USFN Prepares for Conference
USFN, America's Mortgage Banking Attorneys, will hold its national default servicing seminar and technology forum in Dallas June 7-9.
"This is our largest conference of the year and it is also the annual conference at which we have a technology expo," said Alberta Hultman, executive director of USFN.
USFN expects attendance upwards of 500 attendees at the show this year, roughly evenly divided between attorneys and mortgage servicers. In addition, because of the technology expo, some IT professionals from the mortgage servicing industry are also expected to attend.
Ms. Hultman said that the technology expo, which will include 22 exhibitors, will focus on servicing-related technology to improve the flow of data among industry stakeholders.
"Now there are more trading partners than ever that share that data through all these reporting tunnels, but its still rather cumbersome," she said.
Kip Bilderback, chair of USFN's education committee and an attorney with Millsap & Singer, said the conferences attempt to address the needs of clients in a dynamic way. This year, that will put a focus on new loan products that could affect default rates and servicing practices. In addition, some lenders have been approving borrowers with lower incomes into loan products they might not have qualified for in the past.
"Some of the things we have really noticed in the last year are the more aggressive products that have been introduced in the market to try to help lenders maintain market share," he said.
Loan products that are likely to get attention this year include interest-only loans, pay-option loans, new subprime products and reverse mortgage loans.
In addition, Hurricane Katrina remains a topic of concern to mortgage banking attorneys and servicers. Last year's hurricane season has put a renewed focus on disaster recovery and backup business plans, Mr. Bilderback said.
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