August 2010 Volume 2 • Number 8
Mortgage PROFESSIONAL N A T I O N A L
MAGAZINE
Your source for the latest on originations, settlement, and servicing
1220 Wantagh Avenue • Wantagh, NY 11793-2202 Phone: (516) 409-5555 / (888) 409-9770 Fax: (516) 409-4600 Web site: www.nationalmortgageprofessional.com STAFF Eric C. Peck Editor-in-Chief (516) 409-5555, ext. 312 ericp@nmpmediacorp.com Andrew T. Berman Executive Vice President (516) 409-5555, ext. 333 andrew@nmpmediacorp.com Domenica Trafficanda Art Director domenicat@nmpmediacorp.com Karen Krizman Senior National Account Executive (516) 409-5555, ext. 326 karenk@nmpmediacorp.com
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Jon Blake Advertising Coordinator (516) 409-5555, ext. 301 jonb@nmpmediacorp.com
ARTICLE SUBMISSIONS/PRESS RELEASES To submit any material, including articles and press releases, please contact Editor-in-Chief Eric C. Peck at (516) 409-5555, ext. 312 or e-mail ericp@nmpmediacorp.com. The deadline for submissions is the first of the month prior to the target issue. SUBSCRIPTIONS To receive subscription information, please call (516) 409-5555, ext. 301; e-mail orders@nmpmediacorp.com or visit www.nationalmortgageprofessional.com. Any subscription changes may be made to the attention of “Circulation” via fax to (516) 409-4600. Statements, articles and opinions in National Mortgage Professional Magazine are the responsibility of the authors alone and do not imply the opinion or endorsement of NMP Media Corp., or the officers or members of National Association of Mortgage Brokers and its State Affiliates (NAMB), National Association of Professional Mortgage Women (NAPMW), National Credit Reporting Association (NCRA) and/or other state mortgage trade associations. Participation in NAMB, NAPMW, NCRA, and/or other state mortgage trade associations events, activities and/or publications is available on a non-discriminatory basis and does not reflect the endorsement of the product and/or services by NMP Media Corp., NAMB, NAPMW, NCRA, and other state mortgage trade associations. National Mortgage Professional Magazine, NAMB, NAPMW, NCRA, and/or other state mortgage trade associations do not make any misrepresentations or warranties concerning the regulatory and/or compliance aspects of advertisers, products or services and/or the editorial content contained in NMP Media Corp. publications. National Mortgage Professional Magazine and NMP Media Corp. reserve the right to edit, reject and/or postpone the publication of any articles, information or data. MO
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ADVERTISING To receive any information regarding advertising rates, deadlines and requirements, please contact Senior National Account Executive Karen Krizman at (516) 409-5555, ext. 326 or e-mail karenk@nmpmediacorp.com.
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Jennifer Moeller Billing Coordinator (516) 409-5555, ext. 324 jenniferm@nmpmediacorp.com
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National Mortgage Professional Magazine is published monthly by NMP Media Corp. Copyright © 2010 NMP Media Corp.
A Message From NMP Media Corp. Executive Vice President Andrew T. Berman Landmark legislation to rock the industry? When President Barack Obama signed the Dodd-Frank Wall Act into law in July, the intent of the legislation, which weighs in at a whopping 2,319 pages, was to prevent future collapses of our financial system from happening ever again. This month, Jonathan Foxx will dissect this historic bill in the first part of his series, “Landmark Financial Legislation: New Rules for Mortgage Originators.” Jonathan’s in-depth analysis takes the content of this 2,319-page bill and breaks down the highlights as it pertains to you, the mortgage professional. This is a must read for sure!
Compliance is a way of business As the mortgage professional of today makes their way through the never-ending maze of regulatory and compliance changes, this month, we take a close look at this topic and tackle it from a number of angles. For starters, we wrap up the three-part series by Don DeRespinis on compliant business systems and what it takes to bring your business to a whole new level of quality. David Lykken looks at technology’s role in compliance, while Jeff Mifsud, our resident FHA expert, breaks down recent FHA violations for non-compliance. We continue with another take on technology and compliance, this time from Lionel Urban of PCLender.com as he details ways to manage your compliance systems. Jason Roth of ComplianceEase discusses the role of education and testing and how to keep your staff in compliance under the SAFE Act rules and the Nationwide Mortgage Licensing System (NMLS). Andrew May of American Dream Residential discusses compliance with the Gramm-Leach-Bliley Act how exposing your client’s personal information can cost you, and we wrap things up with David Leoncavallo from Spora Capital as he explains how hiring an outside compliance specialist can save you money and headaches.
Our Professional of the Month This month, we spotlight Joe Amoroso, director of national sales for REMN-Real Estate Mortgage Network Inc. Joe’s 20-plus year career in the industry (mostly on the wholesale side) has taken him from small shops to big shops. In his profile, he details the major differences between the two and discusses the importance of his “open door policy” at REMN and sticking to a unique selling proposition that promises same day turn times. Joe details how the lines between loan officers and upper management have been blurred at REMN, as the lines of communication throughout the company are wide open, from the top to the bottom.
Mortgage Revolution set to invade New York If you’ve read my columns in the past, you know how strong a supporter of the efforts of Mortgage Revolution movement I am. I truly believe in the proven concept of creating the perfect forum of a freeflow exchange ideas with your peers on how to improve business and expand the lifeline of the mortgage industry, not bury the competition in the process. That being said, Mortgage Revolution will bring their event to New York’s Westchester Marriott in Tarrytown, N.Y., Friday-Sunday, Oct. 15-17. They set this one for the weekend, as to not interfere with the busy work week. For more information on MRev North East, visit www.mortgagerevolution.info. If you are interested in sponsorship opportunities, please contact me directly at 516-409-5555, ext. 333. Sincerely,
Andrew T. Berman, Executive Vice President NMP Media Corp.