Wednesday, August 16, 2017

Mortgage Regulators Conference – A Synopsis

Director/Agency Relations
Lenders Compliance Group

Recently, I attended the annual meeting of the American Association of Mortgage Regulators Association (AARMR), held in San Antonio, Texas, on August 1, 2017.

The meeting is an important event in the calendar of state and federal banking regulators, as it is largely devoted to regulatory compliance involving banks and nonbanks.

As the former Deputy Commissioner of the Connecticut Banking Department, I have attended these conferences for many years. Of course, as our Director of Agency Relations, I take a particular interest in this event because it enhances my understanding of key issues that may be facing the mortgage banking community in general and our clients in particular.

I would like to share some of the “take-aways” that I have surmised from this valuable AARMR regulatory conference. 

To be sure, I think that it will be helpful to understand the mission statement of AARMR, which is:

“To promote the exchange of information and education of licensing, supervision and regulation of the residential mortgage industry, ensure the ability to provide effective supervision for a safe and sound industry meeting the needs of the local financial markets and protect the rights of consumers.”

This conference provides an opportunity for regulators and industry to discuss current issues and to come away with a better understanding of regulatory concerns as well as those of the industry. It is worth noting that the meeting attendees include not only regulators from most of the states but also legal and regulatory compliance folks as well as a variety of mortgage lenders and mortgage brokers of all sizes.

One of the most compelling and interesting presentations had to do with the industry’s need for clarity and consistency in mortgage supervision and enforcement.

I am offering the following synopsis with the hope that you may obtain a better understanding of some of these mortgage industry concerns, as presented by certain panel discussions relating to challenges in the areas of licensing, advertising, reporting, disclosures, “desk drawer” policies, and the need for collaboration in producing a standard cybersecurity policy.

Please let us know your thoughts, questions or concerns. 

We welcome your feedback!

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Some of the challenges and opportunities presented by the industry are summarized below.