[David] I don’t want you to have to give up your segment, but I do want to get over to Alice on a Legislative Update. Alice, when you think of the Rocket Redfin transaction happening. Do you see anything that leaps out at you from a compliance standpoint? I didn’t. And I’m wondering if I’m missing anything.
[Alice] No, because they’re separate entities. They’ll make sure they have whatever firewalls they need in between the two for, if you’re thinking RESPA, that type of things. I’m sure they’ll manage that. There’s a way to manage that.
[David] They’ll navigate that successfully. That was my hunch too, but both being publicly traded and the scrutiny that they go under but I sit and look at it also with a CFPB being clipped, or I don’t know where the future of CFPB is in question to a certain degree. It’ll be it’s going to be interesting. The part that really gets worrying from a compliance standpoint, which gets into your area, compliance and legislative is the fact that the potential of what we have ahead of us, a complexity of our industry would be going now with the shift going to the more to the state regulatory focus rather than a national focus. Your thoughts.
[Alice] For those of you can’t see, I just put a gun to the finger to the side of my head like a gun. The states. Are you kidding me? I love the states. Don’t get me wrong. But you thank you for the segue on the CFPB. Because for those of you who do watch this thing, we do have two bills now, We have a House bill and a Senate bill that are like one sentence, fund the CFPB at zero. So no matter what your political beliefs are in terms of trying to get the costs of the government under control, at the end of the day, this is the agency that by law is supposed to enforce a multitude of regulations and so if you say they have no money, this is so Congress we’re going to do one thing out of the 20 that really need to be done in the way the bills are written. Now, if the bills said, we’re going to fund you to zero and we want this to be done with the regulations. Here’s going to oversee HMDA. Here’s going to oversee each of these regulations, list them all, TILA, you name it. Then we have a piece of complete legislation that now could truly be enacted and we could know what direction to go in. But of course, that’s not what we get. We get, they get no money. And oh, by the way, at some later point, we’ll figure out who’s going to oversee these regulations and I know Marc’s brought this up in the past. Someone has to oversee these regulations. People aren’t naturally good out there.
[David] Most of us are. Most of us are. All the time.
[Alice] If you go. Hey, there’s never a cop on the street, right? How fast are you driving? You’re going to be okay. Five over, right? But I was with you in the wonderful mortgage bankers 99% of them are great. My 95, maybe, but you get my point there. There has to be something to address the, if you’re going to take the money away, then who’s going to run it? or, who’s going to oversee the regs. And then there is the executive order. But it seems said that John McKernan, who’s now CFPB head, for those who’ve ever picked up on that confirmation. So there’s also some back and forth on whether or not he can enforce the exact regulations as they’re written, which I think he can, but they have holes in them that’s why the agencies end up trying to fill the holes. We just have this conundrum that bills aren’t written well without holes. And so that’s why agencies have to go make policy. So it’s a challenge. That’s where we’re at today. Whole lot of mess. We’ll see what happens. And I don’t know what the thoughts are on whether or not these will pass. So if anybody has any insight in that I’m not sure I’m not gonna, that’s a flip of a coin, I think.
[David] Bill, you got any thoughts on it?
[Bill] Congress doing their job, writing full, complete legislation. Why is that such a foreign concept?
[David] I think the more information is coming out about all that’s going on here. I don’t want to go political on us, but gosh, I’m just so discouraged with what we’ve seen happen out of Congress for so long.
[Bill] And to avoid going down that rabbit hole to piggyback off of what Alan said. And I think if folks are paying attention with chat GPT, it’s spend, I was going to say spend some time, spend a lot of time playing with it, learning how to engage with it, because you can ask a very simple question and you get a simple answer and the more you engage, the more back and forth, the better it’s going to get and it’s like everything. Learn it before the first time you really want to use it. And if you need information, because if that’s the first time you’re diving in, you’re going to get the very superficial result, which is not going to be what you need. If you like everything else, if you invest the time in learning and getting comfortable, then when you really need something, it’s going to be that much easier.
[David] Yeah, that is such a great, but Pete Hayes is one of my good friends, who’s the President and one of the Co-Founders of Chief Outsiders, a marketing firm and he has taught it himself and he learned who he was. So it thinks like he does gets his input in there, but yet brings perspective from the outside. It’s such a great point. What Allen demonstrated here for us today. Good thoughts on it.
Alice Alvey, Master CMB
She handles development of their World Class Training program designed to support UHM partners and organizational effectiveness.
Prior to UHM, Alice served as Senior Vice President at Indecomm leading the Indecomm-Mortgage U division, Internal QA and Compliance and SaaS technologies. Indecomm acquired Mortgage U in 2013, where Alice was President/Co-founder, providing training and consulting since 1996. Prior to MU she served as SVP of Operations at a national bank overseeing operations for wholesale, retail and correspondent from underwriting through servicing, and compliance.
She has been in the trenches of mortgage lending operations from application through servicing for over 30 years. Her authoring work in training content, policies and procedures and the FHA/VA Practical guides illustrates her ability to bridge regulatory requirements with day-to-day operations.
Alice has been a weekly contributor to the Lykken on Lending show since its beginning in April 2009 and has made her weekly contributions to 450+ episodes!