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Compliance Responsibilities when a Mortgage is in Default: Dealing with Foreclosures and Loss Mitigation

This webinar will discuss the requirements and provide guidance on the proper steps to follow to ensure you understand all the requirements when considering or initiating a foreclosure action.

OnDemand
Recorded Thursday,
May 25th, 2023
Presented by Carl Pry
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Compliance
  • Lending Compliance
  • Mortgage Lending
  • Bank Secrecy Act Officer/BSA Specialist
  • Branch Manager
  • Compliance Officer
  • Internal Auditor
  • Loan Closer
  • Loan Operations Manager/Specialist
  • Mortgage Lender
  • Senior Management

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Unfortunately, the last couple years have seen many borrowers in trouble, whether because of residual pandemic issues or the result of a general economic downturn. And this sadly means many borrowers have defaulted on their mortgage loans, forcing lenders and servicers to consider foreclosing. And with the many moratoria against foreclosing now having expired, lenders and servicers have seen many foreclosures initiated in a very short period of time. This trend is expected to continue. What are you permitted to do? What notices must be provided? The loss mitigation and foreclosure process is by its nature a state-specific endeavor, but there are federal requirements as well. The CFPB and other federal agencies have instituted numerous requirements that must be met before foreclosures can be initiated.

What You'll Learn

  • The nature of foreclosing – what happens?
  • Critical servicing requirements when a loan defaults that must be followed before foreclosing
  • Timing requirements
  • Notice rules
  • Federal agency mandates and rules before and during the foreclosure process
  • Tax reporting
  • General discussion on state laws and rules (note: each state is different, so we cannot speak to any individual state’s laws on foreclosures)
  • Additional regulatory requirements

Who Should Attend

Anyone in the institution involved in mortgage servicing, default management, loss mitigation, and related areas that has responsibilities around the foreclosure process. This may include compliance professionals, risk management professionals, attorneys and legal staff, management, back officer operations, and any other party involved in this process.

Carl Pry

Instructor Bio

Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Senior Advisor for Treliant LLC in Washington, DC. Through his more than 30-year 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 as the Chair of 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.

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