- Format:Webinar
- Education Type:BCU Webinars
- Line of Authority:N/A
- Language:N/A
- Credit Hours:N/A
Over the past few years, many borrowers have faced financial challenges—whether due to the economy or personal circumstances—and as a result, many have fallen behind on their mortgage payments. This has forced lenders and servicers to consider foreclosure more often. With the expiration of foreclosure moratoria, a large number of foreclosures have been initiated in a short period of time, and this trend is expected to continue.
This brings up key questions: What actions are permitted? What notices must be sent? While foreclosure and loss‑mitigation requirements vary by state, there are also important federal rules to follow. The CFPB and other federal agencies have put several requirements in place that must be satisfied before a foreclosure can begin. This webinar will walk through those requirements and outline the proper steps to ensure you understand everything needed when reviewing or starting a foreclosure action.
What You'll Learn
You will learn:
- The nature of foreclosing – what happens?
- Critical servicing requirements when a loan defaults that must be followed before foreclosing
- Timing requirements
- Notice rules
- Federal agency mandates and rules before and during the foreclosure process
- Tax reporting
- General discussion on state laws and rules (note, each state is different, so we cannot speak to any individual state’s laws on foreclosures)
- Additional regulatory requirements
