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2 The Times They Are a-Changin' If your time to you Is worth savin' Then you better start swimmin' Or you'll sink like a stone For the times they are a-changin'. –Bob Dylan, 1964 It's a brave new world in the housing industry. Now six years since the beginning of the worst of the financial crisis, the debate rages on about the appropriate level of response to make sure that it never happens again. While Bob Dylan's famous anthem warned of the dangers of failure to adapt to the sweeping social change of the 1960s, the general lesson is still true today. In an industry still meandering down the long, winding path to recovery, the assumptions that we once held, may no longer be true. Survival may hinge on the ability to "start swimmin'" and adapt to a new set of rules. is month, we'll analyze the new terrain. For instance, industry consolidation has caused a migration among executives that is growing at a rapid pace. In this month's cover story, Sandra Lane explores the motivations behind the developing trend. She argues that the ability to be open-minded and adaptable to a changing set of circumstances is essential to long-term career success. e compliance landscape has changed for servicers forever. In their piece, "Solving the Servicing Riddle," Laurence Platt and Kerri Smith take a look at the new servicing regulations put in place by the Consumer Financial Protection Bureau (CFPB), now nine months after implementation. eir evaluation makes the case that the hyper-technical and complicated rules mean even a good faith effort on the part of the servicer may still not be good enough. Platt and Smith shine a light on a number of inherent problems in the rules themselves and how they may conflict with regulations put forth by other governmental entities. Carrie Bay sounds the alarm in her feature "Resurrecting the Private Label RMBS Market," pointing to the staggering lack of private label investment in the residential mortgage backed securities market and the inherent risk involved with too much government backing of a market whose downfall was at the very least a contributor to the crisis that shook the economy to its core. e one thing that will never change is our appreciation for you and the tremendous value that we place in the feedback that you provide to us. Is there something happening in the servicing world that you would like to see covered? Do you have an idea to make the coverage better? We'd love to hear it. Drop us a line and let us know how we're doing. Send us an email at editor@dsnews.com or follow us on Twitter @DSNewsDaily and join in on the conversation. Your DS News Editorial Team default servicing | in print and online VOL. 12 NO. 9 No part of this publication may be reproduced without written permission from the publisher. ©2014 REO Publishing LLC All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. does not guarantee the accuracy of the information, and is not liable for any damages, losses, or other detriment that may result from the use of these materials. PUBLISHER ACTING EDITOR-IN-CHIEF EDITOR DESIGN DSNEWS.COM VIDEO EDITOR STAFF WRITERS CONTRIBUTING WRITERS COPY EDITORS ADVERTISING DS NEWS BLACK BOOK AND LEGAL LEAGUE 100 SOCIAL MEDIA Mark Hulme Ashley R. Harris Derek Templeton Jonathon Won Jordan Funderburk Tory Barringer, Krista Franks Brock, Scott Morgan, Brian Honea Carrie Bay, Sandra Lane, Randy Perry, Laurence Platt, Kerri Smith Alison Rich, Shalene Roberts, Cody Galuardi Robyn Clayton: 214.525.6716 Courtney Coffey: 214.525.6781 Thomas Griffin: 214.525.6754 David Hoierman: 214.525.6728 Kevin McCrea: 214.525.6756 Jason Myers: 214.525.6760 David Vandecar: 214.525.6745 Kelli Snowgren: 214.525.6786 Blake Stepan f o r m e rl y m a g a z i n e Follow DSNewsDaily on CHAIRMAN AND CHIEF CREATIVE OFFICER PRESIDENT AND CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR OF ACCOUNTING MARKETING DESIGN PRODUCTION Mark Hulme Ed Delgado John Harrison Ernest Gillespie Matt Whiteley Sean Walker Jason Stone Jonathon Won Denis Kashoid Luke Rose FROM OUR DESK

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