What You'll Learn
Mortgage Servicing marries two of the most challenging regulations in banking: Reg Z and RESPA. The scope of coverage is equally intimidating. The two rules together cover the full life of a mortgage loan, from inception to collection. While the requirements mostly fall on closed-end mortgage loans, there are provisions that also apply for non-principal-residence loans and even open-end loans. Helpful exemptions apply for small servicers, but small shops don’t get out of everything. Plus! The Biden-era CFPB proposed significant changes to the mortgage servicing rules that would “streamline” certain aspects but add new additional burdens in others. What is the status of these proposed changes, and could they mean for your institution? Tune in to learn the latest!
Topics covered in this session
- The small servicer exemption
- Escrow accounts: When you must escrow & how, along with cancellation notice requirements
- ARM disclosures and notices
- Force-placement of hazard insurance
- Error Resolution and Information Requests
- Prompt payment crediting, conforming payments, and payoff requests
- Periodic statement requirements (including for bankrupt borrowers)
- Transfer of servicing requirements
- Loss mitigation:
- Successors in Interest
- Policies and procedures for it all
Who Should Attend
- Compliance staff
- Loan administration / production staff
- Mortgage loan staff
- Loan policy makers
- Loan officers and audit staff
About the Author:
Rebekah is the owner of Elucidate LLC, a compliance training and consulting company. Elucidate means to "make clear, explain, throw light upon", and describes Rebekah's desire to illuminate the complexities of compliance with passion and fun. She's created and produced a TRID music video parody and several Compliance Breakout escape rooms, which she frequently provides at state banking compliance conferences. She is an accomplished speaker and regularly provides webinars through BOL and Compliance Resource. Rebekah is currently serving as the VP Director of Compliance for a $6 Billion community bank in Montana. She began her career in 1995 at a private lending company, but soon settled into banking, where she's covered nearly all of it - customer service and teller work, loan processing and review, and security and business continuity. She now oversees CRA, BSA and all aspects of compliance as a senior leader. She has successfully navigated numerous FDIC Compliance, CRA, and BSA Exams. Rebekah has a bachelor's degree in Organizational Leadership from Chapman University (Magna cum Laude), attended the American Bankers Association National Compliance School in 2003, and has held her Certified Regulatory Compliance Manager designation since 2006.
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