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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.
Showing posts with label CFPB. Show all posts
Showing posts with label CFPB. Show all posts
(ON DEMAND) The CFPB’s Four Ds of Fair Lending: Deceptive Marketing, Debt Traps, Dead Ends & Discrimination
Email to Order the Recording + Free Digital Download
The CFPB continues to monitor complaints, issue enforcement actions, and discuss the four Ds: deceptive marketing, debt traps, dead ends, and discrimination. Is your institution at risk for any of these fair lending violations? Join this informative session to learn the latest lessons from enforcement actions and proposed regulation changes. Learn key strategies to implement and maintain an effective complaint program. Specific examples will be given for each of the four Ds to help you evaluate potential risks and a variety of tools and resources to proactively manage compliance expectations will be provided.
HIGHLIGHTS
UDAAP concepts explained in simple terms, with real life examples
Marketing practices must be reviewed closely
Fair lending in underwriting, pricing, and collections will be held to new discrimination standards
The CFPB has issued many UDAAP enforcement actions
$100 million fine in September 2016 for “widespread unlawful sales practices” because the bank’s employees secretly opened accounts and shifted funds without consumers’ knowledge or permission – which often incurred fees or other charges
What do employees need to understand about “consumer harm”?
UDAAP issues center on internal controls, compensation, telemarketing, third-party arrangements, and consumer complaints
Is your complaint program in compliance with the latest regulatory guidance?
Seven simple steps to avoid enforcement actions and damages to your reputation
TAKE-AWAY TOOLKIT
Complaint policy, procedures, and tracking form that can be modified for your use
UDAAP compliance resources and regulatory guidance, including FTC guidelines and regulatory resources
UDAAP risk assessment checklist
Matrix covering four key UDAAP risks in the retail footprint, strategic direction, operational concerns, and regulatory environment
Checklist for evaluating consumer harm
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? Lenders, compliance officers, risk managers, senior management, branch managers, customer service managers, loan and deposit operation managers, marketing staff, and product development specialists.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs is a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.
The CFPB continues to monitor complaints, issue enforcement actions, and discuss the four Ds: deceptive marketing, debt traps, dead ends, and discrimination. Is your institution at risk for any of these fair lending violations? Join this informative session to learn the latest lessons from enforcement actions and proposed regulation changes. Learn key strategies to implement and maintain an effective complaint program. Specific examples will be given for each of the four Ds to help you evaluate potential risks and a variety of tools and resources to proactively manage compliance expectations will be provided.
HIGHLIGHTS
UDAAP concepts explained in simple terms, with real life examples
Marketing practices must be reviewed closely
Fair lending in underwriting, pricing, and collections will be held to new discrimination standards
The CFPB has issued many UDAAP enforcement actions
$100 million fine in September 2016 for “widespread unlawful sales practices” because the bank’s employees secretly opened accounts and shifted funds without consumers’ knowledge or permission – which often incurred fees or other charges
What do employees need to understand about “consumer harm”?
UDAAP issues center on internal controls, compensation, telemarketing, third-party arrangements, and consumer complaints
Is your complaint program in compliance with the latest regulatory guidance?
Seven simple steps to avoid enforcement actions and damages to your reputation
TAKE-AWAY TOOLKIT
Complaint policy, procedures, and tracking form that can be modified for your use
UDAAP compliance resources and regulatory guidance, including FTC guidelines and regulatory resources
UDAAP risk assessment checklist
Matrix covering four key UDAAP risks in the retail footprint, strategic direction, operational concerns, and regulatory environment
Checklist for evaluating consumer harm
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? Lenders, compliance officers, risk managers, senior management, branch managers, customer service managers, loan and deposit operation managers, marketing staff, and product development specialists.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs is a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.
(ON DEMAND) New CFPB Amended Rules for Mortgage Foreclosure & Bankruptcy Protections: Preparing Now for the 2017 Effective Date
Email to Order the Recording + Free Digital Download
On August 4, 2016, the CFPB issued its final rule amending the mortgage servicing regulations which were initially issued in 2013. Many important changes were made regarding mortgage foreclosure and bankruptcy protections. Your institution needs to prepare for these changes before the effective date, which is anticipated to be August 2017. In addition, the final rule provides safe harbor notices that must be sent when a consumer is in bankruptcy. This webinar will thoroughly explain the new changes to the mortgage foreclosure and bankruptcy rules that will affect your institution.
