Servicers have roughly a year to study and master the Consumer Financial Protection Bureau’s mortgage-servicing rule.
You will be tested on it in the future and a failing grade translates to a lot more than an F.
Here are a few review questions. Know the answers?
- Do you know the definition of “delinquency” that applies through the rule?
- Do you know how the bureau amended the loss mitigation provisions?
- Do you know how the rule applies to successors in interest who acquire an ownership interest in the property?
And these only scratch the surface.
HousingWire is bringing together two industry experts for a Q&A webinar to make sure you have all the information you need to fully comply with the rule and properly conduct business.
Mike Jones, a director at Navigant, and Nanci Weissgold, a member of Alston & Bird’s Financial Services & Products Group, will be available to answer any questions you have on the final mortgage servicing rule, along with laying out what went into and makes up the 900-page rule.
“The 2016 mortgage servicing rule is complex, with numerous requirements packed into more than 900 pages,” Jones said. “There is a time limit for implementation and many things to do to get it right. Waiting too long to start or making mistakes in the process could be costly. Beyond the possibility of implementation cost overruns, servicers could be exposed to compliance and litigation risk.”
It took 900 pages for the CFPB to get those new thoughts on paper, so it’s going to take as much work to figure it all out.
We'll be taking questions in advance, as well as during the webinar, so be sure to compile a list of all the issues you are facing relative to the new final rule.
The webinar will also address:
- The operational impact of the new mortgage servicing rule
- Lender concerns with the rule and what the CFPB is doing about them (or not)
- Risks associated with the new rule and implications for lenders
- Implementation best practices
Check here for more information and to register.