The CFPB’s Mortgage Servicing Rules: Where Are We Now?
The mortgage servicing industry has been living with the 2013 Mortgage Servicing Rules since its January 10, 2014 effective date. Life under these rules has been very painful to the industry. Just when things did not seem like they could get any worse, on December 15, 2014 the Consumer Financial Protection Bureau (“CFPB”) released its 2014 Proposed Mortgage Servicing Rules. On August 4, 2016 those proposed rules were finalized (the “2016 Mortgage Servicing Rules”) and the mortgage industry has approximately one year to develop systems and procedures to comply with these new rules.
The 2016 Mortgage Servicing Rules contain major changes in the way loans must be serviced. Major areas of change include the following: successors in interest; definition of delinquency, handling of early intervention, loss mitigation and periodic statements where one or more of the borrowers is in bankruptcy, and actions that must be taken where the new rules conflict with the Fair Debt Collection Practices Act. With these changing regulations, it is imperative to stay up to date and have a clear understanding of the requirements and regulations in order to remain compliant and efficient. In addition, there are immense technology challenges that must be overcome to comply with the new rules.
In this two-hour LIVE Webcast, a panel of distinguished professionals and thought leaders organized by The Knowledge Group will help you understand the important issues surrounding CFPB's changes to Mortgage Servicing Rules, identifying best practices to ensure compliance.
Key Topics include:
- 1024.41 Requirements and Regulations
- Understanding what makes a loan modification package complete
- Assessing actual damages for a claim
- Understanding who are successors in interest and the rights they have
- When is a loan delinquent and what requirements flow from that date
- How and when should the early intervention, loss mitigation and periodic statements requirements be fulfilled when a borrower is in bankruptcy.
- How can a servicer comply with both the Fair Debt Collection Practices Act and the CFPB's mortgage servicing requirements.
- What new technology challenges are imposed by the 2016 Mortgage Servicing Rules
Keith Anderson, Partner
Bradley Arant Boult Cummings LLP
Jonathan R. Kolodziej, Attorney
Bradley Arant Boult Cummings LLP
- What 1024.41 requires of a servicer and what is prohibited
- What suffices for a complete loan modification package and who decides
- Primary defenses for a RESPA dual tracking claim with interpretive cases
- Actual damages: a necessary element for the claim
Alan Wolf, President and Managing Attorney
The Wolf Firm, A Law Corporation
- How does a servicer determine who is a valid successor in interest.
- What steps must be taken to ensure that a servicer does not violate the bankruptcy stay or discharge injunction when providing periodic statements or complying with the requirements of early intervention and loss mitigation.
- How can a servicer avoid a violation of the Fair Debt Collection Practices Act while also complying with the new servicing rules.
- When is a loan delinquent and why is that important.
Who Should Attend:
- Risk and Compliance Professionals
- Lending/Loan Officers
- Legal and Compliance Executives
- Closing Agents
- Residential Mortgage Service Providers
- Mortgage Business Line Personnel
- Banks’ and Financial Institutions’ Executives
- Banking and Finance Lawyers
- Other related/Interested Professionals and Organizations
As a partner at Bradley, Keith Anderson has wide-ranging experience across multiple jurisdictions and concentrates his practice on representing financial institutions in the financial services industry, as well as representing employers in employment matters. In his financial institution practice, Keith has handled causes of action including TILA, RESPA, HOEPA, FDCPA, predatory lending, wrongful foreclosure, SCRA, mortgage-related fees and services, origination, pooling and servicing agreements, deceptive trade practices' claims, loan repurchase disputes, investor disputes, servicing matters, mortgage fraud, lender-placed insurance, Texas home equity loans, class actions, bankruptcy adversary proceedings, and contentious foreclosure actions. In his employment practice, he has handled multiple litigated matters under the FLSA, ADA, ADEA, FMLA and claims of discrimination and retaliation, as well as counseling employers on compliance and effective employment policies. Keith graduated from the U.S. Air Force Academy and served as a Judge Advocate in the U.S. Air Force where he handled dozens of court-martials and administrative boards as both a prosecuting and defense attorney.
