Keeping Compliance Top of Mind to Protect American Consumers & Helping Mo rtgage Compliance Professionals to be Compliant with the Regulations
AUSTIN, Texas, April 2, 2014 /PRNewswire/ — Ben Slayton, an entrepreneur extraordinaire, has created the first publication of its kind, Mortgage Compliance Magazine, that provides Presidents, CEOs, In-house Counsels, and Regulatory Compliance, Risk Management and Quality Assurance Professionals of federal and state chartered banks, credit unions, and mortgage banking firms throughout the country, with relevant news, articles, research, and tools on how to stay on top of all the new and existing mortgage compliance rules and regulations.
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Photo – http://photos.prnewswire.com/prnh/20140402/PH95984-b
According to the Consumer Financial Protection Bureau (CFPB), in the 2000s, there were widespread failures in consumer protection, rapid growth, and irresponsible lending practices. Many lenders took advantage of gaps in the consumer protection system by selling mortgages and other products that were overly complicated, and, in some cases, when the consumer did not have the ability to repay the loans. In July 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Act was created with one goal in mind: watching out for American consumers in the market for consumer financial products and services. On January 10, 2014, a firestorm of new mortgage rules and regulations from the Act went into effect.
Slayton fiercely launched the first issue of Mortgage Compliance Magazine in October 2013 to help his subscribers prepare for the January 10, 2014 implementation deadline. Articles have focused on getting mortgage loan business in order to minimize operational difficulties and potential violations and to preclude CFPB scrutiny and audits.
Launching Mortgage Compliance Magazine was a brilliant move by Slayton with impeccable timing.
"There are things we know about the changes CFPB is bringing to mortgage servicing, but there are probably more things we don't know – which will keep the discussions lively in Mortgage Compliance Magazine for at least the next several years," writes Steven Horne, CEO and President of Wingspan Portfolio Advisors, in his recent article, "QM and CFPB Implications for Servicers," published in the March 2014 Mortgage Compliance Magazine.
Mortgage Compliance Magazine is a subscription FREE, digital magazine that is published monthly. In addition, the magazine is printed four times a year and furnished to the attendees at four Mortgage Banking Compliance Conferences (Legal Issues & Regulatory Compliance Conferences, Risk Management & Quality Assurance Forums, Loan Servicing Compliance Conferences, and the Regulatory Compliance Conferences) throughout the year.
Slayton has extensive experience in creating real estate and financial services-related businesses for the past 49 years. He created several companies from conception and grew them into successful operations subsequently sold to publicly-traded companies or major privately-held entities. He started in residential real estate in the early 1960s with B.L. Slayton Realtors, which he grew into one of the largest independently owned real estate firms in the San Fernando Valley of Southern California. Slayton is one of the first African Americans to become a realtor in the country, and the first African American to serve as a member on the Board of Directors of the San Fernando Valley Board of Realtors and the Board of Directors of the California Association of Realtors. Slayton was the first African American to purchase a Century 21 Real Estate franchise. He also served as the President of the first Interracial Rotary International Club in the United States. He was the builder and developer of the first condominium project in the state of California to be marketed and sold to African Americans, and, as the Managing Director of Western Bank Multifamily, he was successful in being approved as the first Freddie Mac Multifamily Program Plus Seller/Servicer in the country. Slayton is married to Dawn Slayton, who is Operations Director for Mortgage Compliance Magazine. They reside in Austin, Texas.