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Compliance Technology, Dissection of the Dodd-Frank Act and Much More!

Andrew T Berman
Aug 31, 2010

  Landmark legislation to rock the industry? When President Barack Obama signed the Dodd-Frank Wall Act into law in July, the intent of the legislation, which weighs in at a whopping 2,319 pages, was to prevent future collapses of our financial system from happening ever again. This month, Jonathan Foxx will dissect this historic bill in the first part of his series, “Landmark Financial Legislation: New Rules for Mortgage Originators.” Jonathan’s in-depth analysis takes the content of this 2,319-page bill and breaks down the highlights as it pertains to you, the mortgage professional. This is a must read for sure! Compliance is a way of business As the mortgage professional of today makes their way through the never-ending maze of regulatory and compliance changes, this month, we take a close look at this topic and tackle it from a number of angles. For starters, we wrap up the three-part series by Don DeRespinis on compliant business systems and what it takes to bring your business to a whole new level of quality. David Lykken looks at technology’s role in compliance, while Jeff Mifsud, our resident FHA expert, breaks down recent FHA violations for non-compliance. We continue with another take on technology and compliance, this time from Lionel Urban of as he details ways to manage your compliance systems. Jason Roth of ComplianceEase discusses the role of education and testing and how to keep your staff in compliance under the SAFE Act rules and the Nationwide Mortgage Licensing System (NMLS). Andrew May of American Dream Residential discusses compliance with the Gramm-Leach-Bliley Act how exposing your client’s personal information can cost you, and we wrap things up with David Leoncavallo from Spora Capital as he explains how hiring an outside compliance specialist can save you money and headaches. Our Professional of the Month This month, we spotlight Joe Amoroso, director of national sales for REMN-Real Estate Mortgage Network Inc. Joe’s 20-plus year career in the industry (mostly on the wholesale side) has taken him from small shops to big shops. In his profile, he details the major differences between the two and discusses the importance of his “open door policy” at REMN and sticking to a unique selling proposition that promises same day turn times. Joe details how the lines between loan officers and upper management have been blurred at REMN, as the lines of communication throughout the company are wide open, from the top to the bottom. Mortgage Revolution set to invade New York If you’ve read my columns in the past, you know how strong a supporter of the efforts of Mortgage Revolution movement I am. I truly believe in the proven concept of creating the perfect forum of a free-flow exchange ideas with your peers on how to improve business and expand the lifeline of the mortgage industry, not bury the competition in the process. That being said, Mortgage Revolution will bring their event to New York’s Westchester Marriott in Tarrytown, N.Y., Friday-Sunday, Oct. 15-17. They set this one for the weekend, as to not interfere with the busy work week. For more information on MRev North East, visit If you are interested in sponsorship opportunities, please contact me directly at 516-409-5555, ext. 333.       Featured Companies in this issue Abacus Mortgage Training Offering SAFE Act cram classes (yes, even 20-year veterans of the industry should be taking this class). ACC Mortgage: YES, B&C lending is BACK! Check out their wholesale programs for details. Call877-353-2233 for details. BankFinancial Strong. Well-Capitalized. Reliable. They've got money to lend. Apartment loans, $250M to $2MM+, up to 75% LTV, competitive rates, fees and terms CAAMP Be a part of the Canadian industry event of the year! November 21 - 23, 2010 MARK YOUR CALENDARS Calyx Software There's a reason why these guys are still number one. Have you checked out some of their latest features? CB Malaga Insurance Services Errors and omission insurance for Mortgage Brokers and Mortgage Bankers. Coester Appraisal Group Experience the Coester Appraisal Group difference! Nationwide appraisals, FHA and HVCC compliance, BPO's, AVM's, National Vendor Network... In business since 1970. Comergence Compliance Monitoring, LLC Customers want to work with people they can trust. Trust starts by setting higher standards for the mortgage industry. Use code NMP to pay only $49 for sign-up ($246 savings). Elliot and Company Appraisals Anywhere in the United States. Flagstar Wholesale Lending Besides being a wholesaler that has remained supportive of the mortgage broker through thick and thin, they are also helping you go paperless. Freedom Mortgage Looking for TOP PRODUCERS. Nationwide FHA Lender. Call 800-220-9498for details. Frost Mortgage Lending Group There's a reason why some of the industry's top talent is signing up to become branch partners with Greg Frost's group. GSF Mortgage Be in business for yourself, but not by yourself. Join GSF Mortgage’s Professional Branch network. Guaranteed Home Mortgage Company Become a branch manager for an FHA-direct endorsed lender with in-house underwriting and the ability to act as a mortgage broker. iServe Residential Lending Does your business model need to transition from Broker to Banker? iServe holds the keys to successful, strong and profitable mortgage branches. NAPMW Let NAPMW go to work for you! PB Financial Group Are you tired of non-performing hard money lenders? Then try PB Financial. Quality Mortgage Services All things compliance, from QC to HVCC reporting. REMN (Real Estate Mortgage Network) It's about time. Same-day decisions guaranteed if file received by 11 a.m. EST. Terrace Mortgage Company Remember the "Good Old Days" when you could speak directly with easy-to reach underwriters who issued fast approvals with common sense underwriting? So does this 22 year old wholesale lender. United Northern Mortgage Bankers Fast-growing mortgage banker seeking various in-house office positions, including team leaders and licensed mortgage originators. Xetus Mortgage Corporation Loan Origination Platform. All the Features at Half the Price.  
Aug 31, 2010