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The CFPB adopted an overwhelming volume of changes to the mortgage servicing rules, effective October 19, 2017, and April 19, 2018. The most important changes relate to default and collection restrictions, successors in interest, mortgage foreclosures, and bankruptcy protections. This session will thoroughly explain the new changes to the mortgage servicing rules. It also will address early intervention, continuity of contact and loss mitigation procedures, and explain when small servicers are exempt.
HIGHLIGHTS
Which changes become effective October 19, 2017, and April 19, 2018
Timing restrictions on mortgage foreclosures
When lenders must provide loss mitigation options to borrowers more than once during the life of a loan
Expansion of the rules to cover a “successor in interest” including transfers caused by death, divorce, trust, or gift, and who qualifies as a “successor in interest”
What notices aren’t deemed to violate the automatic stay in bankruptcy
Applicability of the small servicer exemptions to the new changes
TAKE-AWAY TOOLKIT
Model form of periodic statements for consumers in Chapter 7 or 11 bankruptcies
Model form of periodic statements for consumers in Chapter 12 or 13 bankruptcies
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Mortgage loan officers, credit personnel, loan operations staff, compliance personnel, collection staff, managers, auditors, and attorneys.
ABOUT THE PRESENTER – Elizabeth Fast, Spencer Fane LLP, a partner where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
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