Usfn

THE MISSION OF USFN IS TO:*PROMOTE COMPETENT, PROFESSIONAL AND ETHICAL REPRESENTATION AMONG OUR MEMBERSHIP AND FOR THE REAL ESTATE FINANCE INDUSTRY*REPRESENT THE COLLECTIVE INTERESTS OF OUR MEMBERSHIP TO THE REAL ESTATE FINANCE INDUSTRY*INCREASE BUSINESS OPPORTUNITIES FOR OUR MEMBERSHIP*SUPPORT THE ADVANCEMENT OF THE REAL ESTATE FINANCE INDUSTRY THROUGH EDUCATION, LEGISLATION, POLITICAL AND GOVERNMENTAL REFORM*DEVELOP AN ONGOING DIALOGUE ON RELEVANT ASPECTS OF THE REAL ESTATE FINANCE INDUSTRY BETWEEN THE MEMBERSHIP AND THE INDUSTRY*ENCOURAGE THE DEVELOPMENT OF STANDARD PROCEDURES AND TECHNOLOGIES

IN EARLY 2020 LIKE MANY ORGANIZATIONS, THE PANDEMIC RESULTED IN SIGNIFICANT CHANGES TO THE OPERATIONS OF USFN. IN ADDITION TO PANDEMIC-RELATED SHUTDOWNS, THE MORTGAGE DEFAULT INDUSTRY HAD ONGOING MORATORIUMS IMPOSED ON THEM AT THE STATE AND FEDERAL LEVEL THAT PREVENT THEM FROM MOVING ANY FORECLOSURES OR OTHER RELATED ACTIVITIES FORWARD. AS OF MAY 2021, THOSE MORATORIUMS REMAIN IN PLACE AND HAVE HAD A SIGNIFICANT IMPACT ON THE FINANCIAL HEALTH OF OUR INDUSTRY. SEVERAL MEMBER FIRMS HAVE MERGED OR LEFT THE BUSINESS SECTOR. NEW MEMBERS HAVE RECENTLY (2021) BEEN ADDED IN ANTICIPATION OF BUSINESS REVIVAL.WITH THE ASSISTANCE OF AN EIDL LOAN IN 2020, USFN CONTINUED MOST OPERATIONS DESPITE A NEARLY 50% REDUCTION IN INCOME RESULTING FROM CANCELED EVENTS AND REDUCED ADVERTISING AND SPONSORSHIP. VENDOR AND HOTEL CONTRACTS FOR EVENTS WERE CANCELED (MOST WITHOUT PENALTY.) WHERE POSSIBLE, OPERATIONAL COSTS WERE REDUCED, SUCH AS ELIMINATION OF ALL MAILINGS, PRINTING, AND TRAVEL. STAFF FTES WERE REDUCED BY 2, ONE VIA ATTRITION, THE OTHER VIA PERMANENT LAYOFF. THE STAFF TOOK TEMPORARY SALARY CUTS DURING THE PANDEMIC'S INITIAL PERIOD. THOSE SALARIES LEVELS WERE RESTORED AS OF DECEMBER 2020.THE KEY PROGRAM AREAS OF EDUCATION AND PUBLICATIONS ADJUSTED THEIR DELIVERY CHANNELS TO DEAL WITH THE TEMPORARY ISSUES RESULTING FROM THE PANDEMIC. USFN PUBLICATIONS: THE USFN REPORT, A QUARTERLY LEGAL PUBLICATION ADDRESSING KEY ISSUES, CASE LAW, AND REGULATORY CHANGE, CEASED REGULAR PRINT DISTRIBUTION AS OF Q2 2020, AT LEAST TEMPORARILY, AND CONVERTED TO A DIGITAL VERSION. SOCIAL MEDIA (LINKED-IN AND TWITTER) WERE USED TO FURTHER THE REACH OF ARTICLES OF VITAL INTEREST DURING THESE UNPRECEDENTED TIMES. THE E-UPDATE CONTINUED TO ADDRESS BREAKING NEWS AND OTHER TIME-SENSITIVE INDUSTRY LEGAL, REGULATORY, AND JUDICIAL UPDATES PERTINENT TO THE INDUSTRY.USFN CONTINUED TO COORDINATE MEMBER CONTRIBUTIONS AND UPDATES TO THE NATIONAL MORTGAGE SERVICERS RESOURCE DIRECTORY (NMSRD) TO BE A ONE-OF-A-KIND STATE-BY-STATE GUIDE THAT IS CONSIDERED THE DEFINITIVE RESOURCE GUIDE USED BY THE MORTGAGE SERVICE INDUSTRY. PRINT AND DIGITAL "DESK GUIDES" PROVIDE SEGMENT-SPECIFIC RESOURCES IN AN EASILY REFERENCED FORMAT.

