When Ben Niles isn’t romping around with his two dogs, this chief risk officer for Weichert Financial Services will most likely be found among a group of people. It’s working with others that gives him the most satisfaction.
“I enjoy working with people,” Niles said. “Managing personal interactions can be challenging for many reasons, which can make the work all the more interesting.”
Niles began in the mortgage industry in 1973. After a stint with the U.S. Department of Housing and Urban Development as a realty specialist, he joined MGIC Investment Corp., where he stayed for 16 years. His positions at MGIC included staff underwriter, regional underwriting manager and account executive. Niles also spent 19 years as an account manager with Freddie Mac, and three years as risk manager with Merrimack Mortgage Co., before landing at Weichert Financial Services in July.
It’s an “excellent fit,” Niles said of his recent move to Weichert Financial. “Not only did I know them very well [from past experiences], but they knew me very well.”
Challenging Times
It’s no secret that it’s a difficult time for the mortgage industry. And Niles admits that Weichert Financial is no different than most lenders in the challenges it faces complying with the new regulations.
Companies today, both large and small, are being “challenged to the ‘Nth’ degree,” he said.
Niles recommends slowing the pace of regulation because, he said, “regulators don’t comprehend what’s involved in having every person and company retool new rules.”
“It’s a massive undertaking,” he commented. “They need to focus on critical regulations that are needed, and at the same time avoid unintended consequences.”
Niles expressed concerns about the near future of the mortgage industry, especially when it comes to the Consumer Financial Protection Bureau.
“If that train leaves the station and comes barreling down the tracks, we’ll be dealing with more regulation and compliance issues,” he said.
“We hope there are no unintended consequences when the Qualified Residential Mortgage standards are defined and when the 3 percent cap on points and fees for Safe Harbor is also defined,” he added.
Reduce Freddie’s Role
As someone who worked for Freddie Mac for 19 years, Niles hopes that Freddie, along with Fannie Mae, play a smaller role in the mortgage market, operating under a public-utility model, which would insure against the risk of default.
Fannie and Freddie, Niles said, “should not have an investment portfolio in which they are taking full investment risk.”
“Given the current state of affairs in the financial markets, I do not believe now is the time to throw the switch from a government-sponsored enterprise business model to one of full privatization,” he remarked.
Even though things aren’t perfect in the mortgage industry right now, Niles believes the mortgage industry still affords many career opportunities.
“We need students of the industry [who] put consumers’ interests ahead of their own,” he said. “I think these people over time will become quite successful.”
Niles divides his time between working remotely at his home in New Hampshire, and at Weichert’s headquarters in Morris Plains, N.J. He is an active member of the Mortgage Bankers Association of America, and the Mortgage Bankers and Brokers Association of New Hampshire. Niles is an instructor for the NeighborWorks Foreclosure Prevention Workshops. He holds a Bachelor of Science degree and an MBA from Drexel University, Philadelphia.
