[Alice] All right, folks. Next step is going to be my Legislative Update here. I’m going to just give you a few things that are pending. You heard MBA talk about the VA partial claims bill that’s on its way to Trump to be signed that is going to really help veterans. For those of you who aren’t familiar with what a partial claim is, essentially it’s just. In some cases, for example, it’s another option within a modification where a veteran is able to perhaps roll their payments that are behind into a subordinate lien, and it allows that to stand as what we refer to as a partial claim against the VA’s insurance without harms that I won’t go into detail to the lenders as well for the claim status and the guarantee status. So that’s my very simplistic review to help folks understand a little bit of what that benefit does realistically for veterans. So, we’re glad to see that get put back in place. Another piece that’s pending is there’s a senate bill that I’m still waiting for a number on, but it’s the appraisal modernization bill. It’s got a little bit of press. It’s designed to try and put a little bit of a process back in place for second opinions on appraisals that was removed earlier this year. That was requiring a disclosure for customers to understand how to get a second appraisal on a home if they disagree with the first appraisal. So we use the term reconsideration of value for an ROV and so they’re looking to put legislation in place that would put this back in as a process after FHA and has removed that option. So it was cumbersome. I can’t disagree with that. The process was cumbersome for lenders. Would a law like this get put in place? Probably not because there’s a lot of uphill climb against folks who don’t wanna keep adding to the burden in regulations. So, I just wanna let you know that is out there and we’ll keep watching it for you. Last but not least, there is a joint agency notice of proposed rulemaking to rescind the 2023 CRA rules that were put in place and just simply replace them with the previous CRA practical purposes. This doesn’t have any big implication because those 2023s are not required to be in place yet anyway. So most lenders, the lenders don’t have those in place today. So getting this rescinded is probably just paperwork. If anybody objects to it, now’s your chance to comment. Comments are due by August 18th. So, that’s my report for today, folks.
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!