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Editor’s Note:  I don’t do this very often, but today, I’m pleased to turn my little corner of the Internet over to Kevin Breeland.  Kevin is the general manager of Residential Mortgage of South Carolina, and the current chairman of RESPRO.  He’s also a dedicated champion for compliance and innovation in the mortgage industry. I’ve attended the RESPRO conference he speaks of, and it’s a must-attend for anyone interested in knowing what the blizzard of reg/leg changes means to the industry.  Kevin, take it away!

Uncertainty versus Facts

In everyday business, how many times do we face the battle between uncertainty and fact? If your experience is like mine, something comes up every day, the solution to which I’m sure of…sort of.  

Nobody has faced as much uncertainty spurred by the recent economic downturn as the finance industry.  Sure, we have seen the birth of Health Care Reform and other high-impact laws, but think about this….the financial industry has seen Federal bailouts, TARP funding, The Wall Street Reform Act (commonly called Dodd-Frank), RESPA reform, and, as if that weren’t enough, the Federal Reserve has even kicked in loan officer compensation rules. HUD has issued new RESPA rules for marketing agreements and is currently working on “required use” language. The Treasury Department has announced that it will once again revamp the GFE and HUD-1 in favor of a combined RESPA-TILA disclosure. You do not need to be in the mortgage industry to be affected by these changes, nor do you have to have affiliated business arrangements to be impacted. These upcoming changes affect the consumer and citizen, and are as sweeping as FDR’s New Deal in the 30’s.

Where can you get HELP??? The Real Estate Service Providers Counsel, Inc, commonly called RESPRO®, is where the answers lie. How, you ask?  That’s an answer too long for this setting.. Here is the first step: RESPRO’s RESPA REGULATORY COMPLIANCE SEMINAR.  Start by going here to get the details on the seminar.   The best part is that these are one-day seminars held in two locations in the US: one in the City of Angels, Los Angeles, and the other in the Windy City, Chicago. Two great cities, eight need-to-know topics!! Three ways to Register: online, fax, or the longest form of communication: the US Mail. The cost is lower than most seminars of this caliber: RESPRO Members $445, Non-Members $695 (Great Opportunity to join RESPRO and have your compliance seminar cost less). Two great locations in two great cities, at a great price, with a top line up of speakers: Paul Schulman (K&L/Gates), Jay Varon (Foley & Lardner LPP), Helen R. Kanovsky (General Counsel of HUD), and Bart Shapiro (Director, HUD of RESPA and Interstate Land Sales).

I urge you to do yourself a favor, change UNCERTAINTY TO FACTS either in Los Angeles, November 15, 2010 or Chicago, November 17, 2010. I will be there and I hope you will be too.

Kevin Breeland, General Manager

Residential Mortgage of South Carolina