NMP - April 2017 - 14

WSFLASH y APRIL 2017 y NMP NEWSFLASH y APRIL 2017 y NMP NEWSFLASH y APRIL 2017 y N

Senators Offer Different
Strategies on Changing
Dodd-Frank

be willing to proceed using
reconciliation."
Both senators made their
remarks during a conference in
Washington sponsored by the
U.S. Chamber of Commerce.
PRMI Receives Invitation
From Costa Rican School

APRIL 2017 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

14
A pair of prominent Republican
senators are offering different
approaches to changing the
Dodd-Frank Act.
According to a Reuters
report, Sen. Mike Crapo (R-ID),
chairman of the Senate Banking
Committee, announced that he
is seeking new bank reform
legislation that can be forged
with bipartisan support. Rather
than jettison Dodd-Frank, Sen.
Crapo advocated a different
approach that would advance
economic growth and capital
formation. As for getting the bill
signed into law, the senator
said that his timeline was
"either late this year or early
next year. I'm not looking
further than that."
However, Sen. Pat Toomey
(R-PA) stated that he saw little
chance of bipartisan
cooperation on any financial
reform legislation. According to
a Bloomberg report, Sen.
Toomey advocated revising the
Dodd-Frank Act through a
budgetary process called
reconciliation, which can result
in passage without relying on
Democratic support.
"I don't see much prospect"
said Sen. Toomey about
bridging partisan differences
with Democrats. "We need to

Primary Residential Mortgage Inc.
(PRMI) was invited to a Costa
Rican elementary school during
its 12th annual top producers
event, where 35 team members
participated in a day of giving
back. Teachers and students at
the Mercedes Elementary School
in Ortega received essential
items needed for its daily
activities and classrooms.
PRMI provided electric fans,
new computer desks, new tables
and chairs, and delivered a large
amount of everyday school
supplies. The exterior of the school
was also given a facelift by the
volunteers, as they painted the
exterior and repaired a roof that
had been previously damaged.
"We are committed to helping
children around the world," said
David Zitting, CEO of PRMI. "We
believe that every child deserves
a chance to learn and a chance
at a better future."

Over the years, PRMI team
members across the nation have
donated time, money and
personal items to numerous
charities and schools across
America, the Caribbean and
Central America.
MBA Chairman Challenges
Industry on
"Transformational
Technology"

Mortgage Bankers Association
Chairman Rodrigo Lopez
challenged his peers to harness
technology in a manner that will
help enhance the customer
experience while solidifying the
homeownership environment.
In a speech delivered before
the trade group's annual
technology conference in
Chicago, Lopez stressed that
mortgage bankers need to view
technology in a proactive
manner.
"We need to be poised and
ready to take the necessary steps
in strategic innovation, or
transformational technology," he
said. "If we do not adapt to these
new technologies and related
consumer expectations, we will
fail. We will fail consumers; fail
our business partners; fail our
employees; fail our stakeholders;
and, fail our industry."

Lopez, who is also chairman
of Omaha-based Nortmarq
Capital, added high-tech
answers helped strengthen the
industry against the burdens of
federal regulations in the postrecession years.
"These technologies not only
make companies more efficient,
but they also make them
smarter," he continued. "In the
last decade, residential lenders
have been burdened with
thousands of pages of new
regulations. As a result, many
lending operations have been
searching for tools to make
operations as efficient as
possible, at the lowest cost
possible ... The old way of doing
business was not nearly capable
of handling the influx of change
that come with the short
deadlines imposed by the [DoddFrank] legislation. Technology
played a very crucial role in
helping lenders implement and
stay in compliance with these
regulations."
But, on the other hand, Lopez
expressed concern that an active
push to deregulate the financial
services world might not be the
panacea that many Dodd-Frank
critics imagine.
"As an industry, we spent
hundreds of millions of dollars
incorporating new applications
and systems to comply with the
Dodd-Frank legislation," he said.
"To start unraveling those
regulations could mean having to
spend extraordinary resources of
time and money on whatever the
next regulatory regime is, not to
mention the confusion and
complications for consumers ...
We want the effective flow of


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