22 minute read
Mortgage Banking Lawyers
Academy Mortgage Corporation
Company CEO/President: James Mac Pherson
Website: http://joinacademymortgage.com Location: Draper, UT What makes you a top employer?
Academy’s sole reason for being in business is to help our teams deliver the dream of homeownership. From technology to training, all our systems and processes are designed to achieve this goal and support you in your desire to be in business for yourself but not by yourself.
What do employees love about this company?
Our teams love working at Academy because of our people-centric culture, local decisionmaking, potential-driven career growth, lifechanging service experiences, bucket-list Sales Conferences, cutting-edge technology, solutionoriented products, industry-leading marketing, open-door access to leadership, and focus on work-life balance.
Company Mission Statement
Inspire Hope. Deliver Dreams. Build Prosperity.
Angel Oak Mortgage Solutions
Company CEO/President: Mike Fierman Website:http://www.angeloakms.com Location: Atlanta, Georgia What makes you a top employer?
We are known as an educator in the market with strong values providing excellent training that helps our employees succeed. We are the leader in non-QM and with that comes responsibility from all of us. Our employees are trained to be leaders in a friendly and professional environment.
What do employees love about this company?
Our employees love that our company feels like an extended family. We care about each other and the success of each individual. That sentiment is felt and consistently remarked upon. We hear praises about our training and resources to succeed. Leadership is accessible to listen and act on their needs.
Company Mission Statement
”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. We are pioneering a fresh approach to today’s mortgage lending challenges helping partners to grow their business.”
CMG Financial
Company CEO/President: Chris George Website: http://www.cmgfi.com Location: San Ramon, CA What makes you a top employer?
CMG Financial is an originator-centric company with an executive team who has experience in sales and operations. We focus on making loans work first and foremost and giving our loan officers room to grow.
What do employees love about this company?
Our employees love having the ability to operate independently and leverage support when they need it. With a single-shareholder, we are able to adapt quickly and pioneer new loan products. We promote open communication and our attentive leaders are interested in our employees’ goals and ideas.
Company Mission Statement
CMG Financial makes home financing simple, through personalized, local service, and regional operational support. CMG is known for reliable preapprovals, ease of transaction, on-time closings, and transparency and communication throughout the mortgage process. CMG is committed to Every Customer, Every Time. No Exceptions, No Excuses.
American Financial Network, Inc.
Company CEO/President: John Sherman Website:http://afnretailbranch.com/ Location: Brea, CA What makes you a top employer?
American Financial Network, Inc. is one of America’s top mortgage lending employers because our employees’ success is our success and everyone on Team AFN knows it. The mere acknowledgment of this symbiotic relationship encourages everyone to give that little something extra to ensure their individual, team, department, and company’s success.
What do employees love about this company?
Employees love the comradery, respect, and team mentality that permeate the company. Although it has grown exponentially and now serves communities from coast to coast as a nationwide lender, AFN maintains a family-oriented vibe. The leadership team enjoys award-winning success and guides employees down their own paths of success.
Company Mission Statement
We will be the BEST, MOST TRUSTED, and ADMIRED mortgage banker, providing the best experience to our Team AFN members and our customers through technology and efficient operations.
Gershman Mortgage
Company CEO/President: Adam Mason Website: http://www.gershman.com Location: Chesterfield, MO What makes you a top employer?
Our company’s performance in 2020 shattered all previous company records and performance metrics. Our customer satisfaction numbers are exceptional; we increased new borrower and agent relationships, solidified existing relationships, and still made improving our processes and internal relationships a priority. We live our customer-centric Mission and commit to excellence daily.
What do employees love about this company?
Employees of Gershman Mortgage know we are leaders in the industry and want to be a part of that. We continually celebrate the success of our employees. Employees earn the credit of success with their contributions, knowledge, experience and commitment to providing the utmost in service to our communities.
