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Preparing for the New Mortgage Servicing Rules: Final Implementation Date, April 19, 2018

The CFPB’s April 19, 2018, mortgage servicing requirements are complex and require significant changes to existing procedures and disclosures.

Feb 14, 2018 02:00 PM   -­­  Feb 14, 2018 03:30 PM
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Type of Event
On Demand Webinar

Who Should Attend
  • On Demand
  • Webinars
  • Lenders

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Description

The CFPB’s April 19, 2018, mortgage servicing requirements are complex and require significant changes to existing procedures and disclosures. All servicers must ensure they have comprehensive practices for responding to potential successors in interest and for confirming and communicating with them. Additionally, servicers will need to determine which of the CFPB’s three options to adopt for communicating with confirmed successors in interest, in a manner that ensures clarity and does not indicate an obligation to repay a mortgage. The CFPB also removed the blanket exemption from the periodic statement requirement for borrowers in bankruptcy, making it necessary to provide modified periodic statements – which will require significant system configurations and testing to ensure the new requirements are met.

This webinar will also analyze the “small servicer” exemption and confirm which provisions of the April 19, 2018, amendments require compliance by all servicers – including those who meet the small servicer exemption.

Learning Objectives

  • Understanding which individuals can qualify as successors in interest
  • Rights of confirmed successors in interest
  • Three options for communicating with successors in interest
  • Requirement for modified periodic statements for borrowers in bankruptcy
  • Analysis of the two-part test for exemption from periodic statement for certain borrowers in bankruptcy
  • Impact of the small servicer exemption

Speaker

Steven Van Beek, Esq., NCCO, Howard & Howard Attorneys, PLLC

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