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One Company, One Exam for Mortgage Companies - The Future of Mortgage Supervision

Guests:

Anthony Polidori – Idaho Deputy Director and Chair-Elect of the Multistate Mortgage Committee
Kirstin Anderson – Oregon Director and President of the American Association of Residential Mortgage Regulators

Timestamps:

  • 3:28 - Current Challenges Supervising Mortgage Companies in Multiple States
  • 6:18 - Specific Pain Points for Multi-State Exams
  • 7:57 - Introducing One Company, One Exam Pilot for Mortgage Companies
  • 10:35 - Options for States in One Company, One Exam
  • 12:55 - How the State Examination System Makes Multi-State Exams Better for Everyone
  • 16:04 - How Can You Know States Won't Conduct Another Exam on Their Own?
  • 18:21 - How Comprehensive is This One Exam?
  • 21:19 - Timeline for Pilot and One Company, One Exam for Mortgage Companies
  • 23:18 - The Future of One Company, One Exam
  • 25:28 - The Future of Collaboration Between States (Networked Supervision)

Intro:

Over the last few episodes, we’ve been talking about this strategy state supervisors use to approach the rapid change of the financial system. 

That strategy is called “Networked Supervision,” and it has a lot of different parts to it. There’s the technology aspect with state-of-the-art licensing and monitoring tools; the collaboration aspect, where states share information; and the “streamlining” aspect, where regulators make the process better for companies and more impactful for consumers.

But really, “Networked Supervision” comes down to three core concepts:

  • Making the process of getting a financial business started faster, more straightforward and safer for the company and consumer;
  • Making the process of examining those businesses faster, more straightforward and more useful for all parties; 
  • And providing regulators with state-of-the-art monitoring tools that permit them to see real-time what’s going on as broad as the financial system as a whole or as granular as a single institution or, sometimes, even a single business transaction.

The result of all this is a world where state examiners can fulfill their mandates of protecting consumers and ensuring local economic growth, where companies can spend less time on compliance and focus on serving their customers, and customers can rely on their regulator to be watching out for them and their money in a rapidly-changing, tech-driven world.

Today, we are continuing our focus on point #2 of networked supervision: making the examination of businesses better. And we are continuing a discussion on a concept known as “One Company, One Exam,” where large companies operating across the nation could see fewer exams as more states team up to conduct them. 

But, while we talked about money transmission last time, today we are talking about mortgages. And we’re really fortunate; we’ll be talking to two expert examiners who have both been in the business for more than 20 years about what’s changed in mortgage supervision and what “One Company, One Exam” will mean for them.

I’m Matt Longacre, and this is Simply Stated.

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