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» VISIT US ONLINE @ DSNEWS.COM FIVE MINUTES WITH GET TO KNOW INDUSTRY EXECUTIVES BEYOND THE BOARDROOM Vicki Vidal SVP OF PRODUCT MANAGEMENT, SERVICING SOLUTIONS AND TECHNOLOGY, LENDER PROCESSING SERVICES Vicki Vidal has served as a formidable advocate for mortgage bankers for more than 20 years. She recently left her post as AVP of loan administration in the public policy and industry relations department of the Mortgage Bankers Association to take her expertise to Lender Processing Services (LPS). At LPS, she works with the company's product management team to identify areas of its servicing system where enhancements can be made to better support mortgage servicers as they respond to regulatory changes in today's evolving environment. What's the biggest industry transformation you've witnessed during your career? The volume and pace of change. There is a constant flow of new requirements, not only at the federal and state levels, but also the courts and local jurisdictions—each with its own set of requirements that lenders and servicers must follow.   How would you describe the regulatory environment today? The regulatory environment can seem overwhelming. It is a massive undertaking with regard to structure and process. Often the regulations or requirements are so intricate they call for significant retooling of day-to-day operations and systems. I continue to be impressed by how servicers are able to keep up with such voluminous and fast-paced changes, and still be focused on operational success.   What's the biggest compliance challenge facing mortgage servicers going forward? The challenge is twofold. Servicers need more specific guidance and clarification on the rules that govern their businesses. In my experience, servicers are focused on following the rules, but they can only do so if the rules are clear. Servicers also need a uniform set of standards to avoid overlapping, competing, or conflicting requirements at the federal, state, and local levels.   What do the new regulations mean for technology providers? Technology providers must have the financial ability to make the investments necessary to ensure their technologies support compliance for their customers. They also need the ability to innovate so those solutions can be delivered, and they must be able to provide superior support so clients are able to implement enhancements and use them efficiently. Specifically, automation and data integrity are keys to ensuring compliance with rules and regulations. For example, automation and data management are critical to ensure the appropriate notices are sent to borrowers with accurate information and at the right time, which can help support borrower interactions.   What government initiatives should the industry expect during the next 12 months? Industry professionals need to keep an eye on additional regulations and clarifications issued by the Consumer Financial Protection Bureau (CFPB) and stay tuned into clarifications that might occur through the examination process. Servicers, in particular, should keep an eye on how other regulatory agencies and states are coordinating with CFPB rules. For example, there may be a move to harmonize customer communication, loss mitigation, and foreclosure procedures to avoid duplicate or conflicting requirements. I anticipate changes stemming from the CFPB's servicing rules to continue for some time beyond the January 10, 2014, implementation date. 35

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