Compliantly Handle Servicing Scenarios Involving Bankrupt Debtors and Successors in Interest
The Consumer Financial Protection Bureau (CFPB) recently modified the periodic statement requirements for the bankruptcy scenario. On April 19, 2018, these requirements in Regulations X and Z regarding bankruptcy periodic statements and successors in interest became effective. If you are involved in mortgage servicing, you must know what to do when you have a bankrupt debtor or a successor in interest.
In this session, financial services attorney Chrys D. Lemon will provide a detailed look at the requirements for successors in interest and for debtors in bankruptcy. Lemon will provide detailed summaries, including easy-to-use guides and charts, for handling servicing scenarios involving bankrupt debtors and successors in interest. He will also use examples of how the rules apply in different situations so that you are fully prepared for the compliance.
This session will answer your questions related to:
Debtors in Bankruptcy
When must a servicer provide a periodic statement for each billing cycle, and when is a servicer exempt?
When must a servicer provide periodic statements or coupon books with bankruptcy modifications?
Following a bankruptcy, how does a servicer transition back to providing unmodified periodic statements or coupon books?
How the CFPB replacing the single-billing-cycle exemption with a single-statement exemption will affect periodic statements or coupon books in bankruptcy situation?
Successors in Interest
What is a “successor in interest”?
How do you confirm a successor in interest’s identity and ownership interest?
What are the servicing requirements for successors in interest?
Who Should Attend
Anyone involved in mortgage servicing:
President/Vice President of Mortgage Loan Servicing
Chrys Lemon is a partner in McIntyre & Lemon, PLLC, in Washington, D.C. He specializes in financial services law, particularly related to marketing of consumer financial products and services, privacy law, insurance law, and regulation of financial institutions by the Consumer Financial Protecti...
Disclaimer: The content herein does not represent any association between CFPB and Eli Financial LLC. CFPB neither endorses any product of Eli Financial LLC nor warrants accuracy of the content hereto.