Category Archives: Mortgage & Real Estate

Valentine Dickerson, SVP of compliance at Proctor Financial, retires after 40 years in the industry

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A company is only as effective as the teammates comprising the team: those who embody an organization’s mission and lead with a vision that progresses the organization to success.

Valentine Dickerson, an executive who exemplifies such characteristics, has announced her retirement after over 40 years of service to the mortgage industry. A highly respected leader, Val has served at Proctor Financial since 1996.

For over 20 years, Dickerson has embodied Proctor Financial’s mission of unwavering integrity, dedication to excellence, commitment to service, superior performance, and high value execution in the mortgage servicing industry.  It is with sincere gratitude that Proctor Financial honors her dedication and contributions to the organization.

Proctor FinancialDickerson has held various positions at Proctor Financial and most recently served as the firm’s senior vice president of compliance.

Prior to joining Proctor Financial, Dickerson held progressively more responsible positions at First Federal of Michigan. Her experience as a client of Proctor Financial provided valuable insight for her customer-centric approach.

Dickerson’s vision propelled Proctor Financial to its current status as a top-notch organization that delivers compliant products and services to its clients. Realizing a need for a centralized approach to compliance, Dickerson accepted the challenge to launch and develop Proctor Financial’s compliance department.

Today, her team of professionals proactively monitors state and federal legislation, regulations, and litigation that affect lender-placed insurance and mortgage servicing. The efforts of her team ensure that Proctor Financial’s clients remain in compliance.

Under her guidance, Dickerson invited third-party organizations to critically review Proctor Financial’s business practices to prove the company’s competence and commitment to excellence. Dickerson championed Proctor Financial’s ISO certification, SOC 2 audit, and CFPB audit.

The ISO certification signifies the implementation of a quality assurance system that addresses client satisfaction and dedication to efficient processes and continuous improvement. Proctor Financial obtained ISO 9001:2008 certification for the servicing of lender-placed insurance in 2011, expanding the scope to include claims in 2013 and policy production in 2014. Most recently in 2017, Proctor Financial updated this certification to the new ISO 9001:2015 standard.

Under Dickerson’s direction, these self-imposed audits have confirmed Proctor Financial’s superior performance and adherence to the highest standards of quality.

Paul Glantz, president of Proctor Financial, characterizes Dickerson as the consummate professional and describes her retirement as melancholy after many years of having the privilege to work with a senior executive so strongly dedicated to the company’s success.   

In his comments on her retirement, he noted, “Val Dickerson is a role model of exemplary service to the mortgage industry. We are honored and blessed to have benefitted from her wisdom and professionalism.”

Proctor Financial is indebted to Dickerson’s contributions and remains confident that the company’s compliance team will continue to flourish from the legacy of her leadership. 

On behalf of all of her teammates at Proctor Financial:

Congratulations Val! Happy retirement. You will be missed dearly. 

Article source: https://www.housingwire.com/articles/42180-valentine-dickerson-svp-of-compliance-at-proctor-financial-retires-after-40-years-in-the-industry

Your top 10 HMDA questions answered: Part 10

The Home Mortgage Disclosure Act deadline looms closer, but many questions still remain unanswered.

To combat this, HousingWire set to work to bring readers answers to the most asked questions as we countdown to the end of the year.

Most of the 2015 updates to HMDA take effect in January 2018.

However, lenders also have a bit more breathing room now, as regulators announced they will not be assessing any penalties for 2018 HMDA data filed in 2019.

Before reading today’s question, make sure you’re all caught up in the series by the previous parts of this series:

Part one 

Part two 

Part three 

Part four

Part five

Part six

Part seven

Part eight

Part nine

This is the final part, part 10.

How should LOS providers differentiate to help lenders today?

One expert explained that the key for LOS providers will be ensuring consistency in their systems’ underwriting decisions.  

“LOS providers should integrate with systems that ensure consistency in underwriting decisions, as well as prices given,” LoanScorecard Executive Director Ben Wu said. “Some lenders already use Fannie Mae’s Desktop Underwriter or Freddie Mac’s Loan Prospector, but in the case of non-agency loans, they will need to turn to an alternative automated underwriting system to show how the underwriting and pricing applied to each loan were based on the same objective criteria.”

“LOSs should also be able to capture and store all of this data so that each decision could be understood and justified in an audit,” Wu told HousingWire.

And another expert said lenders should automate as much as possible in order to reduce the risk of fair lending violations.

“Automate as much as possible,” said Scott Dunn, Wipro Gallagher Solutions head of product management, strategy and compliance. “This will help to reduce the risk of non-compliance and allow LOS providers such as WGS to differentiate from the competition.”

