The 11th annual National Settlement Services Summit (NS3) opened its doors Monday with an even more focused view on the industry-wide changes happening Aug. 1.
To be sure, there will be plenty of discussions, education, learning and networking about the TILA-RESPA Integrated Disclosure (TRID) rules and their impact on settlement services providers, lenders, and everyone involved in residential mortgage transactions. But the Consumer Financial Protection Bureau’s (CFPB) statement last week that it would be “sensitive” to companies making “good-faith efforts” to comply with TRID after Aug. 1 put a whole new set of questions on the table.
What does the CFPB mean by being “sensitive”? Will the bureau restrain enforcement during that time or simply reduce the severity of penalties that it doles out?
What comprises a “good-faith effort” to comply with the rules? How long will the CFPB continue this period of being “sensitive” toward compliance?
Attendees at NS3 were among the first in the industry to get to ask those questions directly to the CFPB, as Originations Program Manager, Mortgage Markets, Brian Webster took the stage Monday afternoon for a regulator open forum. That forum also featured Cindy Liebes of the Federal Trade Commission along with Ken Markison of the Mortgage Bankers Association and Michelle Korsmo of the American Land Title Association.
U.S. Bank Chairman, President and CEO Richard Davis kicked off activities today with a keynote address, while the annual October Research Awards were presented in a ceremony following the keynote.
Breakout sessions follow through the afternoon, including a panel on navigating the new transaction under TRID that takes attendees from the loan origination system to settlement, and another panel on working with industry partners to drive growth in the new landscape, a panel that will feature Holiday Builders President and CEO Bruce Assam along with Bank of America Vice President T.J. Harrington.
Former president of the Financial Services Roundtable, and former U.S. Rep. Steve Bartlett takes the stage after lunch to provide a look at the regulatory and political outlook for the industry from a Washington point of view. RESPA expert Phil Schulman follows with a breakout session to talk TRID before the annual Make a Child Smile presentation is made.
Tuesday’s activities finish with a lender panel that includes representatives of Bank of America, Flagstar Bank, Regions Financial Corp. and Wells Fargo. Finally, a networking reception brings attendees together for a night of entertainment and conversations.
Wednesday’s schedule begins with an underwriter panel that will include representatives of Alliant, First American, Old Republic, Stewart and Westcor. Breakout sessions will feature a TRID technology panel as well as presentations on vendor management, AfBAs and MSAs, and strengthening your sales team.
After lunch, NS3 concludes with a pair of panels – the first on data and escrow security includes representatives of the FBI and FTC along with the American Escrow Association and Escrow Institute of California. The final panel discusses the future of eClosings.
In all, more than 600 attendees representing 300 companies will be on hand for NS3, listening to 47 speakers across 17 regulatory, compliance and business sessions.