Usfn

“The executive committee, composed of 3 current officers and immediate past president (without vote) may act on matters of urgency between official board meetings; any actions taken in this interim period must be ratified at the next official board meeting by the full board.”

“Bylaws updated in October 2024 to increase the role of members in governance.”

“REGULAR MEMBERS AND ASSOCIATE MEMBERS (SUPPLIERS). EACH REGULAR MEMBER FIRM IS AFFORDED ONE VOTE, TO BE CAST BY THE IDENTIFIED KEY HOLDER OF THE MEMBERSHIP; SUCH MEMBER FIRMS ELECT THE MEMBERS OF THE USFN BOARD OF DIRECTORS ON AN ANNUAL BASIS. REGULAR MEMBERS CONSIST OF LAW FIRMS That have applied for and received voting membership in particular states.”

“Each member votes on new Directors added to the Board, they are also now entitled to vote to admit new members to the organization. EACH REGULAR MEMBER FIRM IS ENTITLED TO VOTE ON CERTAIN AMENDMENTS TO USFN BYLAWS THAT MAY BE PROPOSED FROM TIME TO TIME, AND WHICH SUBSTANTIVELY OR MATERIALLY AFFECT THEIR MEMBERSHIP RIGHTS AND PRIVILEGES. ONE VOTE PER MEMBER FIRM IS AUTHORIZED.”

“Yes. In addition to the election of the Board members, those Bylaws involving the rights and privileges of members as well as the election of board members require regular member approval”

“The finance/audit committee will review the form 990 prior to its filing. As soon as the form is ready, a meeting via conference telephone will be organized, the form will be sent to each audit committee member, and the review will be conducted telephonically. The cpa firm preparing the 990 will be asked to participate as a resource on this call. In addition, the form will be provided to the board of directors as soon as it is available.”

“On an annual basis, all conflict of interest forms are collected and reviewed by the ceo; any disclosures on conflicts are discussed with the member in question and the president or other officer of the board (if appropriate), and are adjudged to be material or immaterial to the members' service on the board. In addition, a conflcit statement is printed on each board and committee agenda for reference at the beginning of each meeting and attendees are asked to declare any conflicts and remove themselves from discussion of such items at that time.”

“The organization uses a broad process for the ceo's compensation to include the use of the compensation committee, salaries per the 990's of similar organizations for similar responsibilities; written employment contract, published association compensation survey, and approval by the board. All other positions are staff positions and the ceo submits proposal for total staff compensation each year during the budget process. This process occurs annually.”

“GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE ON OUR WEBSITE A BALANCE SHEET and detailed financial report IS PROVIDED TO ALL MEMBERS AT THE END OF EACH FISCAL YEAR AND AT THE ORGANIZATION'S ANNUAL MEETING. EACH MEMBER HAS A UNIQUE LOGIN AND PASSWORD TO ACCESS DOCUMENTS ON THE USFN WEBSITE. NON-MEMBERS/MEMBERS OF THE PUBLIC DO NOT HAVE ACCESS TO THESE DOCUMENTS.”

“Introduction of The Source digital reference resource.”

“OTHER PROGRAM SERVICES 4: USFN INDUSTRY RELATIONS: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. 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 Financial 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. OTHER PROGRAM SERVICES 5: USFN COMMITTEES AND OTHER MEMBER-DRIVEN ACTIVITIES:Throughout 2024 USFN Committees provided critical support for the organization to maintain its crucial role in developing content, producing educational programming, and providing a forum for industry interchange. 2024Amicus Brief Task ForceAdvocacy CommitteeBankruptcy SectionDiversity and Inclusion SectionEducation CommitteeExecutive CommitteeFinance and Audit CommitteeLegal Issues SectionMarketing CommitteeMembership CommitteeREO & Eviction SectionAs well as other individual program task forces”