magazine is a trademark of American Business Media LLC. No part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher. Advertising, editorial and production inquiries should be directed to: American Business Media LLC 345 North Main St., Suite 313, West Hartford, CT 06117 Phone: (860) 719-1991 | info@ambizmedia.com

MORTGAGE BANKER | DECEMBER 2021 3

COVE R STORY

T H E M O RTGAG E A DV I S O R

Fed Facing Fluctuating Facts THE FEDERAL RESERVE DOESN’T SET MORTGAGE RATES, BUT …

T

By R O B CHR IS M A N, MORTGAGE BANKER MAGAZINE CON TRIB U TIN G WRITER

he Federal Reserve, also known as the Fed or the Central Bank of the United States, is often in the headlines when it comes to interest rates. Lenders should know, however, that its primary goal is to promote a strong U.S. economy using monetary policy, with maximum employment, stable prices, and moderate long-term interest rates as goals. (When prices are stable, long-term rates remain at moderate levels, so the goals of price stability and moderate long-term interest rates go together.)

The Fed acts at the direction of the Federal Open Market Committee (FOMC). The FOMC holds eight regularly scheduled meetings during the year, and other meetings as

4 MORTGAGE BANKER | DECEMBER 2021

needed. With a nod toward transsecurities (MBS), including parency, the minutes of regularly bonds. The Fed plans to slow the scheduled meetings are released pace of asset purchases by $15 three weeks after the date of the billion monthly ($10 billion in policy decision. It is rare that Treasury securities and $5 billion these minutes move mortgage from MBS), with the possibility rates, since actions have alof altering that amount dependready taken place based on the ing on the economic recovery.

FOMC’s decision, but analysts He did not say what factors still pore through them.

ROB CHRISMAN would warrant changing the pace The next FOMC meeting isn’t of tapering, a smart move as ecountil mid-December, but after its meeting in nomic news can change quickly. early November it announced plans to start MLOs know the Fed has been purchasreducing purchases of securities by $15 bil- ing approximately 50 percent of the Agency lion each month. Federal Reserve Chairman production for several months now, so the Jerome Powell announced the Fed will be- announcement of the tapering that began in gin tapering purchases of mortgage-backed mid-November could be cause for concern.

SO WE HAVE THE “CHICKEN AND THE EGG” ISSUE: WILL THIS MOVE INCREASE MORTGAGE INTEREST RATES, OR WERE THE ECONOMIC CONDITIONS WHICH DROVE THE FOMC’S DECISION ALREADY PUSHING MORTGAGE RATES HIGHER?

The Fed left rates (the Federal Funds Rate and the Discount Rate) unchanged at the meeting, as expected, but finally announced plans to stop buying mortgage and treasury bonds by mid-2022. “With COVID case counts receding further, and progress on vaccinations, economic growth should pick up this quarter, resulting in strong growth for the year as a whole,” Powell said.

WHAT’S WHAT?

So, we have the “chicken and the egg” issue: Will this move increase mortgage interest rates, or were the economic conditions that drove the FOMC’s decision already pushing rates higher? The Fed has been buying these securities at low rates, keeping mortgage rates at historic lows. It’s quite possible that rates will continue to inch up, increasing the urgency for homeowners considering refinancing

— but that is because economic conditions warrant it, not because the Fed is driving it.

MLOs will watch as the Fed begins reducing the pace of its $120 billion in monthly purchases of bonds and MBS. Taking your “foot off the gas” is not the same as “putting your foot on the brake.” It is not increasing rates, though many believe this may occur next summer.

Pandemic-related supply-and-demand imbalances, supply-chain disruptions, and the ongoing effects of COVID are the key drivers of higher inflation today, keeping it well above the Fed’s 2 percent inflation goal.

The Fed has been very clear it wants to finish tapering bond purchases by the middle of 2022. In fact, late in November, Powell told Congress the FOMC will consider accelerating the tapering during its December meeting due to concern over inflation, which saw prices spike 6.2% in October. Historically, the Fed has not made an active policy of buying securities, so ending them is viewed as a return to normalcy. The Fed has also said there will be no rate hikes until it is finished tapering, and the tapering itself is expected to be done in a systematic and predictable manner: a little bit each month, unless there are changes in the economic outlook.

