NRMLA kicks off their first conference event of 2011 with, "NRMLA West - New Requirements, New Relationships." A large focus of the event will be discussing the on-going wave of regulatory reform and potential shifts related to recently filed lawsuits.
The conference opening session hit home for many originators as the panel discussed the pending Loan Originator Compensation rule scheduled to be implemented on April 1st. The sentiment surrounding the session was that there are still many more questions than answers. However, even in light of the lawsuits filed, and now consolidated, by NAMB and the NAIHP, the general consensus is that the rule will be implemented on schedule. Should the court provide a temporary injunction against the rule, the lenders generally noted that any delay would likely be temporary, and there is insufficient time to turn back now. More to come.
Later this afternoon, the session will look to discuss the evolving legislative landscape , especially as additional provisions of the Dodd-Frank Act continue to be implemented and the Consumer Financial Protection Bureau (CFPB) takes shape. The CFPB looks to hit the ground running and this panel will try to sort through the expected continued pace of rapid change.
Completing the first day of this two day session, NRMLA will address their Strategic Plan for 2011. The panel, led by President Peter Bell, will address the public affairs campaign, and on-going legislative efforts. A very important question that NRMLA representatives will be asked to address is their reactions to the recently filed lawsuit by AARP alleging that HUD inappropriately redefined "Non-Recourse" in Mortgagee Letter 2008-38. Also of interest will be NRMLA's position on the loan officer compensation rule. Peter Bell announced this morning that in conjunction with other efforts, NRMLA sent a letter to Fed Chairman Ben Bernanke calling on the Fed to delay the implementation of the rule to provide the industry additional time to get clarification and properly prepare compliance.
Day two features a close look at the tax and insurance default issue and the efforts of the industry to protect senior homeowners while positively resolving the issues, along with setting standards for mitigating the issue moving forward. Also, with the rapid change in secondary pricing, a panel will discuss market trends, what is happening with Ginnie Mae and other concerns in the secondary market.
More to come as the conference unfolds.