FDIC updates mortgage servicing rules videos

The FDIC has issued FIL-79-2021 announcing its release of updates to its five technical assistance YouTube videos on the mortgage servicing rules. These videos incorporate the 2016 Mortgage Servicing Rule and the 2016 Fair Debt Collection and Practices Act Interpretive Rule and have been updated to match the FDIC’s modernized video style. The video series focuses on the small servicer as defined in Regulation Z; however, video 3 provides an overview of some of the requirements for financial institutions that lose their small servicer status. The videos range in duration from around 8 to 27 minutes.

• Video 1 provides an overview of mortgage servicing and describes how to determine whether a servicer meets the definition of a small servicer under Regulation Z. (10:12)
• Video 2 describes key provisions for which small servicers do not have an exception. These are the provisions with which all servicers, small and large, must comply. (27:23)
• Video 3 provides an overview of some of the requirements that apply to large servicers and from which small servicers are exempt. This video is useful for large servicers. (12:08)
• Video 4 describes successors in interest, including the definition of successor in interest and a general overview of what to be aware of when working with successors in interest. (8:00)
• Video 5 provides information and examples related to developing a compliance management system that considers the mortgage servicing rules. (11:41)