Thanks to the pandemic, minimal delinquency rates are a thing of the past. Now your staff must be geared up to compliantly address mortgage loan delinquencies, collection efforts, foreclosures, and tenant rights. Are your best practices up to snuff?
- Explain protections for tenants and mortgage loan borrowers under the CARES Act
- Correctly calculate delinquency periods
- Ensure accurate disclosure of foreclosure information on the Closing Disclosure
- Meet your institution’s obligations under the Protecting Tenants at Foreclosure Act
- Implement the mortgage servicing provisions of Reg X and Reg Z triggered by a borrower’s delinquency
- Recognize unfair, deceptive, or abusive acts or practices in collecting mortgage debts
- Identify loan fraud red flags
- Share effective tools with borrowers to help during difficult times
Delinquency rates were minimal – until the pandemic hit. Now, financial institutions need to be ready with policies, procedures, and knowledgeable staff to address mortgage loan delinquencies, collection efforts, and foreclosures. This session will address numerous compliance laws and regulations that impact collection and foreclosure processes,including Regulation X, Regulation Z, Fair Debt Collection Practices Act, CARES Act, and the Protecting Tenants at Foreclosure Act.
Since collections are often the lead category of consumer complaints received by the CFPB,this is an ideal opportunity to review the applicable rules, ensure your procedures are compliant, and encourage use of best practices. Participants will receive tools to educate borrowers during these challenging times and also learn red flags for identifying potential debt collection scams and loan fraud.
Molly Stull, Brode Consulting Services, Inc.
Molly Stull began her career as a teller while working on her undergraduate degree and has continued working in the financial industry ever since. She has experienced the growth of a hometown bank, branch mergers, charter changes, name changes, etc. Molly has activated business resumption plans, performed secondary market quality control reviews, processed wires, filed SARs, and coordinated reviews with external auditors and examiners. Her favorite role has always been educating staff and strongly believes that if staff understands the reason for a process they will be more compelled to follow the procedures. Molly holds a bachelor’s from the University of Akron and an MBA from Ashland University.