![]() I would compare it to the disclosures that an MLO makes to the consumer at the origination of a transaction, where they’re explaining the terms and conditions of the obligation and what that actually means in the long term. They are complex concepts and need to be carefully explained to the consumer. And yet, now here we are 18 months later, and we’re throwing those phrases around like confetti. Pre-pandemic, we weren’t regularly engaging in conversations about things like forbearances, deferrals, and partial claims. I think that it really starts with educating the consumer and making sure that they understand their options for relief. They think about every aspect of the process. Jordan White: What should servicers be thinking about when it comes to compliance? Here is a small preview of the interview, which has been lightly edited for length and clarity: ![]() Arrington sat down with HousingWire assistant editor Jordan White to discuss the current risk and compliance issues facing servicers.Īdditionally, the pair examine some of the CFPB’s changes to Regulation X and discuss the new Fair Debt Collection Practices Act rules that are going into effect in November. "There's things that are outside of our control, and we need to be okay with that.Today’s HousingWire Daily episode features an interview with Shayna Arrington, the Chief Compliance Officer at The Money Source. "When we talk about planning and budgeting, you can't account for everything. Financial challenges are normal, especially when you're just beginning to manage your own money, he notes. There's a lot of that, just for show."Ībove all else, "give yourself grace," says Williams. "You don't know if they're actually living above their means. "Their financial situation could have been different from the start," says Williams. This person should be non-judgmental and supportive, Williams emphasizes.Īlso, keep in mind that everything you see on social media isn't always what it seems, says Williams.Ĭomparing your financial situation to others because they post images of themselves traveling or purchasing a new car will only make you feel worse, he says. You can also consider getting an accountability partner who you can share your finance goals with, he adds. He only recommends checking the status of your finances once every week to monitor fraudulent activity. For some, you may also need to consider gas expenses and insurances.įollowing this step-by-step process can decrease how often you need to look at your bank account throughout the week, Williams notes. ![]() monthly (or weekly) which means taking into account how much money you'll need for mortgage (or rent), utilities and groceries. Have a stated or written plan for paying down debt, and make it achievable.Build a cash reserve: save enough money to fall back on for whatever curveballs life throws your way.To feel more secure in your finances, Williams suggests following these three steps: 3 ways to feel financially secure, maintain positive mental health Just 30% of people who make at least $100,000 annually say money negatively affects their mental health, compared to 48% of earners making less than $50,000 a year. When income is factored in, low earners experience more emotional distress due to finances than higher earners. Women, more than men, indicate that money significantly impacts their mental state, "with 46 percent selecting it compared to 38 percent of men." Gen X, ages 42 to 57, doesn't lag far behind at 46%, and 40% of those aged 18 to 25 in Gen Z say money problems cause mental health concerns for them, too. Social media's put a lot of pressure that's undue." "Those are normal experiences that we've had for generations, but society's put a different spin on it. Williams, a regional president and financial advisor at Wealth Enhancement Group, an independent wealth management firm. "That's when we're first having children, first starting out or are insecure around our jobs because we haven't done it long enough. ![]()
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