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New Servicing Requirements for Large Servicers

Recorded on February 13, 2014

There are nine different categories of servicing-related amendments to Regulations Z and X as a result of the Dodd-Frank Act. The new servicing-related obligations fall into three phases of the lifecycle of a mortgage loan: Some are most important during the term of the loan itself, while others are particular to a loan which is delinquent, and others come into play when a loan is being paid in full. The new rules are complex and detailed and apply not only to new loans, but to covered loans already being serviced by you.

This webinar is for those institutions who do not qualify for the small servicer exemption. A separate program is offered for small servicers, since they are exempt from many of the new obligations.

In this review of the servicing rules, Mary Beth Guard and Andy Zavoina will dig into the new duties and responsibilities imposed on large servicers, starting with an analysis of which loans are covered.

During the session, we will cover these and other topics:

  • Brief overview of the large servicer criteria
  • Servicing disclosure statements, to who, what and when
    • Notice contents
    • What about bankrupt borrowers
    • What happens when payments are made during transfer of servicing
    • ARM loan notices
    • Periodic statements and coupon books
    • Error resolution and information requests (timing and expansion upon the old QWRs)
    • Payment processing
    • Providing payoff statements
    • Restrictions on collection options
    • Overviews of requirements for policies and procedures, early intervention and continuity of contact provisions
    • Escrows and force-placed coverage
    • Force-placed hazard insurance
    • Servicing file and disclosures
    • Continuity of contact with delinquent borrowers
    • Loss mitigation
    • How to differentiate between what you are required to respond to and what you aren't
    • Limitations on reporting to consumer reporting agencies

    Who should attend?

    • Compliance officers
    • Internal auditors
    • Mortgage servicing managers or staff members

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