Mortgage Servicing Compliance Including Newly Released CFPB Rules
In a sense, servicing consumer mortgage loans has always been a bit of the "wild west" of compliance, meaning there was little in the way of rules and regulations.
But thanks to the financial crisis and resulting exposure of unsavory practices, new rules were put into place by the Dodd-Frank Act.
In addition, the CFPB just issued new regulations that further the requirements mortgage servicers must follow. The rules will be effective one year from when they are published in the Federal Register, but the time to begin preparations is now.
These rules include many new “standard” requirements dealing with periodic statements and escrows, for example, but most of the new requirements focus on how servicers deal with distressed borrowers – from mandating “early intervention” and processes around loss mitigation applications, to new foreclosure timing rules.
We’ll focus on these critical areas, and provide practical advice on how to meet both regulatory and borrower expectations.
- New impending requirements from the CFPB, including servicing transfer rules, notices, and successors in interest
- New clarifications of foreclosure protections
- Treatment of borrowers in bankruptcy
- Fair Debt Collection Practices Act (FDCPA) rules, including their impact on the new rules
- Periodic statement ( Regulation Z, Truth in Lending) and similar disclosure requirements, including exemptions
- ARM (Adjustable Rate Mortgage) change notification requirements
- Dealing with partial payments
- Providing payoff statements
- New force-placed insurance requirements
- Reasonable servicing policy and procedure requirements
- Early intervention rules
- Loss mitigation options, applications, and processes
- Servicing file requirement
- Foreclosure rules, including timing and notices
This interactive session will provide an in-depth understanding of these rules, which is imperative for anyone performing duties in consumer mortgage servicing areas of your financial institution. These individuals include loss mitigation specialists, collectors, supervisors, auditors, special asset staff, compliance officers, auditors, counsel, and others working in similar positions.
Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Managing Director for Treliant Risk Advisors in Washington, DC. Through his working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and is a frequent contributor to and currently serves on the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at scores of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
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