Company Mission Statement
Communities, families, and homes are at the heart of what we do at Gershman Mortgage. Our founding principles are based on the core values of honesty, integrity, the entrepreneurial spirit, and putting our customers first. We are passionate and committed to customer service.
MiMutual Mortgage
Company CEO/President: Bruce Carr Website: http://www.mimutual.com Location: Port Huron, Michigan What makes you a top employer?
We’ve elevated the mortgage experience by asking our team members and our clients to think bigger and expect more. We’re dedicated to providing outstanding customer service experiences to every client, every time.
What do employees love about this company?
With MiMutual, you’re more than just a number. YOUR talents matter. YOUR values matter. YOUR passions and your strengths matter. YOU matter.
Company Mission Statement
To become one of the nation’s most trusted and respected mortgage lenders.
Nationwide Title Clearing
Company CEO/President: John Hillman Website: http://www.nwtc.com Location: Palm Harbor, FL What makes you a top employer?
NTC provides different competitive benefit plans, 401k, flexible schedules, and voluntary benefits. We offer wellness programs, acknowledgment rewards, internal events, and catered lunches to our employees. NTC hosts fundraisers to collect supplies for its community partners. NTC supports its LGBTQ community and are active members of the AMDC and NAACP.
What do employees love about this company?
Our employees love the flex schedule, being involved with the community through engaging events, and the ability to grow within the company. They also love the fact that NTC is a team-oriented environment.
Company Mission Statement
NTC’s mission is to deliver the highest level of accuracy in research and document processing services that protect homeowners and assist the mortgage banking industry while also preserving the nation’s land records.
NotaryCam
Company CEO/President: Rick Triola Website: https://www.notarycam.com Location: Newport Beach, CA & Nationwide (remote) What makes you a top employer?
As the leader in RON and mortgage eClosing solutions, NotaryCam is able to provide an extremely flexible environment, allowing employees to work from almost anywhere in the world. Founder and CEO Rick Triola strives to ensure that every NotaryCam employee has all the tools for excellence at their disposal.
What do employees love about this company?
In addition to the flexible work environment, NotaryCam employees appreciate the ways large and small in which the company seeks to recognize individuals’ contributions – contractors included. Employees also feel empowered and heard in their jobs, as Triola makes it a point to accept feedback from his staff regularly.
Company Mission Statement
NotaryCam’s mission is to modernize the archaic notarial workflow through its patented eClose360® platform to deliver the “perfect” online mortgage closing in every jurisdiction. eClose360 supports all eClosing scenarios – RON, IPEN or hybrids – with unparalleled flexibility, identity verification, security and convenience, earning it a 99.8% customer satisfaction rating.
Residential Mortgage Services, Inc.
Company CEO/President: James Seely Website: http://www.rmsmortgage.com Location: South Portland, Maine What makes you a top employer?
Having a clearly articulated set of core values is the bedrock of our distinct and strong RMS company culture. Our employees value the shared commitment and focus on delivering an exceptional customer experience, striving for market leadership, and being actively involved in and giving back to the communities we serve.
What do employees love about this company?
RMS employees appreciate that the Leadership Team engages in daily communication focused on providing quick answers to questions and real-time deployment of additional support and resources where needed. This process allows RMS employees to work effectively and efficiently in providing the best possible home financing experience for our customers.
Company Mission Statement
The RMS Company mission is to consistently deliver an exceptional home financing experience by educating and simplifying the process for our clients. We focus on fulfilling our We’ll Guide You Home RMS brand promise, and giving back to the communities in which we operate.
Washington First Mortgage Loan Corp
Company CEO/President: Tryg Satterlee
Website: http://www.wafirstmortgage.com Location: Kirkland, WA What makes you a top employer?
WA First was founded on creating a positive company culture, providing smart options to borrowers while maintaining a high level of customer service & sustainability in an everchanging market. We value teamwork, respect & motivation. We strive for growing knowledge & to inspire ourselves as well as those around us.
What do employees love about this company?
”I’m not going anywhere. When recruiters call me, I say, ”I am working at my dream company now.”
