Compliance is one of the big topics of discussion at this year’s Mortgage Bankers Association National Secondary Market Conference in New York. One attendee commented to me that this is the first time he recalls seeing a fair lending session on the agenda.
But in the new world, with things like assignee liability and vendor responsibility coming into force, fair lending is now a topic of discussion in the secondary market.
I spoke with Mary Kladde and Ruth Lee of Titan Lender Services and Ruth noted that while not too long ago, compliance managers were the hot hire; now lenders are looking for chief risk officers.
She pointed out that compliance is a function of producing a mortgage loan. Risk and/or risk aversion is a business strategy.
Jonathan Corr, president and chief operating officer of Ellie Mae, pointed out that compliance would not lose its top position a leading worry among originators any time soon.
It is the thing that has companies like hiring a significant number of attorneys.
What is coming out of the Consumer Financial Protection Bureau is not necessarily being done in black and white, he said.