As a partner at Bradley, Keith Anderson has wide-ranging experience across multiple jurisdictions and concentrates his practice on representing financial …
Jonathan Kolodziej is an associate in Bradley's Birmingham office, where he represents banks, non-banks and other financial service providers in regulatory compliance, enforcement and litigation matters. He helps clients ensure that their operations are in compliance with federal consumer financial laws and that they are able to successfully demonstrate their compliance to the Consumer Financial Protection Bureau (CFPB) and other federal and state regulators. In this role, Jonathan helps clients assess the impact of new rules and regulations and adapt to changes in the regulatory environment. He regularly assists clients with the implementation of significant regulatory changes, including the mortgage servicing rules in Regulations X and Z, and has also advised some of the nation’s largest financial institutions in preparing for and managing their CFPB examinations.
Jonathan Kolodziej is an associate in Bradley's Birmingham office, where he represents banks, non-banks and other financial service providers in …
Alan S. Wolf is the President and Managing Attorney of The Wolf Firm, A Law Corporation. Mr. Wolf has served as the Chair of the California Mortgage Bankers Association Legal Services Committee (1994 1995) and Co-Chair (1995-1996), helped found the USFN (the preeminent national association of mortgage banking law firms), and served as a member of the USFN Board of Directors (1990-1996). Mr. Wolf was the lead attorney in the landmark bankruptcy cram down case of Enewally v. Wash. Mut. Bank (In re Enewally), 368 F.3d 1165 (9th Cir. Cal. 2004). Mr. Wolf lectures extensively throughout the country on a variety of loan servicing and mortgage banking issues and has been a featured speaker at numerous MBA National Legal Issues and Regulatory Compliance conferences and National Servicing conferences. He has also written many articles for leading mortgage banking trade journals including Mortgage Banking Magazine, Servicing Management, California Finance, the CTA Newsletter and USFN Report and has authored sections in the Mortgage Bankers Association’s Handbook on Loan Administration and two chapters in the Mortgage Servicers National Reference Directory.
Alan S. Wolf is the President and Managing Attorney of The Wolf Firm, A Law Corporation. Mr. Wolf has served …
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About Bradley Arant Boult Cummings LLP
Bradley is a national law firm with a reputation for skilled legal work, exceptional client service, and impeccable integrity. We provide business clients around the world with a full suite of legal services in dozens of industries and practice areas. Our eight offices are located in Alabama, Florida, Mississippi, North Carolina, Tennessee, and the District of Columbia, giving us an extensive geographic base to represent clients on a regional, national, and international basis.
About The Wolf Firm, A Law Corporation
For over 25 years The Wolf Firm, A Law Corporation, has provided a broad array of legal and related services throughout California to lenders, servicers, investors, governmental agencies and other members of the financial services community. From simple routine work, to highly complex Bankruptcy and Litigation matters, the Firm is committed to an approach that results in strategic, cost-effective solutions specifically directed to the requirements of the particular matter and the expectations of each client. The Firm performs its work under various Practice Groups including Residential Mortgage Banking. The Firm offers cradle-to-grave services within each of its Practice Groups through the following Departments: Litigation (General Defense, Class Action Defense, Receivership, Judicial Foreclosure, Workout, Collection, Replevin/Claim and Delivery), Non-Judicial Foreclosure, Bankruptcy, California Unlawful Detainer/Eviction, National Eviction Management, Escrow/Closing, Loss Mitigation, Transactional, Regulatory Compliance and Labor & Employment.
The Firm is a nationally recognized law firm in the financial services industry and has been honored for its superior skills and services. The Firm is FDIC approved counsel for the state of California, is AV-rated by Martindale Hubbell and is listed in the Bar Register of Preeminent Lawyers. The Firm has received the USFN Award of Excellence every year since its inception.
Firm members hold positions of leadership in industry groups, speak at national industry events, publish articles in leading industry trade publications and have authored chapters in various industry focused books. Firm members also have been quoted by leading media outlets such as The Wall Street Journal and American Banker and have been included in prestigious listings such as California Super Lawyers and Best Lawyers in America.