agenda-conference callwimba.org/proxy/files/newsletter/2016/residential... · web view03/16/2016...

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Wisconsin Mortgage Bankers Association Residential Loan Servicing & Compliance Committee Meeting Minutes Objecti ve Bi-Monthly Committee Meeting Date March 16, 2016 (3 rd Wednesday of every other month) Time From: 10:30 a.m. To: 11:30 a.m. Dial- in-# 641-715-3605 PIN 335531# Attende es April, Oregon Community Bank; Gary Stiemke, Scott Phillips, and Samantha Adams from WHEDA; Laura Pinson and Dan Gitzlaff, Waterstone; Linda Arkin, Park Bank; John Williamson, Johnson Bank; Mike Forester, Cross Check Compliance; Tim Olp, Bank Mutual; Andrea Romensko, Misty Mertz, Candy Taylor, Jen Olle, Denise Smith and Joseph Kaluzny, Associated Bank Agenda Items Owner I. Attendance Joseph Kaluzny II. Credit Bureau Management This topic will be covered at the next meeting. John WIlliamson III. Reporting Bankruptcies to the Credit Bureau How is everyone handling Bankruptcy reporting for their institution? What kind of challenges have you experienced (or are experiencing) and how have you handled these? Any best practices? Discussion included servicers doing reporting manually while other have it modified. Associated has worked with Fiserv and recommends that everyone stay up to date with their service provider when it comes to credit bureau reporting. WHEDA discussed a specific situation whereby Equifax could not accept their payment history reporting because the account was shown as discharged. All

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Page 1: Agenda-Conference callwimba.org/proxy/files/Newsletter/2016/Residential... · Web view03/16/2016 08:25:00 Title Agenda-Conference call Last modified by Kaluzny, Joseph Company Associated

Wisconsin Mortgage Bankers AssociationResidential Loan Servicing & Compliance CommitteeMeeting MinutesObjective Bi-Monthly Committee MeetingDate March 16, 2016 (3rd Wednesday of every other month)Time From: 10:30 a.m. To: 11:30 a.m.Dial-in-# 641-715-3605 PIN 335531#Attendees April, Oregon Community Bank; Gary Stiemke, Scott Phillips, and Samantha Adams from

WHEDA; Laura Pinson and Dan Gitzlaff, Waterstone; Linda Arkin, Park Bank; John Williamson, Johnson Bank; Mike Forester, Cross Check Compliance; Tim Olp, Bank Mutual; Andrea Romensko, Misty Mertz, Candy Taylor, Jen Olle, Denise Smith and Joseph Kaluzny, Associated BankAgenda Items Owner

I. Attendance Joseph KaluznyII. Credit Bureau Management

This topic will be covered at the next meeting.John WIlliamson

III. Reporting Bankruptcies to the Credit Bureau How is everyone handling Bankruptcy reporting for their

institution? What kind of challenges have you experienced (or are

experiencing) and how have you handled these? Any best practices?

Discussion included servicers doing reporting manually while other have it modified. Associated has worked with Fiserv and recommends that everyone stay up to date with their service provider when it comes to credit bureau reporting. WHEDA discussed a specific situation whereby Equifax could not accept their payment history reporting because the account was shown as discharged. Do the bankruptcy courts ever report to the credit bureaus? No one on the call was familiar with any court actually reporting to the credit bureaus. WHEDA will try to report the loan with a “R” for re-affirmation to try to fix this particular loan.

All

IV. MBA Servicing Conference Recap

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John Williamson gave an overview of the conference. Of the 2200 attendees, approximately 600 were loan servicers. Less emphasis is placed on the exhibit hall as many vendors are doing demos and meetings in their own suite.

CFPB had a session and started it with a statement that although progress has been made, servicers are not doing a good enough job servicing loans! They brought up 4 major issues:

1. Communication with the borrower needs to improve, including telephone contact with a “live” servicing employee

2. Training for existing staff needs to be enhanced and periodic.

3. Prompt Payment processing is still an industry problema. Test your lockbox vendorsb. Make sure payments are properly effective dated

4. Transfers of loan servicing—they still think improvements are needed.

CFPB has 4 additional areas they will be updating: Billing statements for bankruptcy borrowers Successors in Interest Transfer of Servicing Loss Mitigation

CFPB plans to go after “Payday” lenders next!One attendee asked the CFPB to define “a pattern of non-compliance”. The CFPB responded that if they find one error, they assume there are more and therefore it’s up to the servicer to prove that there are not any further occurrences. This could be done by keeping a log of the errors you find and all the controls you have put in place to prevent the error from occurring again.

Other highlights include: HAMP / HARP ending by year-end: no one expects it to

be extended New FHA Handbook effective 03/01/2016: Pay attention

to the Claims and Loss Mitigation sections of this new handbook

Servicing Remedies: Freddie Mac did state that 20% of their notices of loan defect result in a loan repurchase

Law firms are experiencing pains due to low volumes and fee restrictions from the GSEs. They are asking the WMBA for assistance in getting allowable fees increased. In addition, audit requirements for law firms are getting quite onerous and may force some out of the industry.

Servicing Transfer workgroup discussed data file

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standardization. An update was given by MISMO and another industry vendor had a summary of the Transfer requirements for all the GSEs and government entities. The below attachments are not yet approved by the MBA:

John found one vendor’s product useful in regards to securing REO properties involving an indestructible plexi-glass like material that reduces neighborhood blight.

John also provided a Servicing Roundtable document for everyone to review:

V. Open Discussion Committee is looking for input on future topics Also recommend everyone attending the WIMBA Real

Estate conference next month in Milwaukee

JosephJohn

VI. Next Meeting: May 18, 2016

Upcoming Topics: Credit Bureau Reporting Management Student Loans Industry Insights GSE Hot Spots:

o Validating Appraisers against Exclusionary lists

All