HIGHLIGHTS
Clarification of when a borrower becomes delinquent for foreclosure purposes
Foreclosure timing restrictions
When lenders must provide borrowers with loss mitigation options 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”
Notices that don’t violate the automatic stay in bankruptcy
Applicability of the small servicer exemptions to the new changes
Interaction of the new changes with the Fair Debt Collection Practices Act
TAKE-AWAY TOOLKIT
Model form of periodic statements for consumers in Chapter 7, 11, 12, or 13 bankruptcies
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
DON’T MISS THIS RELATED WEBINAR!
New CFPB Amended Mortgage Servicing Rules: What You Must Know Now & Why Advance Planning is Critical on Tuesday, October 11, 2016
Missed it? Order a recording of the live webinar, with a free digital download.
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Mortgagee loan officers, credit personnel, loan operations staff, compliance personnel, collectors, managers, auditors, and attorneys.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, 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.
On August 4, 2016, the CFPB issued its final rule amending the mortgage servicing regulations which were initially issued in 2013. Many important changes were made regarding mortgage foreclosure and bankruptcy protections. Your institution needs to prepare for these changes before the effective date, which is anticipated to be August 2017. In addition, the final rule provides safe harbor notices that must be sent when a consumer is in bankruptcy. This webinar will thoroughly explain the new changes to the mortgage foreclosure and bankruptcy rules that will affect your institution.
HIGHLIGHTS
Clarification of when a borrower becomes delinquent for foreclosure purposes
Foreclosure timing restrictions
When lenders must provide borrowers with loss mitigation options 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”
Notices that don’t violate the automatic stay in bankruptcy
Applicability of the small servicer exemptions to the new changes
Interaction of the new changes with the Fair Debt Collection Practices Act
TAKE-AWAY TOOLKIT
Model form of periodic statements for consumers in Chapter 7, 11, 12, or 13 bankruptcies
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
DON’T MISS THIS RELATED WEBINAR!
New CFPB Amended Mortgage Servicing Rules: What You Must Know Now & Why Advance Planning is Critical on Tuesday, October 11, 2016
Missed it? Order a recording of the live webinar, with a free digital download.
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Mortgagee loan officers, credit personnel, loan operations staff, compliance personnel, collectors, managers, auditors, and attorneys.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, 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.
(ON DEMAND) New CFPB Amended Mortgage Servicing Rules: What You Must Know Now & Why Advance Planning is Critical
Email to Order the Recording + Free Digital Download
Mortgage servicing requirements and expectations are changing again! The CFPB has amended its 2013 Mortgage Servicing Rules by adding new requirements, new borrower protections, and clarification to existing requirements. Mortgage servicers need to begin learning about the amendments and outlining an implementation plan now to be compliant by the projected effective date of August 2017.
The amendments cover nine major topics – including the definition of delinquency, successors in interest, information requests, periodic statements, and loss mitigation requirements. This webinar will provide a high-level overview of the amended mortgage servicing requirements, including which provisions apply to “small servicers.” By understanding the amendments’ scope and impact early, institutions will be able to properly manage the time and resources necessary to implement the changes.
Note: A more thorough analysis of the impact of the changes on foreclosure and bankruptcy practices will be addressed in a separate webinar detailed below.
HIGHLIGHTS
Analysis of the CFPB’s definition of delinquency
Expectations for handling information requests for loans owned by Fannie Mae or Freddie Mac
Discussion of the requirements for working with successors in interest
Analysis of changes to periodic statement requirements, including alternative versions for borrowers who have filed for bankruptcy
Review of the “small servicer” exemption
TAKE-AWAY TOOLKIT
Summary of the changes to the nine major topics
Handout explaining which changes apply to “small servicers”
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
DON’T MISS THIS RELATED WEBINAR!
New CFPB Amended Rules for Mortgage Foreclosure & Bankruptcy Protections:
Preparing Now for the 2017 Effective Date on Monday, November 7, 2016
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Mortgage servicing staff, loss mitigation personnel, and compliance and audit teams.
