ESMBA Fall Newsletter - September 2018

President's Message

Happy Fall Everyone –

I am very excited to share some news and upcoming events with you. The ESMBA strives to bring together industry professionals to perpetuate our mission of legislative advocacy, education and involvement. As an ESMBA member, you are an integral part of the process and your feedback and participation are always welcome.

The ESMBA Legislative Committee met this week to discuss pressing regulatory and legislative issues as well as to map out strategy on addressing these concerns with local and state representatives- both before and after election. To ensure that the views of the independent mortgage banker are well represented, this committee is comprised of both ESMBA Board of Directors and Members. Stay tuned for legislative updates from the team.

The ESMBA is committed in our support of Autism Speaks of Long Island and will be participating in the Sunday, October 14 ^th Autism Speaks Walk at Jones Beach . If anyone would like to join Team ESMBA and walk with us or make a donation to this wonderful organization, you may do so by clicking " Join Team ESMBA" button below.

JOIN TEAM ESMBA

It may seem crazy to be bringing this up as we only have just hung up our beach chairs, but mark your calendars for the ESMBA’s Holiday Party to be held on Thursday, November 29 ^th at the Cottage at the Milleridge Inn in Jericho, NY.

Once again, the Holiday Party will be held in support of the "Blue Star Moms and the Marine Toys for Tots Foundation." One of the many benefits that come with ESMBA membership is Free A dmittance to this festive networking event. The non-member ticket price is $99. Please make sure to register early- last year’s party was filled to capacity and fun time was had by all!

Registration & sponsorship opportunities for the Holiday Party are now open on our website. Click Here for more details

A look ahead as to what you can expect from your ESMBA in 2019...

Winter 2019 | Regulatory Round Up Breakfast Meeting
Spring 2019 | Educational Series with Industry Experts
Summer 2019 | 3rd Annual Bowling Fundraiser in support of Autism Speaks

And we are very excited to announce that planning has begun for the ESMBA’s September 2019 Fall Golf Outing in support of the Mike McHugh Scholarship Fund .

Thank you all for supporting the ESMBA and I look forward to seeing everyone at the Holiday party in November.

Regards,

Kathy Lovece

President

Membership

2019 Membership Drive is here....

We are proud to announce our membership drive for the 2019 calendar year. If you join the ESMBA now, your membership will run through December, 2019. Just click the "JOIN NOW" button below and take advantage of 15 months of membership benefits.

Your membership entitles you to participate in ESMBA programs including:

1. Social, Networking and Community Outreach Programs. ESMBA hosts its annual “Free to Members” Holiday Party which supports Toys for Tots, ESMBA annual Bowling Event which supports Autism Speaks. ESMBA is committed to providing member networking opportunities while supporting our local communities.

2. Educational programs that address mortgage banking concerns. ESMBA’s calendar includes several educational seminars and programs ranging from Meeting your Regulator to addressing Non-QM mortgage underwriting to Discussing Technology platforms that enhance mortgage banking efficiencies and profitability and much more. ESMBA also plans to offer Loan Officer, Processor and Underwriting courses through our member partners during the year. Watch your emails and newsletters for individual program dates and descriptions.

3. Advocacy at the Legislative and Regulatory Levels. ESMBA continues to lobby Albany and the NYSDFS to ensure that mortgage bankers’ concerns and issues are addressed.

4. Member Discounts. ESMBA members enjoy numerous discounts on products and services through ESMBA affiliations with third party vendors.

5. And so much more…….

Be a part of the premier Statewide Mortgage Bankers Association. Join the ESMBA now!

Steven Knudsen

Membership Chair

Join Today

Regulatory Update

ESMBA's Advocacy continues its efforts in Albany and on State Street to ensure that mortgage banker concerns are addressed

LO Compensation Rule

If you are interested in participating in our lobbying efforts and would like to join the legislative committee , please contact us at [email protected]

On the Federal level, LO comp remains a concern to the mortgage banking community and limits consumer opportunity and choice.

Click here for the MBA position

Bonnie S. Nachamie, Esq.,

Legislative Co-Chair

Zahra Jafri

Past President & Legislative Co-Chair

Featured Article

The Importance of a Compliance Management System and How to Develop and Maintain an Effective One

By Michael G. Barone, Esq., Abrams Garfinkel Margolis Bergson, LLP., Compliance Dept.

Since the election of Donald Trump many banks and lenders have hoped that the regulatory landscape will look more favorable moving forward. While this may or may not be the case, there is no doubt that there have been direct signs from state regulators that they will be enhancing their oversight and taking an in-depth look at Compliance Management Systems (“CMS”) in upcoming examinations. Failure to maintain an effective CMS exposes a mortgage company to significant compliance risk.

Broadly defined, a CMS is a system which creates a culture of compliance within a mortgage company. When you break a CMS down into its core parts it should include the following components:

1. Compliance Governance;

2. A Compliance Program; and

3. A Complaint Management Process.

Compliance Governance

The Board of Directors and Executive Management are ultimately responsible for developing and administering a CMS that ensures compliance with all applicable federal and state rules and regulations. Further, an effective CMS must indicate that the Company’s Board and Executive Management understands and plays a role in the company’s compliance responsibilities and that those compliance responsibilities are effectively communicated to all employees.

Full Article Click Here

Empire State Mortgage Bankers Association

501 E. Boston Post Rd., Suite 6, Mamaroneck NY 10543

P: (914) 341-1869 | F: (888) 900-1602 | [email protected] | www.esmba.org