SAMP Dinner Meeting September 15, 2021 Current Issues in Mortgage Lending RESPA Affiliated Business Arrangements, Bitcoin and Blockchain, Climate Change, Pricing Exceptions

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.

23. Climate
Change
Climate change…..Score?
ClimateCheck.com

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