Ken and Anthony are returning from the 2016 MBA conference. There are three things they are taking away that Ken introduces here. And he asks for some help...can you assist?
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TRANSCRIPT:
October 26, 2016
Hey, what’s going on you guys. It is Wednesday so you get a Wednesday Update video, this time from an airplane, heading home from Boston with our CEO, Anthony Miller, and another dude that’s on his phone.
Quick messages for you. Just coming back from the Mortgage Bankers Association Annual Convention. Three big things that really our take aways from that event. First one is, fair lending is real. They are finding red lining like crazy and so just a tip for everybody: it’s time to look at who you’re hiring. Make sure you’re hiring a diverse work force; make sure you’re marketing to a diverse group of people. So that’s one big one.
The second one that was just huge--and I shot a video live from MBA on it—when Cordray spoke--front row center, watching that dude speak--and he said he wanted to list three things they were really focused on and one of those things was that the PHH case is not over and that they will be looking at MSAs or Marketing Service Agreements and they’re going to look at these pretty heavily so you can expect more on that. You’ll expect probably some more enforcement orders that you’ll see. And really for everybody the take away is don’t just do a Marketing Service Arrangement or—if you’re a loan officer--connect with a realtor, title company and share expenses without factoring that in. So, check in with your attorney, make sure it’s something you’re comfortable with, but they’re definitely going after them. So, that was the second thing.
The third thing is probably the biggest on a daily basis for those of you in the Northwest. I brought up today in a regulatory super session—I brought up what was happening in the Northwest with appraisals and the Mortgage Bankers Association folks that were there—some of my favorite people in MBA—had no idea that people were paying $1,000 for an appraisal. What I’m being told is that’s even low for some of these. Kind of a huge thing that they didn’t know but what they’ve asked for, and I offered to give them, was plenty of cases where this is really happening so what I’d love for you to do is, if you are in the Northwest or Colorado--because I’ve heard this is happening there as well- if you see something where you have an email from an appraiser or an appraisal management company basically going up on price above a $1,000, “give me an extra $5,000, whatever,” anything you see that seems egregious or unfair, get that over to me. You can go ahead and email it to [“where should I have them email it, Anthony?”] ken@knowledgecoop.com, so go ahead and send it over to me at ken@knowledgecoop.com. Anything you see because all we have to do is just document all the craziness. I hear a lot about what’s going on in the seminars I’m doing, but I need you to document it for me so send me over anything you’ve got. If you see any websites that are a little crazy, post those on this feed and we can start gathering information.
You guys have a great week. I’m going home, which is my favorite place to go.
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