AFN Plans to Keep Agenda Flexible
A new organization, the American Foreclosure Network, has been formed to serve the financial services industry.
The AFN's new executive director, William LeRoy, says the group will remain flexible and likely see its mission grow beyond just serving the foreclosure niche.
"As the industry grows and changes, those of us that work within it must grow and change as well. In a very true sense the industry itself is the formative force behind the AFN. Our management team believes that in order to remain dynamic an organization must remain open," Mr. LeRoy told NMN.
As it stands today, the AFN is a trade organization that provides the traditional services such groups provide - education, conferences, and onsite training, for instance.
But Mr. LeRoy said the AFN's agenda is subject to change based on what its clients want. Each client's needs may be different and their needs may change over time. As a result, the group wants to remain malleable so that it can adjust as changes occur within the financial services industry.
He said the lending industry "is a microcosm composed of many individual parts and pieces."
"In order to function property each piece must understand its place within the whole and work to complement the other pieces."
He said the AFN is looking for "the best of the best" firms as members, but it does not impose membership restrictions such as a certain number of firms per state.
"At the same time, we are continually seeking to expand our model to include other services and functions that become necessary," Mr. LeRoy said.
The AFN was founded by attorneys Garry McCubbin and Wes Koseny. The two manage the law firm of Kozeny and McCubbin and provide legal services in Illinois, Kansas, Iowa, Nebraska, and their home state of Missouri.
Mr. LeRoy said that in its present iteration, the AFN's mission is to provide exceptional nation-wide service to the mortgage banking industry. Toward that end, the AFN is building a "select network of highly experienced attorneys and service providers" committed to the advancement of technology and providing education for the industry, Mr. LeRoy said.
"Our intention is to provide a forum where industry representatives can network, discuss and respond to important issues affecting the mortgage banking community. It is our belief that we are creating an infrastructure by which the mortgage default industry can unite and come together," he added.
He said the AFN plans to approach the industry holistically, remaining sensitive to the changes that continue to shape the financial services industry. As the industry changes and grows, the AFN plans to change and grow along with it.
As a group, he said the AFN is open to leveraging its talent base to provide anything that presents a significant upside to the financial services community.
This could include technology offerings, collateral services, joint ventures, and even for-profit business entities. He noted that AFN's roster of attorneys have expertise beyond the area of foreclosures in the banking industry. In addition to residential and commercial foreclosures, the AFN offers expertise in regulatory compliance, class action defense, director and officer responsibilities, residential and commercial lending, loss mitigation, collections, loan workouts, bankruptcy, evictions, sales value of property and REO sales. The attorneys also have expertise in legal areas beyond the mortgage banking industry.
"Our present membership is comprised of attorneys and service providers who represent the full spectrum of anything and everything that a financial institution would need," Mr. LeRoy said.
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