The Consumer Financial Protection Bureau’s recent issuance of proposed mortgage servicing rules was a highly-anticipated step in its attempt to transform the industry. The CFPB intends to implement both Dodd-Frank requirements and additional requirements that are in line with recent regulatory enforcement actions against servicers. With a comment deadline of October 9, 2012 and final rules expected by January 21, 2013, the mortgage servicing industry, banks and non-banks, must quickly digest and analyze the proposals.

In this webinar, members of Ballard Spahr's Mortgage Banking Group will analyze the proposed rules and discuss how they fit into the CFPB’s efforts to overhaul how mortgage servicing is conducted. Topics to be covered include:

  • The scope of the rules
  • The requirement that servicers have robust information management policies and procedures
  • Continuity of contact requirements for delinquent borrowers, which will require servicers to have dedicated servicing personnel to assist such borrowers
  • Early intervention requirements for recently defaulted borrowers
  • Requirements to promptly respond to and address borrower claims of errors and requests for information
  • Periodic billing statement requirements and a proposal to narrow the statutory exemption for servicers that provide coupon books with fixed-rate loans
  • New adjustment notice requirements for adjustable rate mortgages that likely will require changes to existing loan programs
  • Required notices and waiting periods before force-placing hazard insurance, even if the borrower is in default
  • Requirements to promptly credit payments and promptly provide payoff statements
The panelists also will address potential future rulemaking proposals from the CFPB that could reshape the mortgage servicing industry.

Program

11:00 AM - 12:00 PM ET | Webinar

Moderator

Richard J. Andreano, Jr., Practice Leader, Mortgage Banking Group

Panelists

John D. Socknat, Practice Leader, Mortgage Banking Group
Constantinos G. Panagopoulos, Partner, Mortgage Banking Group

There is no cost to attend. This program is not eligible for continuing education credits. Please register at least two days before the webinar. Login details will be sent to all registrants. For more information, contact Shellee Buchanan at buchanans@ballardspahr.com.