USFN EDUCATION:AFTER JANUARY, ALL IN-PERSON EDUCATIONAL EVENTS WERE CANCELED. HOWEVER, BECAUSE USFN IS RELIED UPON TO PROVIDE CRITICAL LEGAL EDUCATION, SOME PROGRAMMING WAS RETOOLED TO ONLINE EVENTS. IN 2020, USFN PRODUCED MORE THAN 25 DIFFERENT WEBINARS, SEMINARS, AND VIRTUAL CONFERENCES ADDRESSING ISSUES OF RELEVANCE TO ALL LEVELS OF THE MORTGAGE SERVICING INDUSTRY AND RELATED LEGAL PROFESSIONALS. SEVERAL NEW PROGRAMS WERE DEVELOPED, INCLUDING A NEW TRAINING PROGRAM LEARNING LAB, TO RESPOND TO THE VOID LEFT BY THE LACK OF IN-PERSON TRAINING AND NETWORKING. USFN PROVIDED CERTIFICATES OF COMPLETION FOR THESE BASIC TRAINING MODULES THAT WERE PRESENTED LIVE AND AVAILABLE RECORDED AT NO COST TO THE MORTGAGE SERVICER PERSONNEL.USFN PROVIDED CONTINUING LEGAL EDUCATION TO MEMBER ATTORNEYS AND WELL AS ATTORNEYS WHO WORK FOR MORTGAGE SERVICERS. USFN OFFERED MORE THAN 15 HOURS OF CLE IN 2020 INCLUDING HIGHLY SOUGHT-AFTER SUBJECTS SUCH AS LEGAL ETHICS.

USFN INDUSTRY RELATIONS:IN PREVIOUS YEARS, USFN EVENTS PROVIDED A RELIED UPON FORUM FOR ONGOING DIALOGUE BETWEEN MORTGAGE INVESTORS, SERVICERS, AND LAW FIRMS TO ENSURE THAT ISSUES SURROUNDING COMPLIANCE, NEW OR CHANGING REGULATION, TIMELINES, AND CHANGES ARE ADDRESSED IN A TIMELY AND COLLABORATIVE MANNER BY ALL RELEVANT PARTIES. WITHOUT IN-PERSON CONFERENCES, USFN REMAINS ACTIVELY ENGAGED WITH ONGOING INDUSTRY PARTNERSHIPS. USFN USED THE PROVIDED OPPORTUNITY TO PROVIDE COMMENT TO PENDING REGULATIONS BY THE CFPB AND WROTE AMICUS BRIEFS FOR SEVERAL KEY CASES. THE LAST YEAR ALSO SAW CONTINUED DIALOGUE WITH INDUSTRY REGULATORS SUCH AS THE CONSUMER FINANCIALS PROTECTION BUREAU (CFPB), FEDERAL HOUSING FINANCE AGENCY (FHFA), AND HOUSING-FOCUSED FEDERAL AGENCIES SUCH AS THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) AS WELL AS GOVERNMENT-SPONSORED ENTERPRISES, FANNIE MAE AND FREDDIE MAC.THE ORGANIZATION CONTINUED ITS STRATEGIC COLLABORATION WITH OTHER INDUSTRY TRADE ORGANIZATIONS SUCH AS THE MORTGAGE BANKERS ASSOCIATION, NATIONAL CREDITORS BAR ASSOCIATION, AMERICAN LEGAL & FINANCIAL NETWORK, FIVE STAR INSTITUTE, AND LEGAL LEAGUE.

IN EARLY 2020 LIKE MANY ORGANIZATIONS, THE PANDEMIC RESULTED IN SIGNIFICANT CHANGES TO THE OPERATIONS OF USFN. IN ADDITION TO PANDEMIC-RELATED SHUTDOWNS, THE MORTGAGE DEFAULT INDUSTRY HAD ONGOING MORATORIUMS IMPOSED ON THEM AT THE STATE AND FEDERAL LEVEL THAT PREVENT THEM FROM MOVING ANY FORECLOSURES OR OTHER RELATED ACTIVITIES FORWARD. AS OF MAY 2021, THOSE MORATORIUMS REMAIN IN PLACE AND HAVE HAD A SIGNIFICANT IMPACT ON THE FINANCIAL HEALTH OF OUR INDUSTRY. SEVERAL MEMBER FIRMS HAVE MERGED OR LEFT THE BUSINESS SECTOR. NEW MEMBERS HAVE RECENTLY (2021) BEEN ADDED IN ANTICIPATION OF BUSINESS REVIVAL.WITH THE ASSISTANCE OF AN EIDL LOAN IN 2020, USFN CONTINUED MOST OPERATIONS DESPITE A NEARLY 50% REDUCTION IN INCOME RESULTING FROM CANCELED EVENTS AND REDUCED ADVERTISING AND SPONSORSHIP. VENDOR AND HOTEL CONTRACTS FOR EVENTS WERE CANCELED (MOST WITHOUT PENALTY.) WHERE POSSIBLE, OPERATIONAL COSTS WERE REDUCED, SUCH AS ELIMINATION OF ALL MAILINGS, PRINTING, AND TRAVEL. STAFF FTES WERE REDUCED BY 2, ONE VIA ATTRITION, THE OTHER VIA PERMANENT LAYOFF. THE STAFF TOOK TEMPORARY SALARY CUTS DURING THE PANDEMIC'S INITIAL PERIOD. THOSE SALARIES LEVELS WERE RESTORED AS OF DECEMBER 2020.THE KEY PROGRAM AREAS OF EDUCATION AND PUBLICATIONS ADJUSTED THEIR DELIVERY CHANNELS TO DEAL WITH THE TEMPORARY ISSUES RESULTING FROM THE PANDEMIC. USFN PUBLICATIONS: THE USFN REPORT, A QUARTERLY LEGAL PUBLICATION ADDRESSING KEY ISSUES, CASE LAW, AND REGULATORY CHANGE, CEASED REGULAR PRINT DISTRIBUTION AS OF Q2 2020, AT LEAST TEMPORARILY, AND CONVERTED TO A DIGITAL VERSION. SOCIAL MEDIA (LINKED-IN AND TWITTER) WERE USED TO FURTHER THE REACH OF ARTICLES OF VITAL INTEREST DURING THESE UNPRECEDENTED TIMES. THE E-UPDATE CONTINUED TO ADDRESS BREAKING NEWS AND OTHER TIME-SENSITIVE INDUSTRY LEGAL, REGULATORY, AND JUDICIAL UPDATES PERTINENT TO THE INDUSTRY.USFN CONTINUED TO COORDINATE MEMBER CONTRIBUTIONS AND UPDATES TO THE NATIONAL MORTGAGE SERVICERS RESOURCE DIRECTORY (NMSRD) TO BE A ONE-OF-A-KIND STATE-BY-STATE GUIDE THAT IS CONSIDERED THE DEFINITIVE RESOURCE GUIDE USED BY THE MORTGAGE SERVICE INDUSTRY. PRINT AND DIGITAL "DESK GUIDES" PROVIDE SEGMENT-SPECIFIC RESOURCES IN AN EASILY REFERENCED FORMAT.