MAXIMUM HOPE

The FOMC is smart to “keep its knees bent” if inflation or inflation expectations rise further, and the Fed may well finish

bond-buying sooner, opening the door to rate hikes sooner. For example, if inflation picks up its pace, or employment continues to improve unexpectedly dramatically. The opposite is true, of course.

The Fed wants to see maximum employment “broad-based and inclusive,” meaning it wants to see blue-collar, white-collar, service industries, Hispanic, Black, and Asian unemployment continue to fall.

No one has a crystal ball, but analysts are pricing in a high probability of three rate hikes in 2022. For the Fed to hike rates three times next year, it will have to be done with tapering and we will need to see enormous labor-market improvement. To repeat, the Fed will react to indices such as inflation or employment; it doesn’t drive them. It will keep the interest rates it sets near 0 percent for the foreseeable future. Powell said the Fed is “committed to our longer-run goal of 2 percent inflation and to having longer-term inflation expectations well anchored at this goal. If we were to see signs that the path of inflation, or longer-term inflation expectations, was moving materially and persistently beyond levels consistent with our goal, we would use our tools to preserve price stability.”

Lenders and their borrowers have watched home loan rates “behave themselves” after the announcement. It is still a good time to purchase a home or refinance an existing mortgage, especially if cash is needed.

MORTGAGE BANKER | DECEMBER 2021 5

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Complimentary registration available to NMLS-licensed active LOs and their support staff. Show producers reserve the right to determine final eligibility.

THE ‘OM-BOBS-MAN’

The Twelve Days of Renewals

O

By B O B NIEM I, M ORTG AG E BAN KE R M AGAZ IN E CON TRIB U TIN G WRITER

n the first day of renewals the NMLS brought to me, system issues and lock outs. Yes, the 2021 Renewal season brought no holiday joy to either regulator or industry users. The first twelve days did present challenges with system lockouts, duplicate billings, error messages and frustration. In fact, this being the thirteenth NMLS renewal period, it fell right in line as the unluckiest one of all.

Most industry users prepared and heeded regulator recommendations for day one renewal requests. Kelly O’Sullivan, chair of the NMLS Policy Committee and Montana Deputy Commissioner stated in an October 28th press release, “Renewing early will be especially important this year with the increase in licensees eligible for renewal.” A good warning foreshadowing that NMLS renewal season could present new challenges.

SYSTEM ERROR

However, November 1st brought more challenges than expected as the number of users increased mid-day and delayed system functionality more than anticipated. Payment issues, credit validation issues and more imBOB NIEMI pacted users, exponentially growing hold times at the NMLS help desk. The second day of renewals did bring this communication: “NMLS is experiencing intermittent issues. We appreciate your patience as we work to resolve this issue. We will post an update when the issue is resolved.”

Similar communications were shared until the fifth day of renewals, which brought more detail, “Less than 1% of users are experiencing an error on the NMLS today” and advice of, “For the best experience, log in during lower volume hours – prior to 10:00 am and after 3:00 pm.” This message might have downplayed the issue but also caused some companies to question their internal processes and systems.

NMLS awareness of the seriousness of the issue brought a Saturday maintenance downtime to deploy system updates to improve latency issues. While users identify this as slow screen response or transition

between screens, latency time is when the NMLS captures data both internally and externally, processing it and then transmitting it back as needed. These enhancements brought some improvement, but challenges still existed and brought more bad tidings.

DAYS OF DELAY

The twelfth day of renewals brought a humbling message, “Thank you for your patience as we continue to make improvements to the overall system performance.” The notice also highlighted issues still impacting users like identity verification process and renewal status issues causing some duplicate payments. “We are currently conducting additional troubleshooting that will allow us to provide you with more detailed guidance on how to manage these issues. Our goal is to communicate that guidance to you early next week.”

Certainly, there are no winners this renewal season, but no one should be put on the naughty list.

As progress is made to redevelop the NMLS, improvements provide user benefits but can also inject new system challenges. Again, volume from an almost 40% increase in number of renewable licenses has been the main source.

In the end, confidence is high that all users will be renewed in time.

