USFN Report: Compliance & Legal Issues Recap

As published in the Fall 2024 USFN Report

USFN’S Compliance & Legal Issues Seminar Delivers Engaging Mix of Education & Networking in New Lone Star State Location

BY ROBERT D. FORSTER, II, ESQ.  |  BARRETT DAFFIN FRAPPIER TURNER & ENGEL, LLP^∗   |  USFN MEMBER (TX, AZ, CA, CO, GA, NV)Compliance & Legal Issues Seminar

In late August, the legal and financial minds of USFN Members, mortgage servicers, GSEs, and industry leaders converged in Dallas for USFN’s annual Compliance & Legal Issues Seminar, hosted at the JW Marriott Dallas Arts District. The two-day gathering opened with a deep dive into compliance, regulatory issues, and best practices followed by a second day focused on the most pressing legal topics of the year.

Day one began with a reality check on the evolution of compliance over the past 15 years, offering attendees a crash course on how to survive in an increasingly regulated industry. The advice was practical, to the point, and occasionally peppered with a few “what-notto-do” examples—a roadmap for the brave souls navigating this high-stakes regulatory landscape. After an intense morning of compliance metrics, the ballroom beckoned with a well-deserved buffet lunch.

Undoubtedly, the headliner of the day was “Cyber Issues from a Compliance Perspective.” The session featured a litany of nightmare-inducing scenarios where seemingly innocuous missteps opened up enormous liability for servicers, investors, and attorneys alike. Fortunately, the speakers were also quick to deliver solutions, best practices to navigate these digital landmines, and mitigate exposure. Rounding out the day were practical tips on vendor compliance and the essential ingredient for every successful firm: an ethical workspace.

After an engaging educational first day, attendees were treated to a more relaxed evening at the historic Arts District Mansion. Built in 1890, the mansion’s NeoClassical Revival architecture offered a touch of nostalgia, taking guests back to Dallas’ transition from frontier town to modern metropolis.

Live music by Joseph Patrick Neville set the mood as participants mingled and enjoyed dinner, all while mentally preparing for day two.

Several ambitious souls, perhaps undeterred by the Texas heat, took to the Katy Trail early the next morning, proving that compliance and legal professionals are not only resilient in boardrooms but also in beating the sun.

Day two commenced with an engaging discussion moderated by Andy Saag, featuring Eliza Financial Protection Bureau and Katie Jo Keeling, who dissected the CFPB’s proposed amendments to Regulation X. The day’s agenda spanned bankruptcy hot topics, recent case law updates, and a roundtable tackling the legal issues affecting the entire industry. Of particular interest was an ethics session on managing AI in the legal workspace; a topic that reminded us that even machines require a moral compass.

Despite the sweltering Texas heat, the 2024 Compliance and Legal Issues Seminar was deemed a tremendous success. With its luxurious setting, timely content, and a stellar mix of USFN members, servicers, and GSEs, this event is now firmly marked as “can’t miss.” Needless to say, 2025 has some big shoes to fill when the Compliance & Legal Issues Seminar returns to the JW Marriott Dallas Arts District, August 21-22!