Hope To See You in Miami!

One of our favorite events of the year is coming up quickly.  If you’re not familiar with the MBA’s Risk Management, QA and Fraud Prevention Forum, have a look here.  It takes place from September 24 – 26,  2017.  And the very first reason you need to be there? Well, it’s in Miami.  Can’t beat that!

This is a great show from a networking and content perspective.  It’s also a fantastic place to measure the pulse of the industry on issues that deeply impact Service 1st as well as our clients and partners.  Here are a few scheduled sessions and topics we’re looking forward to discussing and hearing about in Miami.

Data Quality Assurance for Automated Mortgage Processes: We’ve heard almost nonstop about e-Mortgages and digital transactions in 2017, and we applaud the progress. The mortgage industry is finally leaping headlong into a technological revolution other industries have been experiencing for over a decade. However, automation doesn’t necessarily guarantee data integrity.  The old saying “garbage in, garbage out” comes to mind.  We will certainly be attending this session to see what lenders and service providers are doing to ensure that new automation processes don’t just mean bad data is utilized faster and more efficiently.

Improving the Accuracy of Valuations: We can’t see how this can take place without the discussion of the elephant in the room:  value inflation.  One great way to ensure accuracy is to make appraisers immune to the pressure of loan officers, Realtors or consumers to inflate value to make the loan.  And then enforce it!

Managing the Appraisal Process:  While the write-up for this session focuses on cutting time and cost, we’re also hoping the opposite end of the issue—maintaining appraiser independence and the integrity of the valuation process—are a focus of the discussion as well.

Another topic we think will be referenced amongst several panels as well as in the figurative “hallways” of the conference will be the renewed application of FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act of 1989), which governs a number of elements of the appraisal and valuation process.  One of its requirements is that a mortgage lender employ a formal review process to the appraisals/valuations of at least 10% of its originated loans.  We’re pretty sure this will be a key topic at a conference devoted to quality control and risk management!  With the upward adjustment (for inflation) of potential penalties under both FIRREA and the False Claims Act in late 2016, we’ve seen increased enforcement activity in the past year.

Well, that’s it for now.  We’ll post again after the show to let you know what we heard, saw and learned.  Until then, we hope we’ll see you in Miami!