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Wednesday, February 23, 2022

  • POLICY & COMPLIANCE TRACK: Managing Compliance with Evolving Servicing Regulations


    Speaker(s)

    Shayna Arrington, Chief Compliance Officer, The Money Source Inc.

    Nicole Upshur, Regulatory Compliance Counsel, Ncontracts

    Amanda Phillips, EVP of Compliance, ACES Quality Management

    Reid Herlihy, Partner, Ballard Spahr LLP

    In keeping with the Biden Administration’s focus on Fair Lending, the Consumer Financial Protection Bureau (CFPB) and other state and federal regulators have made it clear that servicing compliance will take center stage moving forward, leaving servicers to navigate an uncertain regulatory landscape. This session reviews recent and pending regulatory changes related to mortgage servicing and offers best practices for strengthening servicing QC procedures to ensure compliance.

    Speaker(s)

    Shayna Arrington, Chief Compliance Officer, The Money Source Inc.

    As the Chief Compliance Officer at The Money Source Inc. (TMS), Shayna oversees compliance across all business channels, including Correspondent, Servicing, Subservicing, and formerly the company’s Retail and Wholesale Origination Channels. This includes oversight of company legal and regulatory compliance, change management, client management, quality control, compliance testing, licensing and examinations. Before joining TMS, Shayna worked at a mortgage banking focused law firm where she served as outside compliance counsel to a variety of lenders and servicers. She has extensive government and regulatory experience, including time at the Department of Housing and Urban Development and the Department of Justice.

    Nicole Upshur, Regulatory Compliance Counsel, Ncontracts

    As Regulatory Compliance Counsel, Ms. Upshur oversees the creation of mortgage law content for Ncontracts Compliance Programs. She has a vast background of 20 years as a practicing attorney and in house counsel. Prior to coming to Ncontracts she was in house counsel where she managed mortgage litigation matters, vendor management and compliance oversight. She is also a member of MBA's Legal Issues & Regulatory Compliance Committee, a recipient of MBA’s diversity education scholarship, a MBA Certified Mortgage Compliance Professional, a NAFCU Certified Compliance Officer, a Virginia State Bar Councilwoman, a Certified CompTIA Security + and member of the CompTIA Cyber Security Community Executive Council, and a veteran of the United States Marine Corps.

     

    Amanda Phillips, EVP of Compliance, ACES Quality Management

    Amanda Phillips has two decades of experience in the financial services industry including holding executive roles in legal and regulatory compliance. Prior to joining ACES Quality Management, Mrs. Phillips was with the law firm Ballard Spahr, LLP where she advised clients on federal and state regulatory requirements governing mortgage lending, including business processes and practices, software, and mortgage documents. Prior to Ballard Spahr, she spent 6 years as in-house counsel/EVP of Legal and Regulatory Compliance for Mortgage Cadence and 5 years as SVP-Director of Compliance for a national mortgage lender. Prior to her roles in compliance, Mrs. Phillips worked in multiple roles on the business side ranging from file set-up and disclosures to processing and underwriting.

    Reid Herlihy, Partner, Ballard Spahr LLP

    Reid F. Herlihy provides regulatory and transactional advice for clients on a range of issues involving state and federal consumer finance laws. Reid counsels mortgage companies, servicers, consumer finance companies, financial institutions, investment banks, debt collectors, and secondary-market investors on state and federal regulatory compliance issues.

    Reid regularly counsels clients on issues regarding the CFPB's Mortgage Servicing Rules, advertising, fair debt collection, lending and servicing disclosures, loss mitigation, foreclosure procedures, and business practices. He also assists clients with state and federal examination issues and regulatory actions.

    Reid assists clients with meeting state and federal licensing and approval requirements, including those related to stock and asset acquisitions. He has extensive experience with the SAFE Act and has counseled numerous mortgage companies, servicers, and third-party service providers on implementing those requirements. He frequently prepares multistate regulatory surveys and analyses on a wide range of matters concerning residential mortgage lending, brokering, and servicing, and assists companies in implementing new laws and regulations.

    Reid is author of the "Fair Debt Collection Practices Act" chapter of Mortgage Finance Regulation Answer Book 2011-2012, published by the Practising Law Institute.

     

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