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 as well as the new rules, and provide practical advice on how to meet both regulatory and borrower expectations.

Covered Topics:

  • 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

Who Should Attend?

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.


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   OnDemand Recording - $295   
   CD-ROM - $345