ABOUT THE PRESENTER – Steve Van Beek, NCCO, is an attorney at Howard & Howard Attorneys PLLC where he concentrates his practice in the area of financial regulations. He has intimate knowledge of the operational issues facing financial institutions and the best practices they can follow to reduce compliance, strategic, and reputation risks. Prior to joining Howard & Howard, he served as the Vice President of Regulatory Compliance at the National Association of Federal Credit Unions (NAFCU). He received his Bachelor’s from Hope College and his J.D. from George Mason University School of Law and is a member of the American Bar Association.
Mortgage servicing requirements and expectations are changing again! The CFPB has amended its 2013 Mortgage Servicing Rules by adding new requirements, new borrower protections, and clarification to existing requirements. Mortgage servicers need to begin learning about the amendments and outlining an implementation plan now to be compliant by the projected effective date of August 2017.
The amendments cover nine major topics – including the definition of delinquency, successors in interest, information requests, periodic statements, and loss mitigation requirements. This webinar will provide a high-level overview of the amended mortgage servicing requirements, including which provisions apply to “small servicers.” By understanding the amendments’ scope and impact early, institutions will be able to properly manage the time and resources necessary to implement the changes.
Note: A more thorough analysis of the impact of the changes on foreclosure and bankruptcy practices will be addressed in a separate webinar detailed below.
HIGHLIGHTS
Analysis of the CFPB’s definition of delinquency
Expectations for handling information requests for loans owned by Fannie Mae or Freddie Mac
Discussion of the requirements for working with successors in interest
Analysis of changes to periodic statement requirements, including alternative versions for borrowers who have filed for bankruptcy
Review of the “small servicer” exemption
TAKE-AWAY TOOLKIT
Summary of the changes to the nine major topics
Handout explaining which changes apply to “small servicers”
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
DON’T MISS THIS RELATED WEBINAR!
New CFPB Amended Rules for Mortgage Foreclosure & Bankruptcy Protections:
Preparing Now for the 2017 Effective Date on Monday, November 7, 2016
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Mortgage servicing staff, loss mitigation personnel, and compliance and audit teams.
ABOUT THE PRESENTER – Steve Van Beek, NCCO, is an attorney at Howard & Howard Attorneys PLLC where he concentrates his practice in the area of financial regulations. He has intimate knowledge of the operational issues facing financial institutions and the best practices they can follow to reduce compliance, strategic, and reputation risks. Prior to joining Howard & Howard, he served as the Vice President of Regulatory Compliance at the National Association of Federal Credit Unions (NAFCU). He received his Bachelor’s from Hope College and his J.D. from George Mason University School of Law and is a member of the American Bar Association.
(ON DEMAND) Understanding & Managing the CFPB Complaint Process
Email to order the Archived Webinar!
The CFPB has been inviting consumers to “tell their story” and file a complaint since July 2011. When the CFPB launched their monthly report of consumer complaints in July 2015, Director Cordray said, “Consumer complaints are the CFPB’s compass and play a central role in everything we do. They help us identify and prioritize problems for potential action.”
While the CFPB may not be the primary regulator for your bank, it’s critical to understand how the CFPB complaint process has changed regulatory expectations and what you should be doing to proactively manage this compliance and reputational risk.
HIGHLIGHTS
How the CFPB uses complaint information to guide investigations, develop enforcement actions, and require consumer reimbursement
Regulatory expectations for complaints:
Accepting complaints – what is a complaint, how are they recorded, and how are they resolved?
Reasonable timeframe to respond to a complaint
Complaints that require escalation and immediate attention
Complaints which indicate potential UDAAP issues or consumer harm
Types of complaints that should result in changes to products, services, or practices
Steps to take when the complaint involves a third-party vendor
What do recent enforcement actions tell the financial service industry about the importance of complaints?
Is the use of social media changing the complaint process?
What does staff need to know about handling complaints? How should complaints be tracked and evaluated? What type of training should be completed for handling complaints?
TAKE-AWAY TOOLKIT
Complaint policy, procedures, and tracking form in Word that can be modified for your institution
UDAAP compliance resources and regulatory guidance, including FDIC abusive practices –third-party procedures checklist
UDAAP risk assessment checklist
Checklist for evaluating consumer harm
Regulatory resources
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? Senior management, compliance officers, risk managers, branch managers, call center managers, loan and deposit operation managers, marketing staff, and product development specialists.
ABOUT THE PRESENTER – Susan Costonis, CRCM, Compliance Consulting and Training for FIs, a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.
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