NMP - September 2016 - 80

New Partnerships Post Dodd-Frank- Third-Party Mortgage Origination By Nicholas DelTorto he mortgage lending environment has changed dramatically since the introduction of the Dodd-Frank Wall Street Reform and the Consumer Protection Act in 2010. Add in "Know Before You Owe" (also known as TRID) to the mix and you have a compliance department's worst nightmare. With these changes, financial institutions have found themselves struggling to build or maintain in-house mortgage operations while managing to comply with all of the new regulations. Many financial institutions are still considering other options that increase income, reduce expenses, and T improve their value offerings. Inlanta Mortgage, headquartered in Wisconsin-a state that has always been heavily concentrated with community banks and credit unions-recognized an opportunity to partner with institutions to support their mortgage origination departments with their platform and started growing their business as a third-party originator (TPO) three years ago. We saw a need in the industry and wanted to help support the small- to mid-sized banks within our communities. Through a TPO program, local banks are able to outsource their loans for disclosures, processing, underwriting and funding, while they maintain the relationship and "face" to the depository customer. The bank or credit union still originates the loan and keeps the relationship with their customers by acting as the point of contact and advisor through the entire transaction. However, they do not need a staff of processors, underwriters, and closers, which dramatically reduces the bank's expense structure and keeps their costs low. Through this partnering, it provides a great opportunity for independent mortgage bankers to expand their business, leverage off their existing platform, and bring in additional fundings that may not have been considered in the past. Consumers can benefit as they are able to continue working with their local bank in which they hold a current relationship. Consumers also benefit as the bank and the mortgage company are now working together to serve their communities that they previously may have competed in. It is truly beneficial for all parties involved. Before growth as a TPO can begin, you must ensure that all of the appropriate systems and processes are in place to support the new business. Some items of business to consider include: Do you have an LOS system to handle the separate business? Can you support third-party origination online and host the bank's online loan application. You will need to have dedicated employees throughout your organization who will focus on TPO, such as internal account management and processing SEPTEMBER 2016 n National Mortgage Professional Magazine n NationalMortgageProfessional.com 80 www.callfurst.com http://www.NationalMortgageProfessional.com http://www.callfurst.com

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