Changes to the CFPB's Final Rules on Mortgage Servicing (Regulation X and Regulation Z) (MLB871A)


  Pre Recorded Webinar
  60 minutes

Understand the New Requirements of the CFPB’s Mortgage Servicing Rules

Beginning October 19, 2017, mortgage servicers must comply with significant changes to the Consumer Financial Protection Bureau’s (CFPB) Mortgage Servicing Rules regarding the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z). Other changes are effective April 19, 2018. Insufficiency of hazard insurance may lead to new requirements for lender-placed insurance, and early intervention with delinquent buyers will be governed by new contract obligations. Also, there will be several changes to periodic statement requirements and to the definition of a “small servicer.” Mortgage servicers have a lot to prepare for in order to be ready by October.

This session with financial services attorney Chrys Lemon will provide a user-friendly approach to understanding the new requirements and changes to the CFPB’s Mortgage Servicing Rules. Chrys will address, in easy-to-understand detail, how the Mortgage Servicing Rules apply to successors in interest, including the key to confirmation of a successor in interest’s identity and ownership interest. He’ll discuss what constitutes a mortgage “delinquency” and how you should respond to requests for ownership information on certain Fannie Mae and Freddie Mac loans. Chrys will also address several changes to the loss mitigation requirements and prompt payment crediting for borrowers under loss mitigation programs. Charts and reference documents that detail how the mortgage servicing rules will soon change will also be provided as takeaways.

Session Highlights

Who Should Attend

Anyone involved in servicing consumer mortgages, including compliance managers and legal counsel


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Presenter

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... More info

 


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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.
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