Regulatory implementation often clashes with two key concerns for lenders — fast turnarounds and easy processes. Technology can mitigate that impact, so Arch MI has made it a priority to develop and deploy technology that ensures any changes are well integrated within its systems and will work seamlessly with its customers’ systems.
“Arch MI studies new regulatory developments from the initial stages of the proposal to the final release, in order to gauge the likely effect on our lender partners and identify opportunities for us to provide support,” said Richard Izen, executive vice president of sales and marketing.
Arch MI created an online resource — the TRID Information Center — that provides guidance on MI treatment under the new rules, featuring expert direction from Benjamin K. Olson, a former deputy assistant director at the CFPB and currently a partner at the law firm of Buckley Sandler.
“Mr. Olson is one of the original architects of the CFPB’s TRID rules. He’s the best possible person to offer advice on this complex topic and we’ve been fortunate to collaborate with him,” Izen stated.
The result is a unique webinar presentation that Arch MI posted in the Information Center that features Olson explaining how mortgage insurance will be treated under TRID, particularly in regard to tolerances.
“We recognize there’s a lot of uncertainty around TRID, and our approach has been to offer the certainty lenders are looking for — at least in regard to mortgage insurance,” Izen said.
One area that lenders are concerned about, Izen said, is “getting it right” when disclosing costs on the new TRID forms, including the MI premium. Although generally any changes in costs require a re-disclosure, changes to a monthly mortgage insurance premium plan do not trigger the re-disclosure obligation after the Loan Estimate is sent to the borrower, as long as the premiums are paid in arrears and not at the closing.
“Lenders only need to re-disclose a change in the premium if they are sending a revised Loan Estimate for some other reason,” Izen noted.
Although lenders have been busy preparing for TRID for more than a year, many other stakeholders are less aware of the consequences of the new regulations, particularly real estate professionals.
“TRID is a challenge for lenders, but it’s also a tremendous opportunity to build bridges in their communities,” Izen said. “A perennial concern for mortgage lenders is their relationship with local Realtors, who often play a decisive role in the choice of a mortgage finance partner.”
In this environment, Arch MI developed a Readiness Roadmap, also posted in the Information Center, to give lenders the tools to position themselves as TRID experts with their real estate partners. Created in cooperation with Morf Media Inc., this toolkit includes a downloadable presentation that teaches lenders the TRID basics.
Following this training, lenders can invite local Realtors to attend a complimentary TRID training session at their offices using the materials provided in the Roadmap, including the invitation copy for emails.
It’s just one more way that Arch MI looks out for its lender partners.
“Our aim is for our customers to expect more than mortgage insurance solutions from Arch MI,” Izen said.
THE EXECUTIVES
David Gansberg, President and CEO
As president and CEO, David Gansberg has responsibility for managing all aspects of Arch MI. Before being appointed to this role, Gansberg held a variety of positions with subsidiaries of the Arch Capital Group, including EVP of Arch Reinsurance Company. He began his career as an actuary for Cigna.Heis a member of the American Academy of Actuaries and Casualty Actuarial Society.
Richard Izen, EVP, Sales and Marketing
As EVP of sales and marketing, Richard Izen oversees Arch MI’s national and field sales teams. Previously, Izen was SVP for national sales at Genworth Mortgage Insurance. Izen has served as president of the Northeast NY Mortgage Bankers Association and on the board of the Empire State Mortgage Bankers Association .
Chris Hovey, EVP, Chief Operations Officer
As chief operations officer, Chris Hovey has responsibility for Arch MI’s national underwriting operations, servicing and loss management, and IT. Previously, Hovey was chief operations officer for PMI Mortgage Insurance Co. He is a recognized expert on mortgage servicing, having created the first servicing performance scorecard.
