Mortgage Servicing Compliance

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, rules were put into place by the Dodd-Frank Act. In addition, the CFPB has issued additional regulations since that time that further the requirements mortgage servicers must follow. As well, we’ve seen a lot of attention and a proposal from the CFPB on debt collection standards.

These rules include many "standard" requirements dealing with periodic statements and escrows, for example, but most of the requirements focus on how servicers deal with distressed borrowers - from mandating "early intervention" and processes around loss mitigation applications, to foreclosure timing rules.

We'll focus on these critical areas as well as the rules, and provide practical advice on how to meet both regulatory and borrower expectations.

Covered Topics

  • Requirements from the CFPB, including servicing transfer rules, notices, and successors in interest
  • New developments in Debt Collection, including the CFPB’s new Regulation F proposal
  • Clarifications of foreclosure protections
  • Treatment of borrowers in bankruptcy
  • Fair Debt Collection Practices Act (FDCPA) rules, including their impact on the 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
  • 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.