CFPB Examinations of Mortgage Servicing Transfers: Understanding the Proposed Guidance
The issuance of CFPB (Consumer Financial Protection Bureau) Bulletin 2013-01 earlier this year marks stepped up efforts to counter mortgage servicing transfer problems and address consumer protection concerns. Under the proposed guidance, CFBP will conduct examinations and continuous monitoring of servicing transfers to determine whether or not the mortgage-related transactions entered into by servicers (banks and nonbanks) are in compliant with consumer finance laws. The new regs will also require servicers to submit documentation on their risk management programs and they will require enhanced procedures in order to comply with the transfer-related aspects recently-issued servicing rules which are set to take effect in January 2014.
In light of this unprecedented change, finance executives, compliance officers and attorneys who practice in the mortgage industry and related segments must have a complete understanding of the proposed guidance. A panel of thought leaders and experienced practitioners organized by The Knowledge Group will offer a substantive discussion from a 360-degree perspective regarding this significant and game changing law. The speakers will present their opinions in a two-hour LIVE Webcast which will be concluded by a LIVE Q&A session.
Elizabeth Jordan, Director,
Deloitte & Touche LLP
- Investing in or exiting a Transfer. 6 major considerations to Transfer
- How to Transfer
- Regulatory consideration
- Transfer process
- Post Transfer practices
Michael J. Brauneis, CRCM, Managing Director, Regulatory Risk,
(After Choice to Transfer)
- The life cycle of a Transfer
- Practical guidance for Transfer i.e. selection of services, contracting services
- Monitoring the firm after execution of Transfer
John DelPonti, Managing Director, Valuation and Financial Risk Management Practice ,
- Specific issues of Transfer
- Types of planning related to Transfer
- Real world things to due to avoid mortgage servicing transfers
David N. Anthony, Practice Group Leader,
Troutman Sanders LLP
- General overview of CFPB examinations
- Guidance from the CFPB on mortgage servicing transfer examinations;
- Four primary areas of focus for CFPB examinations;
- Written policy requirements and CFPB assessments for consumer risks;
- CFPB servicing rules to facilitate the transfer of information; and
- Servicing transfer risks
Liz has over twenty five years of consulting experience and her specialty is credit risk and operations management consulting across loan originations, credit granting, loan servicing and default management, encompassing loss mitigation, loan modifications, foreclosure and bankruptcy. She has successfully managed large multi-stream projects at captive finance and mortgage servicing organizations. She can analyze the strengths and competitive advantages of credit organizations, especially in default management mortgage servicing operations and lead the operational execution supporting regulatory compliance requirements for DOJ/State AG Settlement and CFPB. She has worked directly with over 80% of the top fifteen US banks and all of the top five Captive Finance organizations. This experience has allowed her to gain a thorough understanding of Consumer, Auto and Mortgage Lending, especially in Servicing and Default Management.
Before joining Deloitte in June, 2003, Liz was responsible for managing the Credit Originations and Collections Practices at American Management Systems, Inc. which included the AMS alliance with Metavante for the CreditLine suite of technology. In this role, she was able to effectively enhance the efficiency and effectiveness of the originations and collections operations at numerous Financial Services, Credit Card, Captive Finance and Mortgage clients. This enabled these credit organizations to develop and implement originations and collections strategies to maximize their profitability and enhance customer relationships.
Liz has over twenty five years of consulting experience and her specialty is credit risk and operations management consulting across …
Michael Brauneis is a Managing Director in Protiviti’s Chicago office and one of the leaders of the firm’s national Regulatory Risk Consulting practice. He is a member of Protiviti’s global Regulatory Reform leadership team and is regularly consulted as a compliance subject matter expert by leading national media outlets, including the Wall Street Journal, the Associated Press, Reuters, the Chicago Tribune, and the American Banker, among many others. Since the passage of the Dodd-Frank Act in 2010, Mike has advised a number of top-25 banks as well as leading non-bank lenders, mortgage servicers, debt collection firms, and consumer reporting agencies on the enhancement of their compliance management systems, implementation of new regulatory requirements, and successful resolution of CFPB and other regulatory agency enforcement actions. Prior to joining Protiviti in January of 2004, Mike held a compliance management position with a top-10 bank holding company. Mike holds the Certified Regulatory Compliance Manager (“CRCM”) designation. email@example.com
Michael Brauneis is a Managing Director in Protiviti’s Chicago office and one of the leaders of the firm’s national Regulatory …
Mr. DelPonti is a Managing Director in the Valuation and Financial Risk Management practice and based in the Washington, D.C. office. He co-leads the Mortgage Banking-Financial and Operational Risk Management practice providing consulting services in all aspects of mortgage banking related activities. Mr. DelPonti has extensive experience with over 20 years in mortgage, consumer and finance banking, distressed workouts, capital markets operations, loan valuation and restructuring, portfolio asset management, financial due diligence, post merger integration, lending best practices, mortgage servicing reviews, and risk management including bank regulatory and compliance management. He is a former partner at PricewaterhouseCoopers where he managed business advisory and audit services focused on top 10 mortgage companies.
Mr. DelPonti is a Managing Director in the Valuation and Financial Risk Management practice and based in the Washington, D.C. …
David is the co-leader of the firm’s Financial Services Litigation Practice Group and the firm’s Consumer Financial Protection Bureau Team. He is an experienced trial attorney who concentrates on financial services and business litigation. David regularly represents banks, financial institutions, consumer credit reporting agencies and furnishers, background screening companies, debt collectors, mortgage lenders and servicers and other consumer finance entities in individual and class action lawsuits. David has substantial experience and expertise in federal court litigation and the CFPB. Follow the ongoing analysis and commentary on developments and activities of the Consumer Financial Protection Bureau from David and the other members of the firm’s CFPB Team on the firm’s CFPB Report blog athttps://www.cfpbreport.com/.
David is the co-leader of the firm’s Financial Services Litigation Practice Group and the firm’s Consumer Financial Protection Bureau Team. …
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About Deloitte & Touche LLP
As a recognized leader in providing audit, tax, consulting and financial advisory services to the banking industry, Deloitte serves 90 percent of the largest banks and thrift holding companies, 87 percent of the top 15 mortgage originators and 93 percent of the top 15 mortgage servicers. Our multi-disciplinary approach allows us to provide regional, national and global services to our clients. Our banking and securities practice is recognized for bringing together teams with diverse experience and knowledge to provide customized solutions for clients.
Protiviti is a global consulting firm that helps companies solve problems in finance, technology, operations, governance, risk and internal audit. Through our network of more than 70 offices in over 20 countries, we have served more than 35% of the FORTUNE® 1000 and Global 500 companies. We also work with smaller, growing companies, including those looking to go public, as well as with government agencies.
About Troutman Sanders LLP
Troutman Sanders LLP is an international law firm with more than 600 lawyers and offices located throughout North America and in Asia. Founded in 1897, the firm’s lawyers provide counsel and advice in practically every aspect of civil and commercial law related to the firm’s core practice areas: Business Law, Energy and Industry Regulation, Finance, Litigation and Real Estate. Firm clients range from multinational corporations to individual entrepreneurs, federal and state agencies to foreign governments, and non-profit organizations to businesses representing virtually every sector and industry. See troutmansanders.com for more information.