”It feels like Family here”
”My favorite part of this company is not being micromanaged and having the freedom to do my job and excel at it.”
Company Mission Statement
Our core value is to always do right by others; Our employees, our co-workers, and our clients.
‘Thank You For Your Service’ Comes With Rules For Lenders
MAKE SURE YOUR COMPLIANCE TEAM KNOWS THE RULES OF MILITARY ENGAGEMENT
By ROY KAUFMANN, SPECIAL TO MORTGAGE BANKER MAGAZINE
n these days of peaks and
Itroughs of the lending cycle, prudent mortgage professionals are keeping a close eye on compliance. The Servicemembers Civil Relief Act ranks high in list of regulatory requirements with some of the most severe consequences for failures.
Setting up your compliance risk management system, policies, and handbooks for implementing the procedures is important, but sensitizing and training of front-line personnel is essential. If something slips through the cracks, it is important to have a process to correct them and to examine how the failure occurred.
The risks of non-compliance with the SCRA go beyond possible massive fines and protracted court cases. There is additional risk to the reputation of the lender and loss of confidence of business partners and potential customers (or members of credit unions).
The SCRA is a federal statute passed in 2003 to replace the old Soldiers’ and Sailors’ Civil Relief Act. The goal behind the SCRA was to allow servicemembers some peace of mind as they performed their duties. Obligations they had before entering active duty were given limitations. For example, a loan that originally had a 7% interest rate would have to be reduced to 6% for active servicemembers.
Oceanic and Atmospheric Administration (seven agencies in total) have personnel who may be protected under the Act. Further, activated reservists and national guardsmen may have protections. “Active Duty “ is defined to include fulltime duty, full-time training, ROY KAUFMANN annual training, and attendance at certain designated schools. National Guard and Reservists have their own subset of qualifications. National Guard members would only enjoy protections if called up by the President (as opposed to by a state Governor) and the call-up is for at least 30 days and the WHO IS PROTECTED? protection starts at the call-up, as opposed Generally, all active servicemembers to the date they report for duty. in the Army, Air Force, Navy, Marines, What about dependents? A some members of the National Guard, servicemember’s dependents (including Public Health Service and the National spouse, children, and anyone the
servicemember has been providing at least one-half of the support for during the 180 days before applying for SCRA protections). It should be noted that, for dependents to assert protections, they generally must go to court. If a court grants a stay or other relief to a servicemember, it is likely that the co-borrowers would get the same postponement.
Who is generally NOT covered? Generally, not covered are retired personnel (after the expiration of benefits like the one-year protection for foreclosures), National guard troops called to duty by a state Governor, civilian employees of DoD or the armed forces, contractors, and active Guard Reserve Soldiers and Airmen under title 32.
PROTECTIONS UNDER SCRA
There are several basic protections, but the six percent rule is one of most interest to the lending industry. An active duty servicemember who has a loan that predates his active status (or in the case of the National Guard, the call-up date) is entitled to have his lender reduce the interest rate to no more than 6% on all loans, including mortgages, car loans, and credit card bills for the entire period of his active service. Joint loans with a spouse are covered under the SCRA.
All excess interest must be forgiven and not deferred, nor should the maturity date be extended to get to a lower payment or accelerated. Interest includes “service charges, renewal charges, fees, or any other charges (except bona fide insurance) with respect to an obligation or liability. “ That would include late charges and NSF fees, but excludes the costs of bona fide insurance. If the borrower already paid excess interest, it should be refunded. The cap could be extinguished if a court finds that the servicemember has the ability to pay more and that the ability is not materially affected by their military service. There are very few cases where a creditor went to court for that determination.
There are other requirements involving foreclosure, eviction from REO, and assignments of life insurance policies, most of which require a court order before proceeding against a servicemember.
How long do protections last? Not all SCRA protections end when the servicemember retires. For example, foreclosure protections now extend for a full year post-service. In earlier versions of the SCRA, that period had been 90 days.
