Missing from the news of the government’s $25 billion settlement with five leading mortgage servicers is the set of reforms it included, and the impact these reforms could have on the rest of the mortgage servicing industry. When the February 9, 2012, settlement was reported in the popular media, most of the focus was on the 11-figure sum.
But for mortgage servicers, the real news is not the amount of money, but the other promises the settling banks made, and the potential effects the settlement may have on the entire industry.
In this webinar, presented by Ballard Spahr's Consumer Financial Services and Mortgage Banking Groups and moderated by HousingWire Editor Jacob Gaffney, we will focus on those reforms and answer these questions:
What remedies are provided for in the settlement?
What do we know so far about the new mortgage servicing standards and reforms included in the settlement?
Do other mortgage servicers need to follow these standards?
What changes must be made to foreclosure practices and documentation?
What changes must be made to post-default, pre-foreclosure practices and procedures, including loss mitigation?
What does the settlement require regarding compliance with the Servicemembers Civil Relief Act?
To what extent do these servicing standards require more than existing law or the CFPB’s proposed regulations?
How will the settlement affect ongoing and future litigation?
How does the settlement fit in with other servicing-related enforcement actions?
12:00 PM - 1:00 PM ET | Webinar
Alan S. Kaplinsky, Practice Leader, Consumer Financial Services Group
Richard J. Andreano, Jr., Practice Leader, Mortgage Banking Group
John D. Socknat, Practice Leader, Mortgage Banking Group
Christopher J. Willis, Partner, Consumer Financial Services Group