Consulting Services
cdb consultancy offers consulting in areas of business strategy development, technology assessment and selection, business process analysis, and industry relationship management.
Specialization
» eMortgage Education
& Training
» eMortgage "Roadmap"
Development:
- Market & Strategy
- Product
& Technology
» Implementation
Planning for eNote
Registration
& Investor eDelivery
» eMortgage Channel
Development
Strategy
» eClosing, eRecording
& eNotarization
Implementation
» eServicing, including
Default Management
& Loss Mitigation
|
cdb://eNews Volume I, Issue 5
|
December 23, 2008
|
Thought for The New Year
Give us courage and gaiety and the quiet mind. Spare to us our friends, soften to us our enemies. Bless us, if it may be, in all our innocent endeavors. If it may not, give us the strength to encounter that which is to come, that we be brave in peril, constant in tribulation, temperate in wrath, and in all changes of fortune . . . loyal and loving one to another.
ROBERT LOUIS STEVENSON (1850-1895), a Scottish novelist, poet, and essayist, from The Vailima Letters (1895).
cdb consultancy invites prospective clients to visit the cdb consultancy site or contact Carmen to discuss a consulting engagement or project in 2009.
cdb://eNews Year-end Highlights
December
- MISMO Reactivates the Servicing Default Workgroup - Carmelo D. Bramante of cdb consultancy recently joined the Mortgage Bankers Association's (MBA) MISMO Servicing Default Workgroup. Before starting CDB Consultancy, Carmen Bramante had responsibility for servicing default policies and procedures in Fannie Mae's Credit Policy Division. Carmen drafted and maintained the servicing policies for loss mitigation and foreclosures; he also managed the business requirements process and supported the technical testing of Fannie Mae's distressed assets workstation.
MISMO, or the Mortgage Industry Standards Maintenance Organization, made the announcement to reactivate the Servicing Default Workgroup on December 18th. The goal of the workgroup is to create and promote common data standards that improve the efficiency and data quality of default servicing data. By automating standardized data exchanges and integrating the core business processes associated with default transaction handling, parties will be able to reduce costs and increase the efficiency of business processes across the industry. The Servicing Default Workgroup has a charter to develop, promote, and maintain electronic standards applicable to the default servicing process encompassing foreclosure, bankruptcy, loss mitigation, eviction, and Real Estate Owned (REO) management.
The first conference call took place on Monday, Dec. 22nd. To get involved, you can join the Servicing Default Workgroup listserv at: http://www.mismo.org/
GettingStarted/ListservSignUp.htm in order to receive announcements about conference calls and face-to-face meetings.
The next MISMO Trimester Meeting in Washington, DC takes place the week of January 26 - 29, 2009. Go to http://www.mismo.org/
MeetingsAndEvents/January2009TrimesterMeeting.htm for more information about the MISMO Trimester meeting.
November
- FHA Develops eMortgage Plan - On November 19th, the Secretary of the U.S. Department of Housing and Urban Development (HUD), Steve Preston, spoke at the National Press Club in Washington, D.C. about modernizing the Federal Housing Administration (FHA). Secretary Preston said "FHA must continue moving into the 21st Century on the operations front, with a focus on modernizing critical information technology systems that support FHA's core business functions." Secretary Preston emphasized the need for HUD "to drive forward in reengineering business processes designed to speed assistance to customers and provide employees with tools to do their jobs more effectively. We are already taking big steps forward. For example, in a major area of our business that is labor intensive, we are reducing the time it takes to process a loan from as much as 9 days down to one. We are developing an e-mortgage plan that permits the entire FHA loan process to be handled electronically." Secretary Preston also stated that "we are working hard to complete a detailed operations and technology roadmap to support the incoming administration."
Secretary Preston covered a number of other topics in his prepared remarks at the National Press Club; these included:
- HUD's new rule under RESPA - The Real Estate Settlement Procedures Act, which was finalized in September.
- HUD and the FHA working with other Federal agencies on loss mitigation and foreclosure prevention for financially troubled borrowers.
- The FHA's Hope for Homeowners (H4H) program that was established under the Housing and Economic Recovery Act in July of this year and enhanced with needed changes under the Emergency Economic Stabilization Act that was signed into law in September.
- HUD's Neighborhood Stabilization Program that is providing emergency assistance to state and local governments to acquire and redevelop foreclosed properties.
Please see http://www.hud.gov/news/speeches/2008-11-19.cfm for a copy of Secretary Preston's speech at the National Press Club.
October
- NCCUSL Begins Work on Modernizing State Notary Law - Carmelo D. Bramante of cdb consultancy is an official observer to the National Conference of Commissioners on Uniform State Laws' (NCCUSL) drafting committee working on modernizing notary law. Carmen attended the drafting committee's first meeting in Chicago over the October 3rd weekend.
Patricia Brumfield Fry, Law Professor Emerita of the University of Missouri-Columbia Law School and Former Chair of the NCCUSL Uniform Electronic Transactions Act (UETA), is chairing the Uniform Law on Notarial Acts (ULONA). A report by the uniform law commission concluded that laws across the 50 states and the District of Columbia governing notarial acts are diverse and lack uniformity. This diversity and lack of uniformity are becoming a problem in light of the use of technology in domestic and global commerce and the nationalization and globalization of industries, such as the mortgage finance industry.
According to Professor Fry, the scope of the ULONA project is to revise a previous version of the ULONA and includes: 1) appointment and responsibilities of notaries; 2) the responsibilities of those relying on or confronting notarizations; 3) the use of electronic records and signatures; and 4) remedies for improper notarial acts. To be clear, the revision of the ULONA will cover the scope of both paper and electronic notarial acts. Professor Fry said that there are three components that constitute the "heart of the matter" to revising the ULONA:
- Is the person claiming to be a notarial officer a commissioned officer?
- How can the notarial officer be linked to a particular transaction or document?
- How can the relying party verify the prior two matters?
The October draft of the revised ULONA is available at http://www.nccusl.org. The next meeting of the ULONA Drafting Committee is scheduled for the weekend of February 27, 2009 in Chicago. The second draft will be available several weeks before this meeting. Should you have any questions, please feel free to contact Carmen.
Prospective clients may contact Carmen about cdb consultancy's services for 2009 in Strategic Planning, Market Research, Opportunity Assessment/Value Proposition Analysis, or Product Development, including "Roadmap" and "Rollout" planning.
cdb consultancy also invites prospective clients to visit the cdb consultancy site or contact Carmen to discuss developing an "eRecording for eMortgages" Implementation Plan or conducting a workshop or seminar on eMortgages, eClosing, eRecording or eNotarization.
The views and opinions expressed by the authors of the articles in this newsletter or previous newsletters are those of the authors or the organizations they represent and not necessarily those of cdb consultancy. Readers of this newsletter should not infer endorsement of cdb consultancy by these organizations, nor does cdb consultancy make any endorsement of the contributors or their organizations.
|
