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Conference Coverage

NS3: OR awards recognize industry trailblazers

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Conference Coverage
Thursday, June 2, 2022
The CEO of a mortgage fulfillment company, a Florida attorney and a data and analytics specialist were recognized by October Research, LLC with its annual awards for leadership, innovation, and philanthropy.

CEO and Publisher Erica Meyer presented the awards Thursday at the 18th annual National Settlement Services Summit (NS3). Sam Verma, CEO of Peoples Processing, Inc., received the leadership award. Annette Cotton, vice president, data and client solutions, DataTrace, received the innovation award. Justin Nepola of Nepola Yonta Attorneys at Law was presented the philanthropy award.

“The honorees selected truly illustrate leadership, innovation and philanthropy as modeled at the highest levels in our industry,” Meyer said. “This year’s winners of the October Research Awards truly reflect the best corporate America, not just our industry, has to offer in leadership, innovation and philanthropy.”

2022 Leadership Award

2022 Leadership Award

During her 25 years in the industry, Verma has made significant contributions toward streamlining operational challenges and making life easier for lenders and servicers. She has led Peoples Processing through an expansion of services which have gained the company several mid- to large-sized lenders/servicers/title agents as clients.

Her efforts have not gone unnoticed. Verma received the Thought Leader Award for 2021, the Mortgage Lending Women of Inspiration Award for 2021 and the NMP Women with Vision Award. She also was the proud recipient of the Bronze Stevie Award from the American Business Awards in 2021.

As a board member of the National Association of Minority Mortgage Bankers, Verma volunteers her time to help underserved communities and to help develop a more diverse mortgage workforce.

2022 Innovation Award

Cotton has spent more than three decades as an innovator in real estate data and analytics technology solutions. She has contributed to building market-leading suites of data assets which are essential to the industry.

In 2021, technology developed under Cotton’s guidance enabled DataTrace to add more than 1,000 new title plants, expanding the company’s title plant network to more than 1,600, covering more than 80 percent of the U.S. population.

During her career, Cotton has held senior data and analytics roles at DataTrace, First American Data and Analytics and CoreLogic.

2022 Philanthropy Award

Nepola has volunteered with many groups in South Florida, including Habitat for Humanity and the Leukemia Lymphoma Society. He also has assisted nonprofits aiding the homeless, fighting human trafficking and domestic violence.

Nepola spent a week building houses with former President Jimmy Carter. He also once volunteered 24 hours straight feeding the food-challenged in South Florida. He is a member of six nonprofit boards.

Last year, he donated a car to a domestic violence survivor so she could take her children to school and get back and forth to her job safely. He regularly provides pro bono legal services.

Previous OR Award winners were:

2021:

Leadership:  Fred Westerlund, MBH Settlement Group

Innovation: Nate Baker, Qualia

Philanthropy: Aaron Davis, AMD Enterprises

2020

Leadership: Patrick Stone, Williston Financial Group

Innovation: Rick Triola, NotaryCam

Philanthropy: Patrick Hagler, Alliant National Title Insurance Co.

 

2019

Leadership: Erin Faulkner, Amrock

Innovation: Gorkem Kuterdam, Adeptive Software

Philanthropy: John Voso, Old Republic National Title

 

2018

Leadership: Monte Reinert, Transnation Title Agency of Michigan

Innovation: Dominic Iannitti, DocMagic

Philanthropy: Joyce Weiland, SoftPro

 

2017

Leadership: George Holler, Holler Law Firm LLC

Innovation: Paul Clifford, Simplifile

Philanthropy: Curt Szymanski, Windward Consulting

 

2016

Leadership: Mary Schuster, RamQuest

Innovation: Dan Sogorka, RealEC Technologies

Philanthropy: Tali Raphaely, Armour Settlement Services

 

2015

Leadership: Diane Evans, Land Title Guarantee Co.

Innovation: Dick Reass, RynohLive

Philanthropy: Kevin Tacher, Independence Title

 

2014

Leadership: John Hollenbeck, First American Title Insurance Co.

Innovation: Tim Armbruster, Woodfinn

Philanthropy: Kent Stewart, Reli Settlement Solutions

 

2013

Leadership: Joseph Drum, WFG National Title Insurance Co.

Innovation: Brian Coester, Coester VMS

Philanthropy: Dave Heine, Closemytimeshare.com

 

2012

Leadership: Robert Klein, Safeguard Properties

Innovation: Stewart Morris Jr., Stewart Information Services Corp.

Philanthropy: Chris Gulotta, The Gulotta Law Group, PLLC

Today's other top stories
Borrower claims several servicers violated RESPA concerning her loan modification
Housing Affordability Act would raise FHA loan limit
House committee votes to slash CFPB funding
HUD provides $1.8M to support housing for those aging out of foster care
Mortgage credit availability plateaus


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12 USC Section 2605 or Section 6 is titled Servicing of mortgage loans and administration of escrow accounts. It pertains to qualified written requests, notices of transfer of servicing and the administration of escrow accounts.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
12 USC Section 2609 or Section 10 is titled Limitation on requirement of advance deposits in escrow accounts. It governs escrow accounts including notifications and statements to borrowers. Section 10 also sets out penalties for those who violate the section.
RESPA Section 3 provides that a thing of value includes any payment, advance, funds, loan, service or other consideration

Regulation X says thing of value includes: monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips and payment of another person’s expenses or reduction in credit against an existing obligation.
A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form represents the closing transaction and provides each party with a complete list of incoming and outgoing funds. RESPA requires the HUD-1 to be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans.
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