[Alice] All right. We're going to move on quickly here. I just have one federal housing finance agency proposed rule. For those of you who may or may not remember, they also oversee the federal home loan bank system so, they have actually posted a proposed rule to highlight different areas of boards of directors that need to be in place for FHLB. So, this is in their words having to modify its mission to create safe and reliable and dependability on the quality of the governance of the various member banks and so they're looking at expanding and modernizing the areas of knowledge and expertise that people might have, clarifying their requirements and requiring FHL banks to adopt conflicts of interest policies. Not a lot of comments have been posted on this. It was just posted about a week ago and comments period is open until February 3rd. One interesting commenter has already dove deep on this and noticed that in this proposed rule, there wasn't anything about who is going to be responsible for enforcing all of this stuff, even within that individual bank, right? Obviously, FIFA will be the head enforcer, but you do need some controls within the entity itself. Take a look at that if that interests you. The Federal Home Loan Banks are an important part of community bank financing and Allen, I know you love ChatGPT so I asked chat to compare Fannie Mae to the Federal Home Loan Banks and I got this beautiful set of paragraphs and table and I went, wow, that was terrific! And that's all I said. So, for those of you who want to find out the difference between the two I did a lot of work with the federal home loan banks, great member banks. They do a lot for mortgages working with the FHLB. So, I thought that was interesting and right up your alley, Allen.
[David] Alice, one question, what you were mentioning there. What specifically because it was generic. Do you think when they're talking about in the proposed rule for the fibs about conflicts of interest? What conflicts would they be talking about?
[Alice] They looked at any interest within different, companies, address outside positions and financial interests of federal home loan bank employees, close family members, and associates and prohibit FHL Bank executive officers and senior management from holding paid positions at potential and existing members, housing associates, or their affiliates.
[David] Okay, I get that. That makes sense. Okay.
[Alice] Yeah, they were commenting on defining close family member and would there be any disclosure with this? so the rule doesn't say that there's some type of disclosure about your interests. So that was interesting. But that's where it landed. All right. Thank you everyone. That's it for today from me, Alice Alvey, Vice President of Education and Training at Union Home Mortgage.
Alice Alvey, Master CMB
Vice President Partner Education and Training at
Union Home Mortgage
8241 Dow Circle
Strongsville, OH 44136
D: 440.420.4294
C: 248.941.1939
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!
