Meet the
Speakers
Produced by:

#MortgageServicing
Mr. James M. Milano
Partner at
Weiner Brodsky Kider PC

James M. Milano is a partner with the law firm at Weiner
Brodsky K...
The law firm of Weiner Brodsky Kider also serves as Outside
General Counsel to the National Reverse Mortgage Lenders
Assoc...
Give us one tip/best practice:
The loss mitigation and certain other requirements under the
CFPB’s mortgage servicing rule...
Mr. Thomas O. Freeburger
Assistant General Counsel at
California Housing Finance
Agency (CalHFA)
THOMAS O. FREEBURGER is A...
Tell us what you would change in the industry:
Well, in a sense, I am in several industries, so I’ll address
two. First, i...
Mr. Jonathan N. Ledsky
Founder & Shareholder
at Varga Berger Ledsky
Hayes & Casey
JONATHAN N. LEDSKY concentrates his prac...
Tell us what a day is like in your field:
No two days are alike. You must be prepared at a moment’s
notice to drop what yo...
A servicing file includes (among other information and
A servicing file includes (among other information and
documents) a...
AmericanConference.com/MortgageServicing

#MortgageServicing
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Mortgage servicing ebook

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Mortgage servicing ebook

  1. 1. Meet the Speakers Produced by: #MortgageServicing
  2. 2. Mr. James M. Milano Partner at Weiner Brodsky Kider PC James M. Milano is a partner with the law firm at Weiner Brodsky Kider PC. Jim’s practice focuses on the areas of mortgage banking, consumer finance, financial institutions and real and personal property law. Jim represents and advises mortgage companies, financial institutions and secondary market investors on issues such as: (i) state mortgage licensing and S.A.F.E. Act related compliance; (ii) FHA lending programs, rules and guidelines; (iii) responding to federal and state regulatory audits and administrative enforcement actions; (iv) state laws and regulations concerning loan disclosures, allowable fees, and prohibited practices; (v) federal preemption of state lending laws; (vi) federal laws and regulations including, but not limited to, TILA, RESPA, ECOA, FDCPA, HMDA, FCRA, and GLBA (privacy); and (vii) implementation of the Dodd-Frank Act and CFPB rulemaking. Jim is nationally recognized as one of the leading lawyers in reverse mortgage law. Jim obtained several Bachelors’ degrees from Louisiana State University (B.A., B.S. (1983), B.A. (1986)); and also obtained his law degree from the Paul M. Hebert School of Law at Louisiana State University (J.D. 1989). Jim attended Emory University in Atlanta, Georgia where he obtained a Masters of Law degree in taxation (LL.M. 1991). Jim is a member of the Louisiana State Bar Association, the State Bar of Georgia, the Virginia State Bar, the Maryland State Bar Association, The District of Columbia Bar, and the American Bar Association (Member, Consumer Financial Services subcommittee). Jim is active in several trade associations where he often presents on topics of interest to industry members. Jim is the former Chair of the Manufactured Housing Institute’s Finance Lawyers Committee. AmericanConference.com/MortgageServicing
  3. 3. The law firm of Weiner Brodsky Kider also serves as Outside General Counsel to the National Reverse Mortgage Lenders Association and Jim is active in support of that role. Jim is a member of the American Bar Association, the MBA and the Governing Committee of the Conference on Consumer Finance Law. Jim is a frequent speaker on topics of interest to industry members and attendees of various financial services trade association meetings, conferences and webinars. Tell us about yourself : I formerly loved to fish, but now, with twin 4-year old daughters, I spend less time fishing and more time at the playground, Gymboree and ballet lessons (although, I have taken my girls fishing a few times and they have both caught their “first” fish). Originally from Baton Rouge, Louisiana, I now live with my wife and children in Arlington, Virginia. Tell us what a day is like in your field: With implementation of CFPB regulations in full swing, each day is a series of client emergencies and triage. I love the challenge and the excitement. Tell us what you like about working at your company: For me, working at Weiner Brodsky Kider is like being at the epi-center of the marketplace of ideas in the mortgage banking regulatory compliance arena. Our firm is a mix of very seasoned and creative partners, and many exceptionally bright and incredibly hard-working associates. I truly could not imagine being any place else. Tell us what you would change in the industry: Believe it or not, after the dust settles on the final CFPB rules, hopefully in the latter part of 2014, I think some “de-regulation” in the mortgage industry would be in order. I would start with loan originator compensation, qualified mortgages and the servicing rules. Loan originator compensation rules have become a Rube Goldberg-like contraption that overly confuses what should be a straight-forward process at the most fundamental level of our industry. I believe industry and consumer advocates alike agree that qualified mortgages primarily will serve to constrain credit to less qualified borrowers. Those rules need to be loosened up a bit before it has the side effect of hurting the broader economy. And, if only qualified mortgages will be originated, while well meaning, all of the loss mitigation and other onerous requirements under the CFPB’s mortgage servicing rules will not be needed in a few short years. AmericanConference.com/MortgageServicing