But any residual issues should be addressed to the NMLS Ombudsman at ombudsman@nmls.org for assistance.

CERTAINLY, THERE ARE NO WINNERS THIS RENEWAL SEASON, BUT NO ONE SHOULD BE PUT ON THE NAUGHTY LIST.

MORTGAGE BANKER | DECEMBER 2021 7

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10 MORTGAGE BANKER | DECEMBER 2021

MBA Congratulates Kristy Fercho as our 2022 Chairman!

Kristy Fercho Executive Vice President and Head of Home Lending Wells Fargo 2022 MBA Chairman

Kristy is already making history as the first Black MBA Chairman and only the fourth female to hold the position. She is well on her way to expand minority homeownership and improve diversity in our industry. She is helping do more good for more people. Congratulations on this honor, Kristy, and on your many accomplishments!

23070

NON QM Showcase

Angel Oak Atlanta, GA

www.angeloakms.com What Non-QM programs does your company offer?

Angel Oak Mortgage Solutions is the leader in the non-QM mortgage space.

We offer alternative specialized mortgage solutions for brokers throughout the country helping borrowers who don’t fit conventional guidelines. Our innovative non-QM products include:

Bank Statement, Platinum Jumbo, No Income Investor Cash Flow, Portfolio Select and Asset Qualifier. We are pioneering a fresh approach to today’s mortgage lending challenges helping partners to grow their business.

Which states are you licensed in?

NATIONWIDE except: AK HI ID MA MO NY VT

Arc Home LLC

Mount Laurel, NJ business.archomellc.com/ What Non-QM programs does your company offer?

When it comes to choosing your Wholesale lending partner, we know there are many things to consider. Our products set the standard in the industry for innovation. And because that innovation is in our DNA, we will always be on the cutting edge of what matters most to you and your borrowers.

We offer a plethora of Non-QM programs, such as Alternative IncomeBank Statement, Asset Utilization Qualification, DSCR, Agency Plus, Clean Slate, Foreign National, and ITIN. Which states are you licensed in?

Arc Home LLC is licensed in all states except MO HI and NV

Carrington Wholesale Anaheim, California www.CarringtonWholesale.com

What Non-QM programs does your company offer?

The Carrington Advantage Series is a full suite of Non-QM Loan solutions that “Delivers More” for you and your borrowers.

Ideal for borrowers, like the self-employed, that don’t fit Agency or Government Qualified Mortgage standards based on credit quality, property type, documentation type, income documentation, or other borrower situations.

• FICOs 550+ • Primary wage earners FICO

• Bank Statements (personal or business) accepted • DTIs up to 50% • We don’t require disputed tradelines to be removed With the Carrington Investor Advantage (DCR) • DCR down to .75 • First-time investors are ok • Only 48 months seasoning for major credit events • 1x30x12 mortgage history ok Which states are you licensed in?

47 States (excluding NH MA and ND)

12 MORTGAGE BANKER | DECEMBER 2021

Oaktree Funding Corp.

Chandler, AZ www.oaktreewholesale.com

What Non-QM programs does your company offer?

Oaktree’s NonQM products include a multitude of flexible guidelines that give brokers an advantage in the current market. Our most recent addition to these programs is the Titanium Advantage. It allows for a single year of tax returns with a P&L, the lowest rates available, and 3 months of bank

statements. Our Investor Advantage program doesn’t require reserves! Plus, you’ll get up to $3M in loan amount on all fixed-rate products or do a Non-Agency Advantage for 90% LTV up to $2M! Which states are you licensed in?

AZ CA CO CT DC FL GA ID IL IN MA MD MI MN MO NC NJ NM NV OH OR PA SC TN TX UT VA WA WI

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L EGAL

MORTGAGE BANKING LAWYERS These attorneys are universally recognized by their peers as setting the highest standard for the legal profession, excelling in all fields — knowledge, analytical ability, judgment, communication, and ethics.

