2022-09-13T15:08:25-07:00 2021-11-30 752593210 Sutton Frost Cary LLP 600 Six Flags Dr Suite 600 Arlington TX 76011 990 2020-12-01 330328597 USFN USFN 8177700818 9001 AIRPORT FREEWAY 740 NORTH RICHLAND HILLS TX 76180 PAMELA L DONAHOO CEO 2022-09-13 true PAMELA L DONAHOO 999009999 Carroll Elizabeth Arnott P01965628 8176498083 2 AAL1 IAL1 FAL1 2020 2023-04-26 12:10:37Z PAMELA L DONAHOO 9001 AIRPORT FREEWAY 740 NORTH RICHLAND HILLS TX 76180 1184747 false X HTTP://WWW.USFN.ORG X 1988 CA USFN serves its members and mortgage servicing professionals by providing first-in-class education, networking opportunities, publications, and industry advocacy in support of effective and efficient business operations, as well as legal and regulatory compliance. 15 15 5 400 13925 152570 1137011 996022 4991 6725 6307 5239 1148309 1160556 0 0 623100 678478 0 0 381322 269332 1004422 947810 143887 212746 531218 712064 328413 288210 202805 423854 X USFN serves its members and mortgage servicing professionals by providing first-in-class education, networking opportunities, publications, and industry advocacy in support of effective and efficient business operations, as well as legal and regulatory compliance. true true In 2021 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 July 30 2021, those moratorium ended, however, the devastating impacts remain. 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 in 2020 and 2021 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 the elimination of all mailings, printing, and travel. Staff FTEs were reduced by 2, one via attrition, the other via permanent layoff. 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, 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. EDUCATION:All in-person educational events were canceled for 2021. However, because USFN is relied upon to provide critical legal education, programming was retooled to online events. In 2021, 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 personnelUSFN 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 2021 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. false true false true false false false false false true false false false false true false false false false false false false false false false false false false true false false false false false false false false false false false false false false true 5 0 true 5 true true true false false false false false false false X 15 15 false false false false true true true true true false false true true true true true true true true false X TRENT FOSTER 9729983319 3308 PRESTON RD PLANO TX 75093 PAMELA L DONAHOO CEO 40.00 0.00 X 169038 0 24498 ANDY SAAG Director 8.00 0.00 X 0 0 0 KIP BILDERBACK President 8.00 0.00 X X 0 0 0 TOM DORE Director 2.00 0.00 X 0 0 0 JEFFREY WEISSERMAN Director 2.00 0.00 X 0 0 0 SALLY GARRISON Director 2.00 0.00 X 0 0 0 JAY JONES Director 2.00 0.00 X 0 0 0 WENDY LEE Vice President 5.00 0.00 X X 0 0 0 ROBERT WICHOWSKI Director 2.00 0.00 X 0 0 0 HILTON HUTCHENS Director 2.00 0.00 X 0 0 0 ROY DIAZ Director 2.00 0.00 X 0 0 0 BRIGHAM LUNDBERG Director 2.00 0.00 X 0 0 0 LISA LEE Secretary 2.00 0.00 X X 0 0 0 DANIEL WEST Director 2.00 0.00 X 0 0 0 JAMES E CLARKE Director 2.00 0.00 X 0 0 0 SHELLIE WALLACE Director 2.00 0.00 X 0 0 0 169038 24498 1 false true false EVENT GARDE LLC 2115 GLENWOOD DR KALAMAZOO MI 49008 education/events 122979 1 104295 48275 152570 advertising 541800 13925 13925 MEETINGS AND SEMINARS 541900 93585 93585 MEMBERSHIP DUES 541900 876818 876818 PRODUCT SALES 541900 11694 11694 996022 3518 3518 0 0 0 27398 24191 3207 3207 3207 0 0 0 MISCELLANEOUS 900099 5239 5239 5239 1160556 987336 13925 6725 0 0 0 0 178997 0 420405 3040 32834 43202 0 0 38646 0 0 1971 42471 3000 25681 47342 0 66207 0 0 0 0 0 10850 7420 SEMINAR EXPENSES 14003 DUES & SUBSCRIPTIONS 4389 MISCELLANEOUS 2576 taxes and fees 2562 2214 947810 0 0 0 275885 366889 0 0 43522 79219 0 0 0 0 17886 17275 130868 85332 53837 45536 135317 198374 0 0 0 4771 4771 531218 712064 67595 55512 110918 82798 149900 149900 328413 288210 X 202805 423854 202805 423854 531218 712064 212746 8303 X true X false true false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false true false 27145 24621 2524 103723 60711 43012 45536 X 1166888 8303 8303 1158585 1971 1971 1160556 945839 945839 1971 1971 947810 Part X : FIN48 Footnote The Organization is exempt from federal income taxes under Section 501(a) of the Internal Revenue Service Code (IRC) as an organization described in IRC section 501(c)(6). Accordingly, no provision for income taxes has been made related to the Organization. However, should the Organization engage in activities unrelated to the purpose for which it was created, taxable income could result. The Organization has not incurred any federal income tax for the year ended November 30, 2021. GAAP requires the evaluation of tax positions taken in the course of preparing the Organizations tax return and recognition of a tax liability (or asset) if the Organization has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. Management has analyzed the tax positions taken by the Organization and has concluded as of November 30, 2021, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. X X X X X X false false false PAMELA L DONAHOO CEO 169038 5142 19356 193536 Form 990, Part III, Line 2: New Services Several new online educational programs were introduced as a result of the pandemic. Form 990, Part III, Line 3: Ceased Conducting or Significant Changes To Services The organization conducted no in person event or educational program in 2021. Those programs are planned to resume in 2022. Form 990, Part III, Line 4d: Other Program Services Description OTHER PROGRAM SERVICES 4: USFN COMMITTEES AND OTHER MEMBER-DRIVEN ACTIVITIES:Throughout 2021 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. 2021 COMMITTEES WERE:Amicus 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 Form 990, Part VI, Line 1a: Explanation of Delegated Broad Authority to Committee 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. Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder 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 AND TRUSTEE COMPANIES. ASSOCIATE MEMBERS HAVE THE SAME RIGHTS AND PRIVILEGES AS REGULAR MEMBERS EXCEPT THAT ASSOCIATE MEMBERS DO NOT HAVE VOTING RIGHTS AND MAY NOT SIT ON THE BOARD. ASSOCIATE MEMBERS ACTIVELY PARTICIPATE IN THE ORGANIZATION'S ACTIVITIES. Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body EACH REGULAR MEMBER FIRM IS ENTITLED TO VOTE ON 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. Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders SEE DESCRIPTION IN LINE 6 AND 7A ABOVE. Form 990, Part VI, Line 11b: Form 990 Review Process 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. Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts 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. Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management 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. Form 990, Part VI, Line 19: Other Organization Documents Publicly Available GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE ON OUR WEBSITE AND FINANCIAL DOCUMENTS ARE AVAILABLE UPON REQUEST BY MEMBERS; A BALANCE SHEET 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.