[David] I wanna get into these before we do, Alice, let’s get your report. I wanna get into the headlines, but let’s get your report first because I wanna get the stuff so we can get really into the dialogue of what’s happening. All right. Your report.
[Alice] Alright, I will jump into that and I hope everybody Alan said, hit rewind ’cause I think we highlighted the trifecta that Mark is talking about. That will lead to the delinquencies. I don’t have a chance to refi ’cause rates haven’t gotten better. I don’t have equity growing in my home. Supply and demand isn’t right. So I probably overpaid for my house a little bit, even if I bought it in the last five years. Yeah, it’s a challenge. We have to try and get around. Alright, so from my Legislative report, first off is this week in the Senate Joint Resolution 18, it passed and I think there’s more of a message in here than there is for any direct major impact to us in an actual mortgage loan flow. So, they disapproved the overdraft policy that CFPB had put in as a final rule. Yeah. Back at the end of the year. So in December, CFPB had put in some a final rule to put more disclosure for consumers about overdraft fees. Right now, overdraft fees happen automatically. Any of you have overdrafted an account you like, you can’t even catch up fast enough because the fees keep mounting and mounting and so that can be very challenging for consumers. And CFPB wanted consumers to have more information about that and also to be able to opt in to pay it manually if they wanted. That was the crux of that final rule, and it was gonna be effective in July. Senate’s joint resolution that passed was to disapprove of that, stop that basically say CFPB. You can’t go forward with that. Now it does require action by the house and of course to be signed off by the President. To me it’s a bit of a message of if CFPB’s got anything in the works, there’s gonna be a movement in Congress or the Senate to try and put a stop to it and they can do this through the joint resolutions. We do have a new head of the CFPB. So, for those of you who have baseball knowledge, have you ever kept track of a baseball game every time they’re trying to change the picture? It’s how we feel like with the head of the CFPB
[David] Great analogy.
[Alice] And right now we’re with Jonathan McKernan, right? Yeah. I think he’s the third or fourth name we’ve had now in the period of a couple of months. But that’s okay. He was nominated. and confirmation hearings were held, but we do not have a final vote on. And what I can see this morning, I don’t see that a final vote is actually scheduled yet, but hopefully we do see that. This can be our final head of the CFPB. He has a long history housing wire. Had a great writeup about him. If you’re interested in learning more about him you can go to their website and it was February 13th where they wrote up about his background. The other thing I’m watching a couple things. So Paul Lawrence of the VA was appointed as VA Deputy Secretary of Veteran Affairs. So that was confirmed. We’re okay with that. He has some experience. He was the undersecretary there for a few years back. We’ll at least have somebody in those shoes that has some experience and then last but not least, we are trying to see if trigger leads will ever make their way back. MBA did a great job last year. I know Mark Jones worked really hard on it. Got it on like you’re on the five yard line and it got pulled away. So for those of you who are familiar with how this works, everything has to start over now. So we do have another state, Iowa, that put in their own form of a trigger lead disclosure that has to go out. So we’re seeing a few states make some movement on this, but nationally nothing yet. So that’s my report, Dave.
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!