- Format:Webinar
- Education Type:BCU Webinars
- Line of Authority:N/A
- Language:N/A
- Credit Hours:N/A
Servicing mortgage loans is a difficult and complex process, whether the loan is current or whether the borrower is delinquent or in default. There are many laws and regulations with which to comply, many of which are very tedious and detailed, so careful compliance efforts are critically important.
Regulators are looking very carefully at both how servicers are servicing loans, as well as which borrowers receive what type of treatment. In other words, fair lending and UDAP/UDAAP concerns are at the forefront.
There are very detailed requirements in RESPA as to how to service mortgage loans, and when a borrower has defaulted the requirements become even more complex. In addition, there are Regulation Z (Truth in Lending), flood insurance, appraisal rules, and additional concerns. Debt collection is also primary on the regulators’ list of concerns.
In this 2-part webinar series, we’ll review the requirements involved, as well as how to address defaulted borrowers and maintain an effective program to deal with the many issues.
What You'll Learn
Part 1:
- Current and recent developments – changing regulatory expectations
- RESPA’s detailed servicing requirements, including amendments and FAQs
- Force-placed insurance, including processes
- Error resolution and information request requirements
- Default management requirements: early intervention requirements, access to personnel,
- continuity of contact, and the loss mitigation application process
- Loss mitigation principles – regulators’ primary concern
Part 2:
- Reg. Z requirements, including periodic statements, payoff statements, and escrows
- Flood insurance escrow requirements
- Force-placed insurance
- Foreclosure provisions
- Debt collection, including the FDCPA and Reg. F
- Fair lending and UDAP/UDAAP issues