PROACTIVE COMMUNICATION
Certain protections are effective automatically when a person enters into active duty. The lender is responsible for knowing the military status before it forecloses, evicts, or orders a repossession.
On the interest rate cap, the SCRA says that the servicemember should provide written notice, with copy of orders any time up to 180 days after end of military service to get the protections. However, prudent lenders are being more proactive.
Lenders are relaxing the requirements for orders and are accepting communications from commanding officers and similar, alternate proof of military service.
Lenders are becoming more proactive in researching whether existing customers are in the military and reaching out to confirm and offering rate reductions.
STATUS VERIFICATION
Most lenders prefer to have a third-party verify military status and select from:
If you need a military or SCRA affidavit, if you need an affidavit of due diligence, or if you do not have the person’s social security number, www. servicecmemberscivilreliefact.com (“SCRACVS”) is your best resource and processes thousands of verification requests each year for lenders, lawyers, landlords, and others.
The U.S. Department of Defense’s Defense Manpower Data Center (“DMDC”) at is a resource if you have the social security number and do not require an affidavit. You may also provide a dateof-birth only, but the results will have a disclaimer that limits the value of the certification. DMDC will ignore requests if no SSN or date of birth is provided.
Batch or “scrubbing “ is when the lender submits a data file with names, social security numbers, and other information. Both the SCRACVS and DMDC can accept these files and send back response files. For lenders that already have integrated platforms with national service providers, such as CoreLogic, there are often modules that can be added for SCRA inquiries.
RIGHTS WAIVER
Can lenders ask borrowers to Waive SCRA rights? Yes, but exercise caution. Before addressing the requirements, decide whether there are non-legal considerations, such as the public perception that you are conditioning a loan on a person giving up valuable rights. If you do decide to request a waiver, there are requirements. A waiver is only valid after the servicemember is in military service. It must be a separate document (12-point font or larger), not stapled to any other document, and it must recite what promissory note, document, or other agreement is affected by the waiver.
What are the Risks of Non-Compliance? Apart from the damage to reputation, the SCRA has teeth. A person who knowingly causes a foreclosure or seizure is subject to fines and imprisonment. Punitive damages can be assessed and one particular settlement agreement among the government and 5 large lenders for SCRA violations resulted in the lenders paying more than $2.5 Billion dollars.
What industry sectors should be concerned about SCRA compliance? Mortgage servicers, originators, banks, lenders, credit unions, and credit card issuers should be vigilant about complying with the SCRA.
REGULATORY CORNER
FHFA EXTENDS FORBEARANCE FOR MULTIFAMILY OWNERS
The FHFA announced that Fannie Mae and Freddie Mac will continue to offer COVID-19 forbearance to qualifying multifamily property owners through June 30, 2021, subject to the continued tenant protections FHFA has imposed during the pandemic. The programs were set to expire March 31, 2021.
Property owners with Enterprisebacked multifamily mortgages can enter a new or, if qualified, modified forbearance if they experience a financial hardship due to the COVID-19 emergency. Property owners who enter into a new or modified forbearance agreement must: • Inform tenants in writing about tenant protections available during the property owner’s forbearance and repayment periods; and • Agree not to evict tenants solely for the nonpayment of rent while the property is in forbearance.
Additional tenant protections apply during the repayment periods.
These protections include: • Giving tenants at least a 30-day notice to vacate; • Not charging tenants late fees or penalties for nonpayment of rent; and • Allowing tenant flexibility in the repayment of back-rent over time, and not necessarily in a lump sum.
In addition to requiring written tenant notification, the Enterprises have posted the tenant protections to their respective online multifamily property lookup tool websites. The property lookup tools make it easier for tenants to find out if the multifamily property in which they reside has an Enterprisebacked mortgage.
CFPB PROPOSES DELAY OF COMPLIANCE DATE FOR GENERAL QM RULE
The CFPB released a notice of proposed rulemaking at 86 FR 12839 to delay the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021, to October 1, 2022. The CFPB is proposing to extend the compliance date to ensure homeowners struggling with the financial impacts of the COVID-19 pandemic have the options they need.