  4. 4. Give us one tip/best practice: The loss mitigation and certain other requirements under the CFPB’s mortgage servicing rules (i.e., error resolution, responding to requests for information, policies and procedures, and early intervention with delinquent borrowers) should be viewed as a broader and interrelated continuum and in the context of an overall compliance management system for servicers, and not a set of distinct rules or requirements. Mr. Milano will be presenting on Error Resolution, Information Requests & Direct Access/ Continuity of Contact with Servicer Personnel. AmericanConference.com/MortgageServicing
  5. 5. Mr. Thomas O. Freeburger Assistant General Counsel at California Housing Finance Agency (CalHFA) THOMAS O. FREEBURGER is Assistant General Counsel with the California Housing Finance Agency (CalHFA). Prior to entering state service, Tom was in private practice, litigating and doing transactional work primarily in real estate, real estate finance and commercial law. His clients were local and regional banks, mortgage brokers and servicers, and other individuals and entities in the real estate and finance industries, among others. At CalHFA he has been engaged in many aspects of real estate law and finance, currently working primarily with agency divisions dealing with municipal bond finance, single family mortgage lending and loan servicing, and single family mortgage portfolio management. He has participated on various panels for the American Conference Institute, the State Bar of California Real Property Section’s Annual Retreat, the California (now United) Trustees Association and the California Continuing Education of the Bar (CEB). In another field of endeavor, he is a steam locomotive fireman and student locomotive engineer. Tell us about yourself: BA from the University of Virginia. JD from University of the Pacific, McGeorge School of Law. Five years’ service in the U.S. Navy as a surface warfare officer. Among other avocations I backpack, coach youth soccer and am a crew member on the excursion railroad of the California State Railroad Museum, working as a brakeman, steam locomotive fireman and student engineer. Tell us what a day is like in your field: Much like that of in-house counsel in any industry. I deal with a myriad array of substantive issues ranging from municipal finance to legislation to personnel issues to contracting to loan acquisition and servicing. Tell us what you like about working at your company: The people and the mission. We have an incredible group of lawyers and paralegals who are bright, hardworking and a joy to be around. The opportunity to work with them, and to mentor and train the newer members of our family is truly rewarding. AmericanConference.com/MortgageServicing
  6. 6. Tell us what you would change in the industry: Well, in a sense, I am in several industries, so I’ll address two. First, in the affordable housing industry, I would like to see more consistent attention paid, and more consistent forms and manners of financing developed so continuing affordability and more long range planning is possible. In the loan servicing industry, I think some changes in the compensation model would better allow and incentivize loan servicers to devote more and appropriate attention to loss mitigation in times such as we have experienced in the past five years. Give us one tip/best practice: Don’t think much if any of what we have experienced in recent years is new or different, except perhaps in causes, degree and response. It has happed before; it will happen. Learn from it and remember what you’ve learned. Mr. Freeburger will be presenting on Federal and State Government Roundtable on Mortgage Servicing: National Standards, CFPB Final Rules, Preparing for and Responding to Regulation and Enforcement, and How to Ensure Compliance in a Multi-Agency Environment. AmericanConference.com/MortgageServicing
  7. 7. Mr. Jonathan N. Ledsky Founder & Shareholder at Varga Berger Ledsky Hayes & Casey JONATHAN N. LEDSKY concentrates his practice in class action and complex business litigation. As an experienced litigator, he has defended numerous consumer finance clients, including banks, mortgage lenders, finance companies, credit card issuers, and credit insurers, in consumer class actions and other business disputes. The class actions typically allege violations of specific state and federal consumer credit, insurance, and banking acts and challenge business practices under general state consumer fraud statutes and RICO statutes. These lawsuits involve claims under a myriad of federal statutes, such as TILA, FDCPA , FCRA, ECOA, FHA, HOEPA, RESPA, and TCPA, and state statutes, such as the Illinois Interest Act, the Retail Installment Sales Act, the Sales Finance Agency Act, the Consumer Installment Loan Act, and the Uniform Commercial Code. Mr. Ledsky has broad experience both successfully opposing class certification and thwarting substantive challenges to business practices while upholding the purposes of specific state and federal statutes and regulations. Mr. Ledsky has removed putative class actions to federal court and litigated issues of first impression under the Class Action Fairness Act. As an adjunct to litigation, Mr. Ledsky counsels consumer finance clients on compliance with the complex array of state and federal regulations issued by multiple departments and agencies. Mr. Ledsky is a founder and shareholder of Varga Berger Ledsky Hayes & Casey, in Chicago, Illinois. Mr. Ledsky received his JD from Vanderbilt University School of Law and his undergraduate degree from Franklin & Marshall College. Tell us about yourself: Actually born in Washington, D.C., I received my B.A. in history from Franklin & Marshall College and my J.D. from Vanderbilt University. I am a founding member of the law firm of Varga Berger Ledsky Hayes & Casey, in Chicago, Illinois. I am a baseball enthusiast, live within walking distance of Wrigley Field, and have participated in a fantasy baseball league with law school classmates for over 25 years. AmericanConference.com/MortgageServicing
