Financial institutions have been implementing new regulations through board-approved policies for decades. As existing regulations are revised and new regulations are published existing polices need to be updated. Policy Updates are designed to simplify the task of updating existing policies, regardless of where the existing requirement is lodged.
On August 4, 2016 the Consumer Financial Protection Bureau (CFPB) published revisions to the Dodd-Frank rules for servicers known as the 2016 Mortgage Servicing Rules. Those rules were originally effective on January 10, 2014. Most of the provisions of the final rule will take effect on October 19, 2017. The provisions relating to successors in interest and the provisions relating to periodic statements for borrowers in bankruptcy will take effect on April 19, 2018.
The 2016 Mortgage Servicing Amendments Policy Update communicates the Board’s intent to comply with the amended servicing rules.
Compliance Resource also offers a comprehensive 2016 Mortgage Servicing Amendments compliance management system (CMS) which includes all products on the 2016 Mortgage Servicing Amendments at a reduced price than purchasing each product individually. To view, refine search in Marketplace to Compliance Management Systems.