Thomas King Attorney

Mitchel H. Kider Managing Partner

Gregory S. Graham Co-Managing Partner

Jam Mortg

tking@ravdocs.com 713-980-9521

kider@thewbkfirm.com 202-557-3511

ggraham@bmandg.com 972-353-4174

jbrody@

Thomas (Tom) King’s practice is focused on federal financial servicesrelated regulatory and compliancerelated issues. He advises small and medium-sized mortgage and consumer lenders and servicers on a broad variety of topics including, among others, implementation of Dodd-Frank Act requirements, compliance program development and management, examination preparation, employee regulatory compliance training, general counseling, transactional work and loan level advice. King has a juris doctorate, cum laude, from The Thomas M. Cooley Law School where he was notes editor of the school’s law review. He has a bachelor of science from Michigan State University with majors in Psychology, Sociology and Political Science.

Licensed to practice in Michigan; not licensed in Texas; practice limited to federal regulatory law.

In his 35 years as a practicing attorney, Mitch has represented banks, mortgage companies, residential homebuilders, real estate settlement service providers, credit card issuers, and other financial service companies in a broad range of matters. Mitch represents clients in investigations and enforcement actions before the Consumer Financial Protection Bureau, Department of Housing and Urban Development, Department of Veterans Affairs, Department of Justice, Federal Trade Commission, Ginnie Mae, Fannie Mae, Freddie Mac, and various state and local regulatory authorities and Attorneys General offices. In addition, Mitch acts as outside general counsel to smaller companies and special regulatory and litigation counsel to Fortune 500 companies.

Black, Mann & Graham CoManaging Partner Gregory S. Graham has practiced in the areas of real estate, litigation, and bankruptcy law since 1989, and is currently licensed in Texas and admitted to practice before the United States District Courts for the Northern and Eastern Districts of Texas. Mr. Graham is also currently licensed to practice law in Georgia and has been since 2017. He received his Juris Doctor degree from Southern Methodist University School of Law in 1989 after receiving a Bachelor of Arts cum laude from UT Dallas.

14 MORTGAGE BANKER | DECEMBER 2021

Mr. Graham’s affiliations include the Dallas MBA, where he previously served as a Director & Chairperson of the Legislative Committee; DFW Mortgage Brokers Association, where he previously served as Legal Counsel; MBA; NAMB; Texas AMB prior to its closure; and Texas MBA.

James Brod complex m mitigation, for Johnsto experience that arise d purchase s foreclosure repurchase He receive Relations f received hi concentrat University School of L the Americ Whitney Aw practice la been admit the United the Central Southern D addition, M lead litigat mortgage b related disp and federa or on a pro FL, MD, M TN, and TX

Loan Origination Software

Mortgage Servicing Software

www.FICS.com'" I 972.458.8583

Your Mortgage Software Partner Since 1983

mes W. Brody, Esq. gage Banking Practice Group Chair

@johnstonthomas.com 415-246-3995

dy actively manages all the mortgage banking litigation, , and compliance matters on Thomas. Mr. Brody’s e centers on those legal issues during loan originations, loan sales, loan securitizations, es, bankruptcy, and e & indemnification claims. ed his B.A. in International from Drake University and is J.D., with a certified tion in Advocacy, from the of the Pacific, McGeorge Law. He was a recipient of can Jurisprudence Bancroftward. He is licensed to aw in California and has tted to practice in front of States District Courts for al, Eastern, Northern, and Districts of California. In Mr. Brody has served as tion counsel for numerous banking and commercial putes venued in both state al courts, in a direct capacity o hac vice basis, in AZ, CA, MI, MN, MO, OR, NJ, NY, PA, X.

Marty Green Attorney marty.green@mortgagelaw.com 214-691-4488 ext 203 Marty Green leads the Dallas office of Polunsky Beitel Green, one of the country's top residential mortgage law firms. Mr. Green is an accomplished attorney with more than 20 years of experience in the legal, banking and financial services industries. He is the former Executive Vice President and General Counsel for Dallas’ CTX Mortgage Co. and previously worked with the Baker Botts law firm in Dallas as Special Counsel. In his role as leader of the firm’s Dallas office, Mr. Green advises clients on the latest rules and regulations covering residential lending, in addition to building on Polunsky Beitel Green’s long tradition of delivering loan closing documents with speed and accuracy.

Mr. Green is admitted to practice before all Texas state and federal district courts in addition to the U.S. Court of Appeals for the Fifth Circuit.

