[David] Let’s get over to Alice Alvey with what’s going on in the legislative update. What’s going on, Alice? Anything new.
[Alice] Hi everybody. Hi, Dave. I just have two quick things. As you heard in the MBA Mortgage Minute, the VA has published all of the new information on the loss mitigation, so check that out. It is within their loss MIT handbook in the VA manual, so you’ll be able to get all those details. They were published June 1st, and I know all you servicers out there at VA loans have jumped on it already. But for all our consumer listeners out there, this is really great news if you have a VA loan that there now are some better options in the event of you struggling to make your monthly payments. So always, as I will always say, if you are struggling to make your payments, do not ignore your mortgage company. It’s always surprising how many people are afraid to call them. They’re concerned, but your servicers want to help you. They want to help you stay in your home. Yes. We are not in the business of getting houses back. We don’t want your house back. So- Yeah … I thought I’d just throw that out there. We make money- That’s such a good point to reiterate again when you make payments, so we as lenders, even if you wanna say follow the money, we will want you to make your payments. So please for all of you out there just it made me think of that as VA was making this revision that was a good one, and thank you MBA for helping to push that through. Last but not least is we had talked on previous shows about the FinCEN changes to the AML policies. That comment period closes tomorrow, so if you have not commented, get out there read up on this check the comments that other people have published, and make sure as a voice our industry is heard. Some of the things in here do need some attention, so take a look at that and post your thoughts as how they impact your company. That’s my report for today, Dave. Back to you.
[David] Thank you, Alice. We would normally run over to our good friend Marc Helm, but unfortunately he could not join us today. He’s trying to dial in here if he can get out of this one meeting, to join us in at the last minute, so we may see him make a cameo appearance here right at the end.
Alice Alvey, Master CMB
She handles development of their World Class Training program designed to support UHM partners and organizational effectiveness.
Prior to UHM, Alice served as Senior Vice President at Indecomm leading the Indecomm-Mortgage U division, Internal QA and Compliance and SaaS technologies. Indecomm acquired Mortgage U in 2013, where Alice was President/Co-founder, providing training and consulting since 1996. Prior to MU she served as SVP of Operations at a national bank overseeing operations for wholesale, retail and correspondent from underwriting through servicing, and compliance.
She has been in the trenches of mortgage lending operations from application through servicing for over 30 years. Her authoring work in training content, policies and procedures and the FHA/VA Practical guides illustrates her ability to bridge regulatory requirements with day-to-day operations.
Alice has been a weekly contributor to the Lykken on Lending show since its beginning in April 2009 and has made her weekly contributions to 450+ episodes!