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Residential Department: From the Editor: November 2016


From the Editor

The industry and regulators can find common ground

From the EditorDavid Silberman, deputy director of the Consumer Financial Protection Bureau (CFPB), gave the keynote address in front of a crowd of roughly 200 mortgage originators in Las Vegas this past September at the national conference for NAMB - The Association of Mortgage Professionals. In many ways, his speech epitomized the dichotomy that still exists between federal regulators of the mortgage industry and originators working down in the trenches.

Silberman spent 30 minutes providing a history lesson of the issues that led to the housing crisis, the creation of the CFPB, and the subsequent passing of regulations on Qualified Mortgages (QM), the TRID consumer-disclosure rules and the upcoming changes to the Home Mortgage Disclosure Act. The upshot of the deputy director’s speech was that despite a lot of doomsday predictions by originators at every step along the way, the regulations are doing their job of protecting consumers and leveling the playing field for “responsible professionals” and that the mortgage industry is still thriving.

The attendees listened quietly during Silberman’s speech, but began grilling him during the question-and-answer period. It was obvious they had concerns — to put it mildly — with several aspects of the bureau’s regulations. Perhaps the most contentious issue raised was the double standard the originators perceived with respect to the rules for allowable fees on QM loans handled by independent mortgage brokers versus mortgage bankers at big banks. To his credit, the deputy director withstood the onslaught calmly and did his best to provide candid answers. To their credit, the gathered originators treated Silberman with respect and even thanked him for braving the lion’s den.

The keynote session at the NAMB national conference pointed out that the two sides of the regulatory debate can have meaningful discussions. In this month’s issue of Scotsman Guide, we present several viewpoints on legislation and compliance to help keep that discussion moving forward. We start with Janice Minchenberg of Digital Risk, who discusses the difficulty of getting the timing just right on sending out Closing Disclosure forms. Minchenberg’s article starts on Page 35.

On Page 50, Rick Toma of The Money Source takes a look at how a corporate culture change can help get everyone working toward compliance. If you are still concerned about vendor management, Regina M. Lowrie of RML Advisors dives into the dangers that closing agents can present to your compliance efforts. Her article starts on Page 89. For a different perspective on the CFPB, see what Stephanie Ziebell of Waterstone Mortgage Corp. has to say about the bureau’s online consumer-complaint database. That article begins on Page 113.

As always, we also look at issues beyond our monthly focus topic that are affecting the mortgage industry. If you have borrowers who need help increasing their credit scores so they can qualify for a mortgage, check out the article by Ali Zane of iMax Credit Repair on Page 56 for nine helpful tips. If you don’t think you’re getting everything you deserve from your appraisal partners, see what William Fall of the William Fall Group has to say about the subject on Page 129.

All of this content and more is waiting for you inside. If, after reading this issue of Scotsman Guide, you want to join the conversation, check out our community pages at You can contribute to the forums, write a blog post and read what other mortgage professionals are saying about the issues that matter to all of us.


Will McDermott is managing editor for Ask a Lender. Reach him at or (800) 297-6061.

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