Produced by: Dodd Frank Update and October Research, LLC
Recording Details: Receive a link via email to download a digital recording of the presentation along with a PDF of the slides and other materials.
"No matter the supervisory flexibilities, the risk of UDAAP remains. You must ensure all workout strategies, payment accommodations, fee handling, and lending programs are fully documented and adhered to consistently. Now is not the time to make loan-by-loan decisions that run the risk of being unfair, deceptive, or abusive."
- Kacey Olson, Director of Compliance, ARMCO
Even during uncertain times, compliance must still be a priority. Kacey Olson and Kris Kully share their experience on innovating the Home Mortgage Disclosure Act (HMDA) process to make it easier to stay compliant. Address the recent changes to the HMDA regulations without overwhelming your staff and even improve your business.
The new filing timeline
Addressing the expanded demographics
Working through common pain points
Best practices on corrective actions
Kris Kully is a partner in Mayer Brown's Washington DC office and a member of the Consumer Financial Services group. She concentrates her practice on federal and state regulatory compliance matters affecting providers of consumer financial products and services. Her practice includes advising clients on compliance with licensing, consumer protection and other practice requirements facing mortgage and consumer lenders/brokers, servicers and investors, as well as other participants in the real estate finance and consumer credit industries. For example, she helps clients understand their obligations under all the authorities of the Consumer Financial Protection Bureau, including the federal Truth-in-Lending Act (TILA), Real Estate Settlement Procedures Act (RESPA), the Equal Credit Opportunity Act (ECOA), the Home Mortgage Disclosure Act (HMDA), Secure and Fair Enforcement for Mortgage Licensing Act (SAFE), the Consumer Leasing Act, the Gramm-Leach-Bliley Act and the Fair Debt Collections Practices Act (FDCPA), as well as similar state laws. She advises clients in connection with originating, purchasing and servicing all types of consumer finance products, including residential mortgage loans, consumer loans, credit cards, lease agreements and deposits. She also participates in regulatory compliance due diligence activities.
Kris is a former lawyer for the Department of Housing and Urban Development. In that role, she provided legal counsel to the department on the mission oversight of Fannie Mae and Freddie Mac, the interpretation of the RESPA and the implementation of the department's various housing assistance and community development programs. She also worked in the financial services industry for a number of years.
Aces Risk Management Co. (ARMCO)
Kacey Olson, Director of Compliance at ACES Risk Management (ARMCO). Kacey’s achievements include spearheading advancements in ARMCO’s ACES Intelligent Questionnaires giving lenders more efficient, simplified tools for achieving the highest level of quality and compliance. Prior to ARMCO, Kacey spent nearly 20 years at EverBank, where she was a Compliance Analyst.
As the editorial director of October Research, Chris Freeman’s role is to provide oversight and guidance of the editors of the five publications – The Title Report, The Legal Description, RESPA News, Dodd Frank Update and Valuation Review. He is also a primary contact person for all interested parties looking to engage with the editorial staff at October Research.