Spokane Association For Mortgage Professionals
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SAMP Dinner Meeting September 15, 2021 Current Issues in Mortgage Lending RESPA Affiliated Business Arrangements, Bitcoin and Blockchain, Climate Change, Pricing Exceptions
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Spokane Association For Mortgage Professionals
- 1. CurrentIssuesin Residential MortgageLending Jillayne Schlicke CE Forward, Inc. Spokane Association For Mortgage Professionals September 15, 2021 Spokane Association For Mortgage Professionals
- 2. Thank you! Thank you, Spokane Association FOR Mortgage Professionals Spokane Association For Mortgage Professionals
- 3. Agenda Current Issues Spokane Association For Mortgage Professionals
- 4. Agenda RESPA: AfBAs are back, baby Bitcoin, Blockchain Work From Home SB 5077 COVID Compliance Climate Change Pricing Exceptions Spokane Association For Mortgage Professionals
- 5. Agenda RESPA: AfBAs are back, baby Bitcoin, Blockchain Work From Home SB 5077 COVID Compliance Climate Change Pricing Exceptions Spokane Association For Mortgage Professionals
- 6. RESPA Violations RESPA Affiliated Business Arrangements ModusTitle and Escrow RESPAViolations WA State Office of the Insurance Commissioner Compass Real Estate purchased Modus Compass Real Estate enters into joint venture with Guaranteed Rate Spokane Association For Mortgage Professionals
- 7. RESPA Affiliated Business Arrangements Declining rates boosted Quicken/Rocket’s growth When rates go up, they are in trouble. Realtors hate Quicken/Rocket Targeting: Mortgage brokers which will not end well. Insurance agents. Quicken/Rocket own the following companies:
- 8. U.S.Companies Owned by Quicken/Rocket Amrock (title, escrow, property valuations) Nexsys (Fintech) Rocket Homes (real estate search and real estate agent referral network) ForSaleByOwner.com RocketAuto Core Digital Media (lead generation) LowerMyBills.com (lead generation) Rock Connections (lead gen + sales support) Rock Central (human resources) Woodward Capital Management (Private Label Securities)
- 9. Quicken Rocket DataSharing Partners If time, check out this link: https://www.rocketmortgage.com/legal/ data-sharing-partners Check outWA State
- 10. Agenda RESPA: AfBAs are back, baby Bitcoin, Blockchain Work From Home SB 5077 COVID Compliance Climate Change Pricing Exceptions Spokane Association For Mortgage Professionals
- 11. Bitcoin Blockchain Bitcoin Source of funds must be fully documented before they were turned into bitcoin. Bitcoin must be converted to U.S. dollars and deposited into a federally insured depository institution for two months. Spokane Association For Mortgage Professionals
- 12. Bitcoin Blockchain Blockchain Simple explanation here: https://www.ibm.com/topics/w hat-is-blockchain Spokane Association For Mortgage Professionals
- 13. Bitcoin Blockchain Can Blockchain be hacked? Spokane Association For Mortgage Professionals
- 14. Agenda RESPA: AfBAs are back, baby Bitcoin, Blockchain Work From Home SB 5077 COVID Compliance Climate Change Pricing Exceptions Spokane Association For Mortgage Professionals
- 15. SB 5077 WA State Senate Bill 5077 No client paper records at home VPN Very difficult passwords for VPN Home laptop Home modem and WIFI router Spokane Association For Mortgage Professionals
- 16. SB 5077 WA State Senate Bill 5077 Law v. Rules Rulemaking is finished. Effective date delayed. Continue to follow work-from- home DFI guidance bulletins. Spokane Association For Mortgage Professionals
- 17. Agenda RESPA: AfBAs are back, baby Bitcoin, Blockchain Work From Home SB 5077 COVID Compliance Climate Change Pricing Exceptions Spokane Association For Mortgage Professionals
- 18. COVID Compliance Branch Company Building/Property Management City County State Centers for Disease Control United States Spokane Association For Mortgage Professionals
- 19. COVID Compliance Masks Vaccines Virtual events Gov Inslee vaccine mandate for state employees and health care workers: October 18th Spokane Association For Mortgage Professionals
- 20. Agenda RESPA: AfBAs are back, baby Bitcoin, Blockchain Work From Home SB 5077 COVID Compliance Climate Change Pricing Exceptions Spokane Association For Mortgage Professionals
- 21. Climate Change DFI Advises Financial Services Industry Leaders to Begin Preparations for Climate Change Impacts Now Wildfires Floods Earthquakes Residential areas Main Branch Home offices
- 22. Climate Change DFI Advises Financial Services Industry Leaders to Begin Preparations for Climate Change Impacts Now Physical risks related to weather Transition risks, transitioning to a low or net zero carbon emissions economy Vulnerable and disenfranchised communities.
- 24. Agenda RESPA: AfBAs are back, baby Bitcoin, Blockchain Work From Home SB 5077 COVID Compliance Climate Change Pricing Exceptions Spokane Association For Mortgage Professionals
- 25. Should Pricing Exceptions GoAway? Should pricing exceptions go away? VOTE in the CHAT BOX
- 26. Should Pricing Exceptions GoAway? YES: Unintentional discrimination (FRB Rule on LO Comp is tied to Fair Housing) YES:When a human LO is not taking the loan app, discrimination goes down. YES: Mega Diva top producers are…the least profitable LOs at any company. NO: Leave pricing exceptions alone. The Fair Housing violations will be easier to find and fine.
- 28. Thank you,SAMP Jillayne Schlicke 206-931-2241 jillayne@ceforward.com ceforward.com Spokane Association For Mortgage Professionals