What Does the Future Hold for MLO Comp?
Tuesday, May 9, 2023, at 1 p.m. CST
Mortgage loan origination rules, part of the Truth in Lending Act’s Regulation Z, protect homebuyers from anti-competitive practices, like double-dealing or steering activities, that lead consumers into more expensive loans. That makes perfect sense.
The Consumer Financial Protection Bureau currently is requesting public input on the economic impact of the mortgage loan originator rules on smaller mortgage providers, including credit unions. The 10-year review process is not unusual for CFPB, and the upcoming review period is fully in keeping with its administrative processes. However, that doesn’t mean changes are not in store for MLO compensation, licensing, compliance procedures, and other considerations, all of which could impact how credit unions manage their MLO operations within the context of their balance sheet operations. Knowing what may be coming down the road will go a long way in helping prepare for changes that are more inevitable than they are potential.
Kris Kully, a partner with Mayer Brown law offices in Washington, D.C., and the special guest of this Fast Track webinar is better equipped than most to understand the agency and anticipate whatever changes may be in the works regarding MLO issues. She joins ACUMA President Peter Benjamin, CMB, to gaze into CFPB’s crystal ball and anticipate the future.
You don’t know what you don’t know, as the saying goes. However, after this Fast Track webinar, you may be able to see the future a little bit more clearly and plan accordingly.
- This session will be interactive so come with your questions.
- Open to anyone.
- Session will be recorded.
- By registering for this event, you submit your information to the webinar organizer and sponsor, who will use it to communicate with you regarding this event and their other services.
Partner, Mayer Brown
Kris Kully is a law partner in Mayer Brown’s Washington, D.C. office. She concentrates her practice on federal and state regulatory compliance matters affecting providers of consumer financial products and services. Kully is a former lawyer for the Department of Housing and Urban Development, where she provided legal counsel on the mission oversight of Fannie Mae and Freddie Mac, the interpretation of the RESPA, and the implementation of housing assistance and community development programs.
Peter J. Benjamin, CMB
Peter J. Benjamin, CMB is the President of the American Credit Union Mortgage Association (ACUMA). A mortgage professional with 20 years of experience, Benjamin has held various positions throughout the mortgage industry including Senior Vice President of Mortgage Lending for Lafayette Federal Credit Union in Rockville, MD. During his time at Lafayette Federal, Benjamin led a high-performing mortgage team that exceeded production and budget goals each year, reduced the Credit Union’s cycle times to the industry-required timeframes; and improved the credit union’s application pull-through rate. As an association, Benjamin wants to see ACUMA members continue to foster the collaborative spirit that has made the association so great and work together to support the American Dream of homeownership. He sees ACUMA as a vital education arm that helps Member Credit Unions gain market share in the mortgage industry.
MortgageFlex Systems was founded in 1980 in Jacksonville, FL for one reason – to simplify mortgage lending. After 38 years, we’re still focused on the mortgage industry and dedicated to providing lenders with smart software solutions. Our mission is to provide retail, wholesale, correspondent and consumer with the most cost-effective LOS and servicing software. Our services include 24/7 support, hosting, managed services, and implementation. MortgageFlex Systems looks to cultivate a strong partnership and is dedicated to helping reach your optimal potential with our LOS, MortgageFlexONE- ‘The New Peak of Efficiency.’
MortgageFlex recently announced the second generation of its cloud-based servicing system. The system was first released in 2019 and the new technology framework represents the most modern servicing solution available in the industry. Built upon an open data structure where the servicer is not paying additionally to access their data, it allows for real time access and real time transactions.
This new release is built upon the same tech stack as our new multilingual Servicing and Consumer Origination Portals that were released in 2021. MortgageFlex was the first provider to offer a Spanish speaking consumer facing module in the mortgage space.
The system is designed to be a standalone application that will work with other LOS systems or used in combination with the MortgageFlexONE Origination platform.