NMP - December 2016 - 50


✒

Sorry To Spoil Your New
Year's Wishes ...
A Trump Administration
will not end the CFPB
By Andrew Liput

W

DECEMBER 2016 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

50

e now know that our next President will be
New York real estate mogul Donald J.
Trump. Immediately after the election, the
industry was buzzing with articles
predicting that a Trump Presidency would
mean the death knell for the Consumer
Financial Protection Bureau (CFPB). It will never happen for
several reasons.
First, Mr. Trump did not campaign on a platform to decrease
consumer protections in financial transactions. His support for
business growth might be a signal to reduce some of the
industry's regulatory morass to help reduce costs and increase
lending opportunities. However Mr. Trump did not run a typical
Republican campaign-he was more of a nationalist/populist
candidate. His appeal went beyond typical business interests to
working and middle-class Americans concerned about the
economy, government expansion, and "ruling elites," among
other issues. Eliminating an agency whose stated purpose is to
protect consumers from unfair, unethical and self-serving finance
industry practices is not a populist position.
Second, the jury is out whether President Trump can legally
remove CFPB Director Cordray and exert influence over how the
CFPB will operate. While the recent PHH decision signaled that
at least one court considered the independent management
structure of the CFPB unconstitutional, in that it concentrated
too much power into the hands of one person, unelected and
without executive branch supervision, that decision is presently
being appealed and an affirmation of the lower court ruling is not
guaranteed.
Third, the CFPB does some really good work. While we may
not want thousands of pages of new regulations, and
occasionally the Bureau has acted as if it has little practical
understanding of how the mortgage industry operates, the truth
is that consumers have been better off with the Bureau in place.
The CFPB has addressed real issues regarding the need for
transparency, accountability and quality lending practices; in a
moment of honest reflection, seasoned industry professionals
must agree that regardless of their concerns these initiatives
made sense.
From where we sit in the ivory tower of Secure Insight, this
also means that vendor management rules are unlikely to
change. Even the most recent "clarifications" regarding thirdparty servicer provider risk management have not changed the
basic premise that lenders who expose their funds and a
consumer's non-public personal information (NPPI) to strangers
must be accountable for doing so. This means knowing who
your vendors are, monitoring them for risk and cutting off
harmful relationships before a consumer suffers injury or loss.
While a Trump Presidency will undoubtedly bring us many
interesting moments, the elimination of the CFPB and its focus
on consumer protection will not be one of them. You heard it
here first.

Andrew Liput is CEO of Secure Insight, a risk
analytics firm offering vendor management services
addressing settlement agent risk. He can be reached
by e-mail at ALiput@SecureSettlements.com.

SPONSORED EDITORIAL

heard on the street
said Leonard Ryan, president of
QuestSoft. "Through the
combination of Compliance
RELIEF's automated error
correction routines and
QuestSoft's robust industry
integrations, The HMDA Academy
adds critical informational
infrastructure as our customers
prepare for their HMDA
challenges. The HMDA Academy
enriches the customer experience
by emphasizing an ardent
understanding of the new
regulation, while focusing on best
practices for maintaining a solid
data testing and submission
process moving forward."
The agreement will provide
eligible QuestSoft customers with
complimentary access to these
resources through March, 2019 to
help ensure that their initial
submission under the new rules is
completely compliant with the
CFPB intent and ruling.
"We designed The HMDA
Academy as a port in the storm
of ever expanding changes to
HMDA," said Kathleen Blanchard,
president of Key Compliance
Services. "The synergies of The
HMDA Academy and Compliance
RELIEF allow for a full functioning
automated compliance system,
the likes of which our industry
has never seen."
LendingQB Unveils
New Brand

LendingQB is launching a new
brand as part of a strategic
initiative to focus on
"adoptimization," a process that
helps lenders streamline their
processes and continuously
improve their lending practices by
optimizing the use of technology.
LendingQB's goal is to move
beyond just providing innovative
products to create strategies that
enable lenders to capitalize on
their technology.
Unlike many one-size-fits all
mortgage LOS systems,
LendingQB helps lenders get the
most of their solution by
partnering with multiple best-ofbreed partners. The strong
integrations built into the
industry's leading third-party
software providers enables
lenders to build the LOS that best
suits their needs.
"We created this idea of
"adoptimization"-a portmanteau
of "adopt and optimization"-so

continued from page 48

our users could not only have
access to best lending
technology, but so they can also
use that technology to its fullest
capabilities to strategically
improve their processes," said
Tim Nguyen, co-founder of
LendingQB. "We share the same
goals are our customers. We
want to help them create better
lending practices and better
serve our nation's housing
market."
LendingQB is launching a
complete revamp of their
branding and Web site. The new
site provides visitors with a
streamlined layout to provide
regularly updated content for
both prospects and customers.
The company is also rolling out a
new logo, which reflects the lean
lending approach to building a
best-of-breed technology
LendingQB aims to reduce
lenders' loan origination costs,
while taking the necessary
precautions to ensure the loans
are compliant. LendingQB also
helps lenders implement an
efficient and effective LOS
solution within six months, rather
than spending several years
trying to fine-tune a solution.
"Our team strives to provide
the best service and counsel to
lenders. We give them the ability
to use the technology that brings
the most value to their company,"
said Nguyen. "Our new Web site
and public-facing brand materials
will only support our focus on
providing valuable information
and innovation to lenders."
New American Funding
Opens New Arizona Branch

New American Funding has
announced that it has expanded
its Western territory with a new
Arizona location in Oro Valley.
Spearheading this new venture is
seasoned mortgage professional,
Roy Franco, who will serve as
branch manager. A Tucson native
and U.S. Navy veteran, Franco
looks forward to providing
excellent customer service to his
hometown and fellow military
community. He plans to leverage
his mortgage expertise to guide
consumers through the
complexities of the loan process.
"Your home is your biggest
investment," said Franco. "It's
important to work with the right
continued on page 65


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Table of Contents for the Digital Edition of NMP - December 2016

Contents
NMP - December 2016 - Cover1
NMP - December 2016 - Cover2
NMP - December 2016 - 1
NMP - December 2016 - Contents
NMP - December 2016 - 3
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NMP - December 2016 - Cover3
NMP - December 2016 - Cover4
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