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» VISIT US ONLINE @ DSNEWS.COM 121 Roundtable is the first of several such events planned across the country during 2018, designed to spur communication between the mortgage industry and the communities they serve. e events will culminate in late 2018 with a report on key findings impacting diver- sity issues within the mortgage industry. John Rieger, Executive Director for the American Mortgage Diversity Council, said, "is Roundtable Town Hall connects the leaders of the Dallas LGBT community into a collaborative dialogue with the leaders of the mortgage banking and financial services industry to shed light on the challenges facing all facets of their community in an effort to ensure that diversity and inclusion remains a top priority." Calling diversity and inclusion "core values," Bank of America released a state- ment saying, "Bank of America is excited to be a part of the LGBT Town Hall and to be able to engage in open dialogue with LGBT community leaders on topics that will help to broaden perspectives, drive positive change, and engagement with our employees and clients." Bank of America said they are looking forward to the LGBT Town Hall providing "the opportunity to foster courageous conversa- tions between LGBT community leaders and leaders of banks and mortgage companies that will support the enhancement and develop- ment of strategies, products, and services that benefit and support our LGBT customers." e Dallas event will connect LGBT community leaders with industry executives, featuring panels and roundtable discussions on topics, including: » Legislation on extending Fair Housing Act protections to LGBT individuals » Federal programs that encourage LGBT homeownership » Creating a culture of inclusiveness in the workplace » Workplace discrimination protections » Unconscious bias training Attendees included a broad spectrum of leaders from both the Dallas LGBT com- munity and the mortgage industry. Confirmed LGBT community leaders will include representatives from the Resource Center of Dallas, AIDS Services of Dallas, Transgender Education Network of Texas, North Texas LGBT Chamber of Commerce, Dallas Hope Charities, Cathedral of Hope Church, Legacy Counseling, Prism Health Services, AIDS Outreach Center, and Outlast Youth. "So many people and companies overlook the specific needs of the LGBT community and end up with a missed opportunity with po- tential clients," said Melissa Grove, Executive Director of Legacy Counseling. "Often, the solution is simple: awareness. is event offers a dialogue that will bring about much-needed awareness in the banking world." On the industry side, the summit will include executives from US Bank, MSI, Ac- cumatch, Bank of America, Mr. Cooper, and the Five Star Institute, including Five Star President and CEO Ed Delgado. Kim Morris, SVP, Tax Operations, Accu- match, said, "Our strength lies in our diversity. Without it, we would be a boring society, all with the same ideas. Buying into diversity and accepting our differences makes us powerful." "It is imperative that the full power of the banking industry is both seen as being diverse and supporting the many causes that support the fight of discrimination and stigma that is seen in the LGBT community, which leads to homelessness, issues with addiction, and other social needs," said Neil Cazares-omas, Senior Pastor at Cathedral of Hope United Church of Christ. "e more we can do to reduce stigma, the better off our world will be," Cazares-omas concluded. systems to produce accurate billing statements and additional monitoring and oversight will be required. is is a significant change for most servicers and will require a tremendous effort for compliance. In addition to bankruptcy challenges, servicers face other issues. For example: Payment application: Issues arise when pay- ments are applied after the required timeframe (later than six business days after receipt). Payment application issues also often arise fol- lowing court-filed payment change notices. Past billing statements: Issues include the inability to reconcile sums reflected in the ser- vicer's system of record with contract terms or with amounts received. In addition, foreclosure information (where applicable) is often missing from the billing statement in instances where the servicer has commenced legal action. IRS Form 1098 & 1099-C: Interest calcula- tions are often not correct when payments are reversed or in "unapplied" status during the prior cycle. Also, the amount of debt discharged can be incorrect—especially when there was a bankruptcy "cram down." Escrow statements: Annual escrow state- ments sometimes reflect the incorrect amount and payment, especially when these loans are in default. Servicing transfers: As servicing transfers have increased, so have errors. is is especial- ly true when loans are transferred to servicers who use different systems where some of the required data points are not captured. ese are just a few of the many chal- lenges that have plagued mortgage servicers. ese challenges are not insurmountable, but should be taken into consideration when internally reviewing or externally hiring a trusted compliance/risk management partner. With ever-evolving CFPB rules and guidance, servicers and subservicers should understand the degree to which their processes are in compliance and should be prepared with their internal processes and systems to face these challenges head-on. Katie Brewer is COO of Green River Capital, a wholly owned subsidiary of Clayton Holdings LLC. Clayton Holdings is a wholly owned subsid- iary of Radian Group, Inc. (N YSE: RDN). LGBT and Mortgage Leaders Meet on Diversity On ursday, December 7, the American Mortgage Diversity Council hosted an LGBT roundtable Town Hall in Dallas, Texas. e of Redfin searches for homes in the Dallas, Texas, area in Q3 2017 were made by users searching from outside the metro area, highlighting Dallas as a top migration destination for homebuyers looking to relocate. Source: Redfin's November 2017 report, "Top Migration Destinations Include Nation's Most Active Metros for Residential Construction" STAT INSIGHT 21.2%

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