Credit Union and Community Banks Mortgage Regulatory Update Part II – Mortgage Banking COVID Developments
Credit Unions and Community Banks are in a unique position in the mortgage industry. With a growing client base, expanding market share, and unique exposure to regulatory requirements and risk, it is imperative that they stay abreast of certain origination and servicing laws and trends. Remote notarization has taken on new forms in the COVID era, and is breathing new life into the meaning and rise of the digital mortgage origination experience. The CARES Act and other COVID related servicing activities have given rise to deferral and forbearance of mortgages, as well as credit reporting changes.
Please join us to discuss issues particular to these institutions, including the differences in remote notarization laws in various jurisdictions, as well as COVID related servicing considerations, including restrictions on credit reporting, forbearances, and the ultimate loan modification to address missed payments from a forbearance.