The CFPB’s press release states that extending the mandatory compliance date of the General QM final rule would allow lenders more time to offer QM loans based on the homeowners’ debt-to-income (DTI) ratio, and not solely based on a pricing cut-off. Extending the compliance date of the General QM final rule would also give lenders more time to use the GSE Patch, which provides QM status to loans that are eligible for sale to Fannie Mae or Freddie Mac. If the NPRM is finalized as proposed, the old, DTI-based General QM definition; the new, price-based General QM definition; and the GSE Patch (unless the GSEs exit conservatorship prior to October 1, 2022) would all remain available if the lender received the consumer’s application prior to October 1, 2022.
Comments due by April 5, 2021.
CFPB ANNOUNCES INTERPRETIVE RULE ON PROHIBITION AGAINST SEX DISCRIMINATION
The CFPB announced it has issued an interpretive rule clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act and Regulation B includes sexual orientation discrimination and gender identity discrimination. This prohibition also covers discrimination based on actual or perceived nonconformity with traditional sex- or gender-based stereotypes, and discrimination based on an applicant’s social or other associations.
This interpretive rule is effective on March 16, 2021.
FEDERAL AGENCIES PROPOSE NEW PRIVATE FLOOD INSURANCE Q&AS
The FRB, Farm Credit Administration, FDIC, NCUA, and OCC requested public comment on 24 proposed Interagency questions and answers regarding private flood insurance. The proposal is intended to help lenders comply with the agencies› 2019 joint rule to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012. The proposal incorporates new questions and answers in several areas including mandatory acceptance, discretionary acceptance and private flood insurance general compliance.
The proposed Q&As would supplement the 118 Interagency Questions and Answers Regarding Flood Insurance that the agencies proposed on July 6, 2020. Comments are due 60 days following publication in the Federal Register.
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gent at that moment because I had requested three computer screens to work from and IT thought I was crazy. It seems this term is not just a passing catchphrase. It has some meaning behind it with the top of list being automation.
Automation includes finding the best products that can integrate into all of your service channels and programs. Seems simple enough in theory, and automation is obviously the way to improve efficiencies. However, as compliance geeks, the back of our minds is still remembering that automation cannot and will never substitute for knowledge.
An example of this one is that your organization has an automated process in place to issue disclosures within three business days of receipt of all six items required under TRID. What happens if there is a power outage and the program stops functioning or there is a programming hiccup that corrupts the calendar? Leap year comes to mind or even the hoops we jumped through for Y2K. Backup processes, including manual intervention, should be in place to ensure compliance requirements are met. I am still thinking through the additional sub-concept of “Fulfillment Intelligence” that includes “final not finalized reports.” Wouldn’t that be a preliminary report?
THE THREE C’S
Communication—Compliance communication begins at the top. An organization’s leaders must establish its ethical tone and state its values, then communicate these clearly to all personnel. Employees must receive a clear and consistent message.
Confirmation—Automated business systems function as they are programmed, without regard to error. A financial institution must make a commitment to building checks and balances into systems for accuracy and completeness. Confirmation contributes to confidence that the compliance system is performing as desired and that bank staff is performing suitably.
Correction—Financial institutions must put processes in place to effectively handle compliance incidents that are detected, identify root cause(s) to violations or operational errors, and address the root cause(s) of each problem to preclude recurrence. Robust processes for correction build integrity into the compliance culture.
Everyone at a financial institution is responsible, in some part, for the strength and integrity of the compliance culture. While automation rises with the demands of consistency, cost effectiveness, and efficiency, compliance culture boils down to people.
So, while the C-Suite is investing in sales and operations, make sure you are investing in yourself. We need to be aware of the initiatives so we can dedicate our continuing education and growth on the background compliance aspects of those initiatives. Risk management is foremost the most important thing a company can invest in -- or at least in my mind it is.
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