USFN EDUCATION:AFTER JANUARY, ALL IN-PERSON EDUCATIONAL EVENTS WERE CANCELED. HOWEVER, BECAUSE USFN IS RELIED UPON TO PROVIDE CRITICAL LEGAL EDUCATION, SOME PROGRAMMING WAS RETOOLED TO ONLINE EVENTS. IN 2020, USFN PRODUCED MORE THAN 25 DIFFERENT WEBINARS, SEMINARS, AND VIRTUAL CONFERENCES ADDRESSING ISSUES OF RELEVANCE TO ALL LEVELS OF THE MORTGAGE SERVICING INDUSTRY AND RELATED LEGAL PROFESSIONALS. SEVERAL NEW PROGRAMS WERE DEVELOPED, INCLUDING A NEW TRAINING PROGRAM LEARNING LAB, TO RESPOND TO THE VOID LEFT BY THE LACK OF IN-PERSON TRAINING AND NETWORKING. USFN PROVIDED CERTIFICATES OF COMPLETION FOR THESE BASIC TRAINING MODULES THAT WERE PRESENTED LIVE AND AVAILABLE RECORDED AT NO COST TO THE MORTGAGE SERVICER PERSONNEL.USFN PROVIDED CONTINUING LEGAL EDUCATION TO MEMBER ATTORNEYS AND WELL AS ATTORNEYS WHO WORK FOR MORTGAGE SERVICERS. USFN OFFERED MORE THAN 15 HOURS OF CLE IN 2020 INCLUDING HIGHLY SOUGHT-AFTER SUBJECTS SUCH AS LEGAL ETHICS.

USFN INDUSTRY RELATIONS:IN PREVIOUS YEARS, USFN EVENTS PROVIDED A RELIED UPON FORUM FOR ONGOING DIALOGUE BETWEEN MORTGAGE INVESTORS, SERVICERS, AND LAW FIRMS TO ENSURE THAT ISSUES SURROUNDING COMPLIANCE, NEW OR CHANGING REGULATION, TIMELINES, AND CHANGES ARE ADDRESSED IN A TIMELY AND COLLABORATIVE MANNER BY ALL RELEVANT PARTIES. WITHOUT IN-PERSON CONFERENCES, USFN REMAINS ACTIVELY ENGAGED WITH ONGOING INDUSTRY PARTNERSHIPS. USFN USED THE PROVIDED OPPORTUNITY TO PROVIDE COMMENT TO PENDING REGULATIONS BY THE CFPB AND WROTE AMICUS BRIEFS FOR SEVERAL KEY CASES. THE LAST YEAR ALSO SAW CONTINUED DIALOGUE WITH INDUSTRY REGULATORS SUCH AS THE CONSUMER FINANCIALS PROTECTION BUREAU (CFPB), FEDERAL HOUSING FINANCE AGENCY (FHFA), AND HOUSING-FOCUSED FEDERAL AGENCIES SUCH AS THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) AS WELL AS GOVERNMENT-SPONSORED ENTERPRISES, FANNIE MAE AND FREDDIE MAC.THE ORGANIZATION CONTINUED ITS STRATEGIC COLLABORATION WITH OTHER INDUSTRY TRADE ORGANIZATIONS SUCH AS THE MORTGAGE BANKERS ASSOCIATION, NATIONAL CREDITORS BAR ASSOCIATION, AMERICAN LEGAL & FINANCIAL NETWORK, FIVE STAR INSTITUTE, AND LEGAL LEAGUE.