Learn the requirements needed to service mortgage loans in order to comply with CFPB rules and regulations.

Compliance for residential mortgage lending and servicing can be confusing and changes rapidly with guidance promulgated from several outlets, including the Consumer Financial Protection Bureau. This program will identify issues related to small servicers, including the definition of a small servicer, loss mitigation, successor in interest regulations, and forced place insurance. We will also look at recent litigation trends relating to mortgage servicing, including CFPB updates and COVID-19 ramifications.

Agenda

Regulation X Applicability

• Where to Find (12 CFR 1024)
• 'Federally Related Mortgage Loans'
• Exemptions and Partial Exemptions

• Small Servicers, etc.

Mortgage Servicing

• Applies to Any Mortgage Loan (12 CFR 1024.31)
• Disclosure Requirements

• General Disclosures
• Mortgage Servicing Transfer Disclosures
• Requests for Information
• Forced Placed Insurance
• Early Intervention
• Continuity of Contact
• Loss Mitigations Procedures

Successors in Interest

• Effective April 19, 2018, Servicers Must Treat Confirmed Successors in Interest as Borrowers (12 CFR 1024.30)
• Successor in Interest v. Confirmed Successor in Interest

• Requirements
• Loss Mitigation Options
• Assumption of Loan

Penalties for Violations

• Actual Damages
• Pattern or Practice of Noncompliance

Hot Topics

• Protections Related to COVID-19
• Recent Litigation Trends