The CFPB Guidance on Private Mortgage Insurance Cancellation and Termination: Is Your Firm Compliant?
On August 4, 2015, the U.S. Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin to remind residential mortgage servicers, including subservicers, of their obligations to comply with private mortgage insurance (PMI) cancellation and termination requirements under the Homeowners Protection Act of 1998 (HPA). The bulletin summarizes existing requirements under the HPA, including requirements relating to borrower-requested cancellations, automatic and final terminations, PMI refunds, annual disclosures, and investor guidelines. The bulletin also highlights certain examination findings made by the CFPB in the course of exercising its supervisory and enforcement authority under the HPA.
Although, the guidance does not establish any new standards, it suggests the CFPB’s anticipated focus on HPA compliance in future examinations. Additionally, given the trend toward increasing litigation concerning HPA noncompliance, servicers may wish to evaluate their PMI cancellation and termination policies and procedures to avoid potential regulatory and litigation risks.
In this two-hour LIVE Webcast, a panel of distinguished professionals and thought leaders assembled by The Knowledge Group will help lenders and loan servicers understand the fundamental aspects of this significant topic. They will provide an in-depth discussion on the CFPB’s Guidance on Private Mortgage Insurance Cancellation and Termination. Speakers will also offer best practices in developing and implementing effective and compliant PMI cancellation and termination policies.
Key topics include:
- The CFPB Guidance – An Overview
- HPA Violations
- PMI Cancellation and Termination Requirements
- Forecast on Litigation Trends
- Best Compliance Practices
Jennifer D. Newton, Attorney
Shutts & Bowen LLP
- Overview of the Establishment of the U.S. Consumer Financial Protection Bureau
- Overview of the Homeowner’s Protection Act (HPA)
- HPA Supervisory Concerns
Jennifer Monty Rieker, Shareholder
Weltman, Weinberg & Reis Co., LPA
- CFPB Overview – Complaints
- Requested PMI Cancellation – Straight Forward?
- Automatic PMI Cancellation- Straight Forward?
- Policies and Procedures
Stephen Fogdall, Partner
Schnader Harrison Segal & Lewis LLP
- Litigation Risks Under the HPA
- Agency Enforcement Actions
- Section 1818 of the FDI Act
- HPA and CFPA
- Private Civil Litigation
Who Should Attend:
- Mortgage Brokers
- Real Estate Lawyers
- Settlement Agents
- Senior Executives
- Operations Managers
- Risk and Compliance Officers
- Other Related Professionals
Jennifer D. Newton is an attorney in the Miami office of Shutts & Bowen LLP, where she is a member of the Financial Services Practice Group.
Jennifer’s practice focuses on a variety of financial services matters, including consumer finance and banking regulatory, transactional and compliance matters. She has extensive litigation, regulatory compliance, public policy and legislative experience representing various clients in a broad range of consumer financial services matters and product lines.
Prior to joining the firm, Jennifer was counsel for the U.S. Consumer Financial Protection Bureau (CFPB), where she worked on fair lending and other consumer financial services matters. She also previously worked for a large financial services company, where she worked on a variety of regulatory compliance matters, including government agency examinations, and oversaw the development of policies and procedures designed to address CFPB and other regulatory requirements.
Jennifer D. Newton is an attorney in the Miami office of Shutts & Bowen LLP, where she is a member …
Jennifer Monty Rieker is a Shareholder with Weltman, Weinberg & Reis Co., LPA., a full-service creditors’ rights law firm with more than 85 years of experience delivering customized recovery solutions to our clients across the U.S. and around the globe. Ms. Rieker focuses her practice in consumer finance litigation matters involving compliance with state and federal regulations and contested foreclosure cases and appeals.
She is a frequent lecturer on litigation and compliance matters, and has been published in the Employee Relations Law Journal, Servicing Management Magazine, and Transactions Magazine (a publication of the Pennsylvania Association of Community Bankers). Ms. Rieker has been recognized for her legal ability and professional ethics by her peers and the national legal media in several editions of Ohio Rising Stars.
Jennifer Monty Rieker is a Shareholder with Weltman, Weinberg & Reis Co., LPA., a full-service creditors’ rights law firm with …
Stephen A. Fogdall is a partner in the Philadelphia office of Schnader Harrison Segal & Lewis LLP, and serves as Co-Chair of Schnader’s Financial Services Litigation Practice Group. His practice focuses on defending individual and class action claims under consumer financial laws and fair lending laws. He authored Overview of the Federal Regulation of Fair Lending, a volume in Bloomberg BNA’s Banking Practice Portfolio Series. He has also written numerous other articles on financial services issues for publications such as the Real Estate Finance Journal, Bloomberg Law Reports, and BNA’s Class Action Litigation Report.
Stephen A. Fogdall is a partner in the Philadelphia office of Schnader Harrison Segal & Lewis LLP, and serves as …
Print and review course materials
Method of Presentation:
NASBA Field of Study:
NY Category of CLE Credit:
Areas of Professional Practice
Unlock All The Knowledge and Credit You Need
Leading Provider of Online Continuing Education
It's As Easy as 1, 2, 3
Get Your 1-Year All Access Pass For Only $199
About Shutts & Bowen LLP
Founded in 1910, Shutts & Bowen LLP today has more than 270 attorneys and offices in Fort Lauderdale, Miami, Orlando, Tampa, Tallahassee, West Palm Beach, and Amsterdam. We offer a full array of legal services worldwide, representing businesses and individuals in the range of industries, including insurance, utilities, securities, transportation, financial services, health, development, communications, energy, governmental and manufacturing.
About Weltman, Weinberg & Reis Co., LPA
Founded in 1930, Weltman, Weinberg & Reis Co., LPA (WWR) is a full-service creditors’ rights law firm with more than 80 attorneys and 750 total employees. WWR represents nearly every type of creditor, including some of the largest financial institutions in the U.S., in bankruptcy, consumer and commercial collections, litigation, and real estate default matters, with the strictest adherence to compliance and security standards and with a premium on reputation management.
WWR is a unique collection services provider offering both independent agency-style services and a full range of legal services. The firm has nine office locations and a “footprint” area including Illinois, Indiana, Kentucky, Michigan, New Jersey, Ohio, and Pennsylvania. WWR also manages a national attorney forwarding network which provides coverage in every state of the U.S. To learn more about WWR’s leadership in accounts receivable management, please visit weltman.com.
About Schnader Harrison Segal & Lewis LLP
Schnader’s team of outstanding lawyers serves the complex litigation and transactional needs of both long established and newly emerging businesses, including those doing business internationally and in cyberspace. We also provide wealth management and an array of personal legal services to individuals.