Making Sense of the CFPB's 900-Page Mortgage Servicing Rule
Thursday, September 29, 2016
11:00 AM PST / 1:00 PM CST / 2:00 PM EST
More than a month has already gone by since the Consumer Financial Protection Bureau published the final mortgage servicing rule, and in an industry where time can cost millions of dollars, you need every second and every resource to ensure you implement it correctly.
Now that the countdown has officially started on the year servicers have to implement the new rule, HousingWire brought together two industry experts, Mike Jones and Nanci Weissgold, to make sure you have all the information you need to properly conduct business. They'll be available to answer any questions you have on the final mortgage servicing rule, along with laying out what went into and makes up the 900-page rule.
We'll be taking questions in advance, as well as during the webinar, so be sure to compile a list of all the issues you are facing relative to the new final rule.
- The operational impact of the new mortgage servicing rule
- How the rule will amend the loss mitigation provisions to, among others:
- Require servicers to comply with the loss mitigation procedural requirements throughout the life of the loan
- Impose much higher standards for working with the borrower and third parties to complete otherwise incomplete applications
- Clarify the application of the loss mitigation procedures and timelines during the transfer of servicing
- How the rule applies to successors in interest who acquire an ownership interest in the property
- How the rule adds a definition of “delinquency” that applies through the rule
- Lender concerns with the rule and what the CFPB is doing about them (or not)
- Risks associated with the new rule and implications for lenders
- Implementation best practices