“Customers need this kind of help from technology providers in order to keep up with the demands of regulatory changes,” Dunn told HousingWire. “Providing ease and adaptation of the functionality has a positive impact and helps to bridge any training gaps that operations personnel have to quickly get up to speed with when there are such massive waves and transformation of the rules.”

But most importantly, LOS providers must ensure that their systems are up to date with the latest HMDA changes.

“LOS providers need to assure lenders that the origination systems are up to date with data requirements,” ComplianceTech, a provider of fair lending and CRA solutions, explained. “In addition, lenders should be able to utilize the data in the system for external analyses. It should be relatively easy for Lenders to extract data from the LOS to use in fair lending analytical tools.”

Beji Varghese, Navigant Capital Advisors managing director, gave a list of what LOS providers should do:

  • Provide support for “covered” transactions including open ended transactions
  • Support for multiple channels like retail, wholesale and correspondent
  • Calculate Universal Loan Identifier taking into consideration the capability to support multiple Legal Entity Identifier’s.  Additionally they should also be able to store ULI’s on purchased transactions
  • Ability to generate the Loan Application Register file as required
  • Help lenders map their data to the new requirements
  • Assist with UAT testing
  • Establishing illogical condition checks for various fields to prevent incorrect reporting

“Most of the LOS providers are updating the user interfaces to ensure data capture for the new requirements,” Digital Risk Staff Attorney Meaghan James said. “The LOS providers also must consider the 2017 GMI data versus the new rule requirements.”

“This work should lead to updated LAR exports which will be reportable for 2019,” James told HousingWire. “If the provider has correspondent lenders, they will need to ensure fields are exchanged or passed.”

Article source: https://www.housingwire.com/articles/42171-your-top-10-hmda-questions-answered-part-10

Like it or not, we need Equifax

Though people competence (rightly) consider Equifax deserves a punishment that would put a association out of business, expelling it would eventually do some-more mistreat than good for consumers.

The U.S. financial complement relies heavily on a consumer credit information collected and tranquil by credit rating agencies. Equifax, one of a principal U.S. credit stating agencies, gifted an unparalleled information breach inspiring some-more than 145 million consumers this fall, and months later, a sum of a crack continue to unfold.

Thus far, consumers have filed over 240 class-action lawsuits opposite Equifax. A sovereign justice will connect many of these cases into one before conference it. However, a large class-action lawsuit or allotment competence not indispensably lead to a best outcome for consumers. Equifax would not be means to withstand a bulk of a money endowment for a millions of consumers influenced and their lawyers, so a box will substantially settle.

A guard displays Equifax signage on a building of a New York Stock Exchange.

More than 240 class-action lawsuits have been filed opposite Equifax given news of a information crack went public.

Bloomberg News

That competence be for a best. Getting absolved of a association would boost converging in an attention that already has few consumer options and poignant barriers for new entrants. Experian and TransUnion, as a usually other credit bureaus traffic with primary borrowers, would be in a best position to buy a liquidated company’s information assets. However, this would emanate even some-more combined risk for consumers, as a new business would be doubtful to fill a blank left by Equifax’s elimination.

Furthermore, if Equifax were no longer operating, consumers could remove a credit monitoring and temperament burglary services a association is providing to influenced parties. For a carelessness, Equifax has offering to yield influenced parties with a credit-monitoring package for one year that includes adult to $1 million in temperament burglary word as good as nominal “credit locking.” While this is usually a initial step in a prolonged process, these services during slightest offer as proxy slackening for some of a indemnification caused in a breach’s wake. Because Equifax is doubtful to accept allotment terms that would put it out of business, a association competence usually determine to a mutated chronicle of what it has already offered, in lieu of a money endowment to plaintiffs.

Consumers merit reimburse for a mistreat Equifax’s loosening has caused them. This remuneration should be fair, though it should not take a form of a lawsuit that would broke a association and force it out of business. Dismantling or expelling Equifax would diminution foe in an already gaunt rival landscape, that would not advantage consumers.

As a Equifax disaster unwinds around litigation, law and legislation, it is essential that consumer gratification serves as a running horizon of these efforts — not usually by providing satisfactory and reasonable compensation to a victims, though also by ensuring marketplace competition.

Until a fallout from this occurrence settles, credit bureaus sojourn a linchpin of a credit market. Consumer appearance in a complement is all though mandatory, that creates it all a some-more needed that a complement functions properly, even as Equifax is hold accountable for a contentment of a consumers spoiled by a credit bureau’s negligence.


Beau Brunson

Article source: http://www.nationalmortgagenews.com/opinion/like-it-or-not-we-need-equifax

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