But once it is, companies will generally get 12 months after publication until it goes into effect. Often, only a few weeks go by between when the rule is issued and when it gets published in the Federal Register, and so far, nearly two months have gone by.
This, however, is giving the industry a little bit of extra time to digest all the details that are in the final rule.
And now that companies have had more time to process the rule, you’re probably at a point where you have questions.
Maybe you don’t understand a specific definition, how the new loss mitigation procedures work or even what the risks associated with the rule are. Whatever the issue is, HousingWire is getting the experts together to get the answers you need.
On Sept 29 at 1 CST, HousingWire is hosting 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.
“As always, with the CFPB, the devil is in the details. Changes to requirements regarding successors in interest, early intervention, loss mitigation and periodic statements – among other topics in the new rule – are nuanced, and will require careful interpretation to be properly implemented,” said Weissgold.
“Even if most requirements won’t take effect for a year, programming changes is a time and effort intensive process, so servicers would be wise to start preparing for implementation as early as possible,” she added.
Check here for more information and to register.