Buckley Madole, P.C. will be exhibiting in booth #601 at the Mortgage Bankers Association National Mortgage Servicing Conference being held at the Gaylord Texan Dallas Texas 2/14/17 through 2/17/17. Several of Buckley Madole, P.C.’s Shareholders, including Adam Womack and Rich Haber will also be at the exhibit booth during the below listed times.
Rich Haber Adam Womack
Shareholder (NY, NJ Offices) Shareholder (TX, FL, GA Offices)
At Booth #601 on Wednesday 2/15/17 from At Booth #601 on Thursday 2/16/17 from
12:30PM to 1:30PM 10:30AM to 11:30AM
Chris Lundquist will be speaking about PACT’s proprietary technology for automated Chapter 13 Trustee Payment Posting and Claims Tracking at the Mortgage Bankers Association National Mortgage Servicing Conference on Wednesday 2/15/17 at 1:30PM at the Gaylord Texan Dallas Texas.
PACT’s proprietary technology and patented process provides Chapter 13 ledger balance and payment reconciliation information on client’s accounts with over 200 nationwide Chapter 13 Trustees data daily. PACT’s application suite is focused on helping clients directly address the misapplication of funds through Chapter 13 Trustee payment posting automation and Claims Tracking.
Improves Operational Efficiency
- Proprietary automated process reduces labor cost for bankruptcy associates and cash management associates
- Decrease research and claim tracking effort for bankruptcy associates
- Increased cash management and payment posting
- Consolidated forum for trustee payment data
Increases Data Accuracy
- PACT’s patented processes analyzes and compares client’s data to over 200 Chapter 13 Trustees data daily.
- Defines pre and post-petition funds allocation
- Data errors are proactively identified enabling them to be permanently corrected
- Eliminates data entry errors through automated posting of trustee payments
- Custom exception reporting
- Identifies and captures servicer-defined business conditions (e.g. payment changes)
PACT Unites Two Worlds Through An Integration Of Data
- Matches loans to trustee’s cases and claims
- Payment allocation instructions for trustee payments
- Reconciles payment records with the trustee’s ledger
- PACT interfaces with lender’s servicing systems and with the National Data Center Chapter 13 Trustee information
- PACT provides the industry a common communication platform/terminology at the data element level for all parties-in-interest (servicers, creditors, attorneys, trustees, judges, and debtors)
- PACT provides reports to help reconcile servicer payment records with trustee’s payment records and provide evidentiary reporting to the courts
Bankers involved in consumer finance met yesterday with Senate Democrats to encourage them to consider backing a plan to convert the Consumer Financial Protection Bureau into a bipartisan commission, MorningConsult.com reported yesterday. Ross Carey, an executive vice president at U.S. Bancorp and chairman of the Consumer Bankers Association (CBA), said that the CBA’s board had meetings scheduled with about a dozen Senate Democrats in an effort to convince them that they should support a move away from the CFPB’s single-director structure.
Steven Mnuchin, President-elect Donald Trump’s pick for treasury secretary, said yesterday that he supports the Volcker Rule, but suggested that he wants to make some changes to the Dodd-Frank regulatory framework, MorningConsult.com reported. During his confirmation hearing before the Senate Finance Committee, Mnuchin said in response to a question from Sen. Mike Crapo (R-Idaho) that while he supports the Volcker Rule — a product of the 2010 Dodd-Frank law that restricts banks from placing risky bets with their own capital — he wants to examine its effects on market liquidity. “I think the concept of proprietary trading does not belong in banks with FDIC insurance,” Mnuchin said, referring to the Federal Deposit Insurance Corp. He added that the Volcker Rule’s impact on liquidity is “something I would absolutely want to look at,” and he cited a recent Federal Reserve report examining the issue.
President Donald Trump's review of post-crisis banking rules could sound the death knell for new global standards now being finalized and rip apart a common approach to regulating international lenders, bankers and regulators said, Reuters reported yesterday. Central banks and watchdogs around the world have spent the past eight years drawing up regulation aimed at preventing a repeat of the 2007-2009 financial crisis, but there are fears that project could unravel after Trump said that he wants the U.S. to dial back on capital rules. Trump's order for a regulatory review to overcome what he sees as obstacles to lending came as banking watchdogs were trying to complete the final piece of global capital requirements, known as Basel III. Given that the U.S. wants to shrink the banking rule book, there are doubts over whether the Basel rules can make it over the finish line next month if they don't have backing from the U.S. The core aim of the outstanding part of Basel III that regulators are working on — dubbed Basel IV by critical banks who worry about more stringent capital requirements — is to impose more consistency into how banks calculate the amount of capital they hold against risky assets like loans.
