The Consumer Financial Protection Bureau’s Loan Originator Compensation rule has proven to be a controversial topic among mortgage lenders. Nearly 250 senior executives organized by the Mortgage Bankers Association sent a letter to the CFPB asking for significant changes to the rule last year. Lenders continue to push toward an LO comp rule change as it presents multiple challenges in today’s mortgage environment. Black, Mann Graham, one of Texas’ largest document preparation law firms, provides lenders training on LO comp issues and is working with the MBA’s Action Alliance to pursue regulatory relief.
“Loan originators should be allowed to ‘share in the pain’ with the lenders when the loan originator makes a mistake or when a concession is necessary to save a deal,” said BMG’s Founder and Managing Partner Tom Black.
BMG provides three primary areas of expertise to its clients:
Residential Mortgage Document Preparation Preparing more than a million residential mortgage loan packages since establishment, BMG serves federal and state-chartered banks, mortgage bankers, brokers and credit unions for quick, accurate and compliant closing documents across all 50 states and the District of Columbia.
Loan Fulfillment Services These services eliminate the need for detailed and expensive back office operations. BMG handles the clearing of all pre-closing, closing and funding conditions, including CD reviews/approvals, ordering the wire, funding and monitoring trailing documents, clearing stipulations and deficiencies, and shipping and stacking the closed loan package.
Mortgage Law Compliance BMG attorneys draw from a wide range of legal knowledge and experience that benefits its clients.
BMG attorneys previously served as executives at top mortgage companies, as general counsel to large lending institutions and as judicial clerks. BMG has assisted in the drafting of instrumental legislation affecting mortgage law. With this background, BMG attorneys regularly teach mortgage professionals about changes affecting the mortgage industry.
With deep knowledge and experience in lending, BMG has a reputation for high-level service in the mortgage industry. BMG covers multiple time zones with flexible staffing, guarantees access to attorneys, is active in multiple trade industry organizations and maintains multiple offices with a strong business continuity plan.
“At Black, Mann Graham, we have three quality standards to which we hold or team members responsible,” Black said. “We will be prompt, personable and precise in our work. We pride ourselves on our turn time and we monitor it regularly. Our investment in technology will allow us to improve both our promptness and our precision.”
Thomas E. Black, JR., Founder and Managing Partner
Founder and Managing Partner of BMG, Thomas E. Black, Jr. was admitted to the practice of law in New York in 1979. He has also been admitted to the practice of law in Texas, Iowa and Washington. From 1984 until 1995, Black held the position of National Production Manager at several major lenders. Black now practices in the area of residential real estate law and represents clients that include some of the nation’s largest banks and mortgage companies. Black is a frequent lecturer at various mortgage-related seminars. For over 25 years, he taught in the Mortgage Bankers Association’s School of Mortgage Banking and was awarded the Faculty Fellow Award (1991) and the Master Faculty Fellow Award (2000) by the Association.
Gregory Graham, Managing Partner
Gregory S. Graham is a founding partner of BMG has practiced in the areas of real estate, litigation, and bankruptcy law since 1989, and is currently licensed in Texas and Georgia, and admitted to practice before the United States District and Bankruptcy Courts for the Northern and Eastern Districts of Texas. Graham is currently a member of the National Association of Mortgage Brokers/Professionals, National Mortgage Bankers Association, Texas Mortgage Bankers Association, Dallas Mortgage Bankers Association and the San Antonio Chapter of the Texas Association of Mortgage Professionals.