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58 including title and escrow companies. CFPB Director Rich Cordray recently criticized the tumultuous rollout of TRID, specifically singling out industry vendors as the problem. e CFPB had high hopes for the new TRID form but, unfortunately, the industry rollout has been far from ideal. e rule was delayed twice, first due to the CFPB's own failure to timely file Congressional notice under federal law delaying the effective date from August 1st to October 1st and then again to October 3rd. Now that TRID is here, however, Cordray accuses vendors of having "performed poorly in getting their work done in a timely manner and unfairly putting many [lenders] on the spot with changes at the last minute or even past the due date." e exorbitant cost of TRID preparation and compliance alone has already put many title and settlement companies out of business. More will close in the coming year. e CFPB will undoubtedly impose high fines on others. But it's not all doom and gloom; rather, with this growing uncertainty also comes opportunity for those companies who have laid the groundwork in full compliance with the new regulations. e bold prediction is, of course, that the CFPB may not have a lasting impact at all. Perhaps more so than at any time in its short history, the CFPB's future is uncertain in the face of industry pushback at every step. Current Presidential hopefuls are threatening to reign in the bureau, if not shut it down entirely. Lenders are appealing CFPB fines rather than quietly settling. e auto industry continues to confront the bureau through Freedom of Information Act requests (which have thus far been denied). Even law firms are challenging the bureau's authority to regulate the practice of law. One thing is certain, though: e CFPB is here and will greatly affect us all in the coming year. Successful companies will recognize this uncertain time for what it is: opportunity. ey will adapt, comply, and reap the benefits of a less crowded marketplace. COVER FEATURE PROPERTY PRESERVATION ALAN JAFFA CEO, Safeguard Properties It is an interesting time for the mortgage field services industry. We continue to be faced with heightened regulations and compliance; however we also are on the cusp of an evolution within property preservation. New technologies -- like video and geo-location services -- are giving us a unique view into vacant and abandoned properties. We also have made great strides towards uniformity within investor guidelines as we continue to bridge the gap between communities and investors by enhancing services in all stages of default. Perhaps the most promising new technology for mortgage field services companies is video and its use in the field. Having the ability to report damages and receive bid approvals in real-time is a game changer. And although video will never replace photo documentation, it will be utilized to provide more detailed evidence of damages and issues at properties. National companies, like Safeguard Properties, have been testing the technology's feasibility for some time and plan on releasing applications for their inspector and contractor networks to utilize it day-to-day in the field. Geo-location technology will continue to serve as a quality control measure for determining the correct property location. rough the use of mobile devices and applications that collect meta data, including the longitude and latitude of photos, field services providers know if a contractor or inspector is in the proper location and can track that information each time they visit the property. Geo-location technologies also can be utilized to assign urgent or rush orders quickly to contractors working in the field. If activated on their mobile devices, location services can track contractors who then can be notified if an order pops up in their area. In addition to new technologies, our investors have recently or in the near future will release new property preservation and inspector guidelines that also will make an impact on the industry in 2016. In these new guidelines, the investors are seeking more property details, many of which have already been implemented. e investors' request for more information is evidence of the heightened scrutiny the mortgage servicing industry will continue to face in 2016. It is our hope that these new guidelines help create more uniformity in property preservation and a better end-product for neighborhoods and communities across the country. What we also anticipate in 2016 is more uniformity between city regulations and investor and client guidelines. is includes raising the property preservation bar in all stages of default. ose residents neighboring vacant and abandoned properties do not know the difference between properties in presale and those in REO. All they see is what can potentially be an eyesore or blight in their community. Many servicers have begun the process of ensuring all properties are serviced COVER FEATURE Cover Feature: 30 Top Executives Tell You The Future Cover Feature: 30 Top Executives Tell You The Future Cover Feature: 30 Top Executives Tell You The Future EXPERT OPINION I would rather compete in the current state of the industry–which includes standards, better client communication, technology requirements, and transparency than an environment of favoritism and "us versus them" vendor management. –BRIAN CULLEN EXPERT OPINION The bold prediction is, of course, that the CFPB may not have a lasting impact at all. –JEFF PUTHOFF

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