Lynn Donnell attended the MBA’s National Mortgage Servicing
Conference and Expo on February 18-21, 2014 and shares some insights about
where the mortgage servicing industry is headed and the good things coming for
those who are OCIE® customers. The Expo was held in Orlando, Florida this year
and their theme was “Emerge.
Evolve. Excel.”
“Servicing
is in transition. You have been valiantly working your way through a vast maze
of new regulations and procedures. As you look ahead, you need to find the
sustainable, efficient and effective business practices that will help you grow
and thrive in the servicing market of the future.” – MBA website &
brochure
Lynn was able to
attend round-table discussions, listen to presentations, and speak with mortgage
servicing professionals from around the country. His focus was on new servicing
rules established by the CFPB and the impact on the mortgage industry.
According to speakers at the convention, those servicers that fail to improve
efficiency and take advantage of emerging growth opportunities may get
crushed. Smaller outfits are facing tough choices right now: stay in the
business, exit or turn to service providers.
There were
discussions regarding CFPB rules and responsibilities as well. Mortgage
servicers are more responsible for their vendors within the new regulations
established. Lynn notes that OCIE is in place and well equipped to help
mortgage servicers keep a complete audit trail of all borrower, servicer and
vendor interactions whether through documents, images, or even audio files.
These touch-points get archived in OCIE and record an unchangeable audit trail
and reference for regulatory compliance and audit preparedness.
OCIE customers have
already been able to respond quickly to audit requests because their complete
loan transaction history is stored in an OCIE archive. When you are under
pressure to meet an audit deadline, you can rest assured that reports are quick
and complete using OCIE. Avoid fines and penalties because you are well
prepared.
