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ComplianceEase Inaugural Risk and Compliance Summit Draws Industry Experts to the Table
—Conference Highlighted Emerging Risks to the Mortgage Industry—

Burlingame, Calif. - November 14, 2017 - ComplianceEase®, the nation's leading provider of automated compliance solutions to the financial services industry, released highlights of its inaugural Risk and Compliance Summit, held last week in San Francisco. The sold-out event, attended by more than 100 executive-level risk and compliance professionals, provided an interactive environment focusing on practical applications for addressing current and emerging challenges in maintaining compliance, both from a regulatory and socioeconomic perspective.

Industry expert speakers shared their views and touched upon key issues in today's market:

  • Regulatory environment and examination oversight: Donald Lampe, partner at Morrison Foerster, provided a comprehensive view of the current regulatory environment. He emphasized that whether there are Administration-mandated changes to the current environment or not, the data and technology demands on lending and servicing enterprises will continue to grow and stretch internal resources. Chuck Cross, SVP, Consumer Protection and Non-Depository Supervision for the Conference of State Bank Supervisors (CSBS), commented on the continued areas of focus for state-level examinations. While the Consumer Financial Protection Bureau (CFPB) conducts about 175 large scale examinations of larger banks and non-banks, state-level examinations amount to over 32,000 per year, resulting in up to 10,000 enforcement actions.

  • Fair Lending and HMDA: Ken Markison, former Vice President, Regulatory Counsel of the Mortgage Bankers Association (MBA) and President of Ken Markison Advisors LLC, spoke to the new requirements of HMDA 2.0 (Home Mortgage Disclosure Act). Beginning January 1, 2018, lenders will be faced with collecting, for loans they "action" on or after that date, 48 new or modified data points. This data will be reported to the CFPB in early 2019; the CFPB is currently determining which of these data will be withheld from or aggregated for public disclosure to protect individual privacy. Technology will play a key role in collecting data and in fact provide a robust opportunity for lenders to examine their data and "self-correct" in a real-time environment. Amanda Phillips, Senior Legal and Compliance Counsel at Mortgage Cadence, and Brian Fitzpatrick, President and CEO at LoanLogics, Inc., shared detailed best practices surrounding HMDA data collection and reporting. There was a general consensus that lenders should do monthly self-examinations and submit quarterly loan application register (LAR) versus waiting for the initial report in early 2019.

  • Cybersecurity: Justin Kirsch, CEO, Access Business Technologies, and Alex Wood, VP and Chief Information Security Officer, Pulte Mortgage, discussed the recent high-profile data breaches and substantial financial and reputational enterprise risks that accompany such incidents. State and federal regulations will continue to drive the need for tighter compliance and information security. While 90% of reported attempts at fraudulent activity are delivered through email with spoofing and phishing scams, attendees saw the impact of real-time cyber-attacks through the Norse Attack Map. Cybersecurity scams and breaches represented worldwide losses of over three trillion dollars in 2016 and that amount is expected to grow to six trillion dollars by 2021, representing the greatest transfer of wealth in human history.

  • Social Media: Speakers provided an in-depth view of the risks associated with the expanded use of social media. They advocated that companies create strong internal social media policies and provided guidelines to help protect employers in the industry from exposure to fraud, misrepresentation, and loss of reputation.

  • Digital Mortgage: With so many new FinTech firms focused on digitizing the mortgage experience, risk and compliance professionals must be intimately involved to ensure that all privacy standards and regulatory requirements are met. The panel consisting of Melissa Richards, Chief Legal & Risk Officer at CMG Financial, Scott Aberle, VP IT Compliance for Quicken Loans, and Rick Hill, VP Technology at the MBA, outlined areas to be addressed for risk and compliance professionals.

Commenting on the conference, Teresa Blake, managing director at KPMG said, "ComplianceEase developed an insightful, valuable agenda which was very timely and exceptionally well received. The conference was packed with expert content and provided hands-on practical guidance which risk and compliance professionals can take back to their respective companies to discuss and implement with their senior management."

"We are so energized and proud to have had such a successful inaugural conference. The quality of our speakers and the attendee participation was exceptional," said John Vong, president of ComplianceEase. "We received invaluable feedback from our attendees in both the private and public sectors, and the conference provided insight and context about current issues facing our industry."

About ComplianceEase®

Headquartered in the Silicon Valley, ComplianceEase, a division of LogicEase Solutions Inc., is a leading provider of risk management solutions to the financial services industry. ComplianceEase's patented platform includes ComplianceAnalyzer®, the mortgage industry's most adopted automated compliance solution with the most comprehensive TRID auditing. ComplianceEase combines regulatory expertise with innovative technology to power end-to-end risk management solutions that help financial institutions improve compliance controls and increase profitability. The company's growing client base includes financial institutions, service providers, law firms, GSEs, and three of the top five mortgage lenders in the U.S. ComplianceEase's automated compliance solutions have also been adopted as e-Exam tools by federal and state banking and mortgage regulators. For more information, visit ComplianceEase.com or call 1.866.212.Ease(3273).

Press Contact

Bill Campbell
Campbell Lewis Communications

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