Description
Mortgage Servicing marries two of the most challenging regulations in banking: Reg Z and RESPA. Complying with either regulation is tricky in its own right, but keeping the both provisions straight is downright daunting.
The scope of coverage is equally intimidating. The two rules together cover the full life of a mortgage loan, from inception to collection. While the requirements mostly fall on closed-end mortgage loans, there are provisions that also apply for non-principal-residence loans and even open-end loans. Helpful exemptions apply for small servicers, but small shops don’t get out of everything.
There is a huge amount of mortgage servicing information to keep straight and get right. Do you know what does and does not apply to your financial institution? Either:
- You are in need of a fresh look at your small-servicer status to confirm (and document) your exempt status; as well as review what still applies to you;
- You are on the bubble and might become a larger servicer on January 1st; and you need to prepare for what is in store for you;
- You are already living the larger servicer life, and you need to make sure you are getting everything right!
You will learn all about:
- The small servicer exemption
- Escrow accounts: When you must escrow & how, along with cancellation notice requirements
- ARM disclosures and notices
- Force-placement of hazard insurance
- Error Resolution and Information Requests
- Prompt payment crediting, conforming payments, and payoff requests
- Periodic statement requirements (including for bankrupt borrowers)
- Transfer of servicing requirements
- Loss mitigation:
- Early intervention
- Continuity of contact
- Successors in Interest
- Policies and procedures for it all
Plus! The Biden-era CFPB proposed significant changes to the mortgage servicing rules that would “streamline” certain aspects but add new additional burdens in others. What is the status of these proposed changes under the current administration, and what do they mean for your institution? Tune in to learn the latest!
WHO:
Compliance staff, loan administration / production staff, mortgage loan staff, loan officers and audit staff.
* Please note that the recording links will be delivered to you via a downloadable word document in your confirmation e-mail. The materials that correspond with the recording will be automatically delivered upon purchasing via email from the website.