  8. 8. Tell us what a day is like in your field: No two days are alike. You must be prepared at a moment’s notice to drop what you had planned for the day to address a client’s emergency or a colleague’s request for an opinion. A day can be spent writing a brief, taking a deposition, negotiating a settlement, evaluating the merits of a claim or possible defenses, advising a client with a business or litigation problem, or analyzing a contract. Every day seems different. Tell us what you like about working at your company: Working at Varga Berger Ledsky Hayes & Casey is a rewarding and collaborative experience. We all bring different strengths and perspectives to the table, and we all feel comfortable consulting each other whether on a complicated case or on a personal matter in the lunchroom. While we work hard and take our clients’ matters very seriously, we do not take ourselves too seriously. We enjoy a relaxed atmosphere where we celebrate successes collectively, debate politics and sports, and mark life’s milestones. Tell us what you would change in the industry: While the mortgage lending industry is experiencing a large uptick in federal regulation, if I was Congress and President for a day, I would off-set that increased regulation with increased litigation safeguards. Reasonable people may debate the need for more regulation following a financial crisis. Ideally, wellchosen, detailed instructions may prohibit certain products and alter business plans and thus lessen market risk. Yet, even well-chosen regulations increase costs, and increased costs lessen competition. If compliance with regulations offered protections against future lawsuits, such litigation safeguards would off-set regulations’ increased costs. The mortgage lending industry could move the costs of litigation defense to compliance and accomplish the goals of the uptick in federal regulation: a better monitored, more vigilant industry. A carrot approach, rather than the stick. Safe harbors or other litigation safeguards mean that the mortgage lending industry might also benefit from new federal regulations. A win, win possibility. Give us one tip/best practice: Developing procedures and systems to track all borrower communications (across a multitude of purposes) is the most difficult challenge of the final rule’s requirement to establish reasonable policies and procedures to compile a servicing file within five business days. AmericanConference.com/MortgageServicing
  9. 9. A servicing file includes (among other information and A servicing file includes (among other information and documents) a variety of borrower communications: traditional documents) a variety of borrower communications: traditional collection notes, servicing notices, correspondence to the collection notes, servicing notices, correspondence to the borrower and from the borrower, requests relating to loan borrower and from the borrower, requests relating to loan modifications, error resolutions, and foreclosures, and other modifications, error resolutions, and foreclosures, and other inquiries or questions relating generally to mortgage loan inquiries or questions relating generally to mortgage loan accounts and loss mitigation. The speed required to compile accounts and loss mitigation. The speed required to compile the the servicing file means that employees need training, servicing file means that employees need training, processes processes need developing, and tracking is vital. Review of need developing, and tracking is vital. Review of servicing files servicing files (for potential litigation risks) and monitoring of the (for potential litigation risks) and monitoring of the timely, timely, comprehensive compilation of servicing files is crucial. comprehensive compilation of servicing files is crucial. The The elements of the servicing file, given the short time-period, elements of the servicing file, given the short time-period, require require their own improved processes and structure (for their own improved processes and structure (for example, example, requests for loan modifications need their own requests for loan modifications need their own tracking devices tracking devices for the identification of status, borrowerfor the identification of status, borrower-submitted information submitted information and documents, needed additional and documents, needed additional information and documents, information and documents, and next steps). The work of many and next steps). The work of many employees, departments, employees, departments, and efforts are reflected in a servicing and efforts are reflected in a servicing file. Compiling those file. Compiling those many efforts in an accurate, accessible many efforts in an accurate, accessible servicing file is a servicing file is a logistical challenge that requires an intimate logistical challenge that requires an intimate knowledge of knowledge of operations (and a willingness to seek operations (and a willingness to seek improvements). improvements). Mr. Ledsky will be presenting on Complying With “Prompt” Payoff Crediting and Payoff Statement Requirements, and CFPB Demands for “Accurate and Accessible Documents and Information” . AmericanConference.com/MortgageServicing
  10. 10. AmericanConference.com/MortgageServicing #MortgageServicing
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