An honors graduate of the University of Texas School of Law, he earned his undergraduate degree at Southern Utah University. Texas Monthly has selected him as a Super Lawyer multiple years.

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MORTGAGE BANKER | DECEMBER 2021 15

M AN AG EM EN T C H A L L EN G E

Property Insurance Costs Poised to Rise from Climate Events — And Not Only On The Coasts NATURAL DISASTERS HIT TEXAS, VIRGINIA AND SOUTH DAKOTA THE HARDEST IN 2020

H

S PECIAL TO M ORTGAGE BAN KE R M AGAZ IN E

omeowners and residential real estate investors can expect property insurance rates to rise following the growing number of natural disasters nationwide, according to SitusAMC. A new SitusAMC white paper, “Weathering the Storm: Burgeoning Insurance Costs for Real Estate,” found the impact of natural disasters on the residential property market has not been limited to California and Florida, where several high-profile disasters have taken place. In fact, in 2020, the states hardest hit by natural disasters were Texas, Virginia and South Dakota. Winter storms in Texas, for example, accounted for 40% of the total losses in the U.S. property insurance market during the first half of 2021.

The rise in the number and severity of hurricanes, wildfires, tornadoes and other events tied to climate change has created significant risk for insurance companies, which will lead to a rise in insurance premiums and reductions in coverage for property owners.

“The growing number of climate events has left the insurance industry reeling,” said Jennifer Rasmussen, PhD, Vice President and Head of Thought Leadership and Publications for SitusAMC Insights, a division of SitusAMC, and co-author of the white paper. “Many insurers and reinsurers have already seen their 2020 financials severely downgraded. As the intensity and scope of future catastrophes grow, insurance rates for

16 MORTGAGE BANKER | DECEMBER 2021

property owners will likely rise significantly in the near future.”

LENDERS BEWARE

The white paper describes how higher temperatures attributed to climate change will increase the severity of Atlantic hurricanes as well as create a “tinderbox” in Western states due to worsening droughts. For example, Texas will have the highest threat level for wildfires in the country, with 72% of the state’s population at risk, according to Climate Central.

Recent demographic and migration trends are exacerbating the problem, as more people are moving to fire-prone and flood-prone areas in the West and Southeast. Current migration trends will place an additional 1.2 million homes at risk for flooding over the next 30 years, an increase of 10% from today, according to data from First Street Foundation.

As insurance premiums rise, many homeowners who cannot afford private market options may fall back on state-backed insurers of last resort (IoLR), which are available at steep discounts. However, IoLRs typically offer bare-bones policies that place property owners at increased risk for losses following a disaster.

Many insurance companies draw from reinsurance policies to protect themselves from natural catastrophes. However, the reinsurance industry has been experiencing losses for years, and is currently passing along cost increases to insurers, which will ultimately impact property owners, the white paper stated.

TEXAS WILL HAVE THE HIGHEST THREAT LEVEL FOR WILDFIRES IN THE COUNTRY, WITH 72% OF THE STATE’S POPULATION AT RISK, ACCORDING TO CLIMATE CENTRAL. “Most people may not be surprised to hear insurance rates are going up, but few understand how precarious the situation is for the insurance industry,” said Rasmussen. “As the number of climate-related disasters increase, many homeowners and residential real estate investors could be in for a rude awakening in the years ahead.”

Hey, Irvine!

The California Mortgage Expo is one of California’s largest mortgage events for loan origination professionals, bringing together hundreds of mortgage brokers, loan originators and bank and credit union lending officers from throughout the region for an event full of education, networking and fun. You’ll be growing your business and your contacts in a setting packed with passion, professionalism and fun.

Thursday, Dec. 9th, 2021

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+ Free NMLS Renewal Class December 10th

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PRESENTING SPONSOR

NON-QM SPONSOR

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+ Join us for our Holiday Party in Irvine, CA December 9th, immediately following the show!

SHOW PRODUCER

Safety is our top priority. Learn about the safety precautions we take at each of our events to earn us 100% safety satisfaction from our attendees at originatorconnectnetwork.com/covid19.

Complimentary registration available to NMLS-licensed active LOs and their support staff. Show producers reserve the right to determine final eligibility.