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Weekly Newsletter
Thursday, January 7th, 2016
In This Issue
  1. Sales and Marketing 2016
  2. NMP Article
  3. Survive and Thrive in 2016
  4. TRID
  5. CFPB
  6. Legislative Updates
  7. Upcoming Events

Sales and Marketing 2016
Power of the Past, Force of the Future
Happy New Year!  We hope you had a wonderful holiday season and now it's time to get back to focusing on the new year and business.  What better way to focus on the new year and business than attending CAMP's Sales and Marketing Convention!  The theme this year is Power of the Past, Force of the Future.  CAMP has some amazing speakers lined up and a few surprises as well.  This is one event you do not want to miss.  To make sure we accommodate everyone, CAMP has also extended the room block to this Friday (tomorrow!).  To take advantage of this rate, your room must be booked by Friday, January 8thBook your stay HERE.  CAMP's Sales and Marketing Convention will be January 21st-22nd in Orange County, California.  Help CAMP look to the future by joining us for a two-day convention where you will hear from inspiring speakers and leaders of the industry, such as Carl White and Dave Savage, and meet with vendors from all across the nation.  Visit the official webpage HERE.

NMP Article
Did you get a chance to see the most recent edition of the National Mortgage Professional News - California Edition?  If you missed it, here is a great article on CAMP's President, Anthony Lombardo.

Survive and Thrive in 2016
We always look to the economic environment at the beginning of the year to see what the new year will bring us.  Do you know what will hit us in 2016?  Are you ready to tackle compliance or know what you will need to face loan quality or production costs?  Check out this article to see how you can survive and THRIVE in 2016.

It's been a couple of weeks and you haven't heard TRID come up as often as it has when reading CAMP's newsletter.  Because TRID is finally implemented and you have closed several loans under the new regulations, I'm sure you're wondering what to expect now.  NAMB is offering a members-only webinar on Wednesday, January 20th, 2016 with Julie Vore, Mortgage Markets Originations Analyst at the Consumer Financial Protection Bureau (CFPB) which will review how the industry and the CFPB have been dealing with the implementation of the TILA-RESPA Integrated Disclosure Rule (TRID).  Click here to register!

Speaking of the CFPB, they issued a final rule during the holidays that you may have missed.  Thius rule became effective on December 24th, 2015.  Thankfully, this was caught by Rob Chrisman.  Here is what he wrote: "According to the supplementary information accompanying the corrections, the publication of the TRID rule in the Federal Register 'resulted in several unintended deletions of existing regulatory text from Regulation Z and the Official [Regulation Z Commentary] and, in one case, the omission of regulatory language in the [final TRID rule] from the [Code of Federal Regulations].'  While not clear from the CFPB's statement, we understand that the final TRID rule was published correctly in the Federal Register but was incorrectly codified in the CFR by the Government Printing Office.

"To correct the CFR, the final rule reinserts existing regulatory text that was 'inadvertently deleted' from Regulation Z and its Commentary and amends the Commentary to Appendix D to Regulation Z to add a paragraph that had been included in the final TRID rule published in the Federal Register but 'inadvertently omitted' from such Commentary.  The CFPB describes the corrections as 'non-substantive changes' to the final TRID rule.

"During 2015, despite requests from the industry to address many apparent errors with the TRID rule, the CFPB has so far decided not to act, not even to address issues that would be relatively simple to correct.  For example, because of an apparent error, property taxes paid at closing were not included in the list of items that are not subject to a specific percentage tolerance.  There also are disclosure issues, such as the provisions for determining how to complete the Cash to Close sections of the Loan Estimate and Closing Disclosure, which if followed as set forth in the TRID rule can result in (1) disclosing that there are no closing costs being financed when, in fact, the lender is financing closing costs and (2) disclosing a cash to close amount that is lower than the actual cash needed to close.  And, there is the so-called 'black hole' issue that appears to prevent a creditor, in carious cases, from being able to reset the tolerances with a Closing Disclosure.  Perhaps the CFPB will see fit to address the many issues in 2016."

Legislative Updates
With the new year, California legislators are now back in session.  It will be a busy couple of months for them as they will be introducing any new legislation by the end of February.  Rest assured, your Government Affairs team will be monitoring the bills and will be reviewing everything as the bills are introduced.  We will have a solid list of bills of concern by the middle of March.  Don't forget, the State Lobby Day will be held on May 11th, 2016.  Reserve your spot now!

Make sure to register for the 2016 NAMB Legislative and Regulatory Conference taking place Saturday-Wednesday, April 9th-12th in Washington, D.C.  This is a "must attend" event for all mortgage professionals.  Last year, more than 10,000 realtors attended NAR's Lobby Day.  This year, NAMB would love to get 1,000 mortgage professionals to D.C. to help NAMB lobby on Capitol Hill.  Join NAMB as the association rallies to fight for consumers, small businesses, and mortgage professionals everyone.  NOTE: Be sure to register today!  THIS IS A MEMBERS-ONLY EVENT.  The early bird cost until February 5th is $199 and $249 thereafter.  Click here to register.

Upcoming Events
Silicon Valley Chapter presents The Low Down on Low Down!  Down payment assistance programs and CalHFA 101.5 financing on Friday, January 8th, 2016 from 8:30am to 10:00am at Three Flames Restaurant, Banquet Room 1547 Meridian Avenue, San Jose.  You must register in advance.  Click here for more info.

Inland Empire Chapter presents Collateral Underwriting with Ann Tramble from Prospect Mortgage on Wednesday, January 13th, 2016 from 6:00pm to 9:00pm at The Old Spaghetti Factory, 11896 East Foothill Boulevard, Rancho Cucamonga.  Contact President Bill Moore for more information.

San Francisco Peninsula Chapter presents How to Build Success and make more money in 2016 with Sheeba Varghese on Wednesday, January 27th, 2016 at Dominic's @ Oyster Point, 360 Oyster Point Boulevard, South San Francisco.  Click here for more info and to register now!

East Bay Chapter presents Loan Officer Boot CAMP with Guy Schwartz on Thursday, January 28th, 2016 from 8:30am to 5:00pm at Arch Mortgage Insurance, 3003 Oak Road, Walnut Creek.  To RSVP, contact Guy Schwartz.

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