President Donald Trump ushered in a friendlier era for Wall Street’s relationship with Washington, calling for an end to eight years of rising regulations and publicly embracing some of the industry’s top leaders, the Wall Street Journal reported on Saturday. At a White House meeting, Trump on Friday promised to undo a bevy of restrictions on financial firms put in place after the 2008 financial crisis, while praising the CEOs of BlackRock Inc. and JPMorgan Chase & Co. The six biggest U.S. banks could potentially return more than $100 billion in capital to investors over time through dividends and share buybacks if the Trump administration succeeds in a push to loosen bank regulation, the Wall Street Journal reported today. President Donald Trump on Friday signed a memorandum ordering a review of the Dodd-Frank Act, the post-financial crisis regulatory overhaul that has guided regulators such as the Federal Reserve. That caused bank stocks to gain ground Friday, building on sharp increases since the presidential election. Those occurred as expectations among investors of higher interest rates, less regulation and stronger economic growth stoked optimism that banks will be able to return more capital to shareholders.
President Donald Trump today plans to sign an executive action that establishes a framework for scaling back the 2010 Dodd-Frank financial-overhaul law, part of a sweeping plan to dismantle much of the regulatory system put in place after the financial crisis, the Wall Street Journal reported today. Trump also plans another executive action aimed at rolling back a controversial regulation scheduled to take effect in April that critics have said would upend the retirement-account advisory business. Trump will use a memorandum to ask the labor secretary to consider rescinding a rule set to go into effect in April that orders retirement advisers, overseeing about $3 trillion in assets, to act in the best interest of their clients, Cohn said. Trump also will sign an executive order that directs the Treasury secretary and financial regulators to come up with a plan to revise rules the Dodd-Frank law put in place.
A U.S. appeals court yesterday rejected separate bids by 16 states and two Democratic lawmakers to defend the U.S. Consumer Financial Protection Bureau in a legal battle that could defang the agency created under former President Barack Obama, Reuters reported. In a brief order, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit denied a request to intervene filed by the states, including New York and Connecticut. The court also rejected similar motions filed by nonprofit consumer groups and two lawmakers, U.S. Senator Sherrod Brown of Ohio and congresswoman Maxine Waters of California, also seeking to defend the board. The court ruled last October that the structure of the agency, charged with guarding consumer finances, was unconstitutional. The agency immediately asked the court to reconsider its decision but the Trump administration could drop the appeal.
A powerful housing trade group is wasting no time in pushing the Trump administration and Republican-led Congress to address one of the last unresolved issues from the financial crisis, outlining a proposal yesterday to overhaul mortgage-finance giants Fannie Mae and Freddie Mac, Bloomberg News reported. The Mortgage Bankers Association plan would make Fannie and Freddie privately-owned utilities and cap their returns on capital. It would also turn the government’s implicit backstop of the companies into an explicit guarantee of the mortgage-backed securities they sell to investors.
Just what banking regulation will be like under President Donald Trump remains unclear. But recent comments by Treasury Secretary nominee Steven Mnuchin suggest he might be looking across the Atlantic to the U.K. for inspiration, the Wall Street Journal reported today. In his Senate testimony last week and in written responses to senators this week, Mnuchin repeatedly raised the specter of some kind of “21st Century Glass-Steagall,” without giving any details. Mnuchin clearly doesn’t favor a simple return to the Great Depression-era law. In his written comments, Mnuchin said that “a bright line between commercial and investment banking…may inhibit the necessary lending and capital markets activities to support a robust economy.” Under this system, U.K. banks like Barclays and HSBC must establish separate subsidiaries that contain their local U.K. operations serving individuals and small businesses, funded by government-guaranteed deposits. Their global investment-banking businesses stand outside this ringfence with their own capital, allowing them in theory to be wound down if they run into trouble without endangering the retail bank or necessitating a government bailout.