Milwaukee “Compliance Summit” Provides Lenders with Regulatory Update

On June 27th EDR held a “Compliance Summit” at Miller Park in Milwaukee where more than sixty lenders got an update on what’s on the horizon in the area of property due diligence compliance from industry experts. While most would think the game between rivals Brewers and Cubs at the conclusion of the conference was the highlight, everyone in attendance indicated the content of the conference surpassed their expectations. Here is a brief summary of the topics:

  • Francis (Rich) Finigan of Calypso Continuing Education reviewed the FDIC’s Interagency Appraisal and Evaluation Guidelines, USPAP, HUD, Fannie Mae and Freddie Mac requirements and how ignoring environmental conditions as part of the valuation process is risky business. Also included was a review of CFPB’s current focus on the appraisal and lending industries. EDR’s Jack Huntress reviewed the environmental data that is currently available to appraisers that would support compliance.
  • Liz Green, principle consultant with REL-E-VANT Solutions, led an informative session on appraisal procurement & post Dodd-Frank compliance. Attendees got a preview of the increasing regulatory scrutiny of third-party agents and how data and technology are driving a shift away from third-party management companies and a return to self-managed models.
  • Ken Twichell, from LPS National Flood, gave an update on flood compliance. One of the highlights was FEMA’s flood map modification program where the audience was surprised to learn the impact the remapping program has had, and how it might affect their portfolios.
  • EDR’s Mike Benz gave a demonstration of the EDR Lender Portal that simplifies property due diligence, and facilitates compliance through incorporating policy into the workflow.

Everyone in attendance said the Summit provided great intel on what’s on the horizon in the area of regulatory compliance. EDR will be hosting more Compliance Summits at a city near you.