MBA Regulatory Compliance Conference 2013

Compliance deadlines are around the corner.

Compliance deadlines for the mortgage industry are around the corner and by now some organizations are knee deep in preparing to implement new rules by January 2014. As a result the Mortgage Bankers Association had their biggest turnout ever for their annual MBA Regulatory Compliance Conference. This year’s conference was held in Washington, D.C. from September 29th to October 1st.

In attendance were our Vice President, Bradley Voyles, and our Compliance Manager, Rob Green. While they were there they heard directly from the Consumer Financial Protection Bureau (CFPB), state regulators, lawmakers, and industry experts over various topics. Upon their return I sat down with Rob to get his feedback on the conference.

Q & A with Rob Green.

Question. How was your trip and how was the conference?

Rob. It was good, the conference was a huge benefit for us and Washington, D.C. is beautiful this time of year. As a mortgage lender we seek to stay ahead of new laws and regulations to maintain a top level of compliance. It is imperative we fully understand the requirements of the new laws and have an implementation plan as well.

Question. What is all the buzz surrounding January 2014 about?

Rob. Many new laws and regulations are becoming effective on January 10th, 2014 for the mortgage industry. Most consumers have heard the mortgage industry has been making some changes to prevent another “housing crash” from happening in the future, but have no idea of the extent of the changes.

Question. Can you elaborate on what was discussed and what break-out sessions you attended?

Rob. New requirements of a “Qualified Mortgage,” “Ability to Repay,” “Vendor Management,” and many others topics were discussed in great detail. Listening to industry experts speak about the requirements of a successful Compliance Management System (CMS) and what the CFPB expects to be included in the CMS was one of the advantages of attending the conference. Calvin Hagins (Program Manager, Office of Supervision, Consumer Financial Protection Bureau) spoke on new requirements in the CFPB Supervisory Manual, compliance steps for your company and tips to prepare for the exam. In terms of break-out sessions each and every one offers so much great information. I had the opportunity to attend:

• Who the Regulators Are & How to Best Work with Them
• Organizing a Compliance Management System
• Quick Guide & Update of the Alphabet Soup of Federal Laws, Part 1 & 2
• The Next 100 Days – Keys to Compliance
• CFPB Rule on Ability to Repay/Qualified Mortgage
• UDAAP – Marketing & Advertising Rules
• Know Before You Owe & other RESPTA-TILA Issues
• CFPB Complaint System
• State Compliance Developments (Congressman Ed Perlmutter was the featured speaker)
• Working with Vendors on Compliance Needs
• Hot Topics

Question. So not too busy then? Knowing you and your note taking prowess how many pages of notes did that translate into for you?

Rob. *Laughs, pulls out his iPad and begins scrolling through a note* Well here are some notes I took from a break-out session.

Question. Alright I have seen enough! All kidding aside what was the biggest benefit of attending for you?

Rob. As an attendee the biggest benefit, in my opinion, was the ability to direct questions to CFPB personnel, state auditors or even industry experts to gain additional clarification on an existing or new regulation or law.

Question. I could see that being a huge benefit. When is the next conference you are attending?

Rob. We are attending a NMLS Conference this upcoming February in Miami.

Did you attend the conference?

If so, let us know in the comments below what you thought of the conference or if you have any questions maybe we can help answer for you.
Moderator Michael B. O’Connor at the 2013 MBA Regulatory Compliance Conference in Washington, D.C. Photo Credit: Rob Green, GVC Mortgage, Inc. Compliance Manager.